-
作者：Fich, Eliezer M.; Starks, Laura T.; Tran, Anh L.
作者单位：Drexel University; University of Texas System; University of Texas Austin; City St Georges, University of London
摘要：Consistent with hypotheses underlying firm advertising, we find that targets with pretakeover advertising obtain higher premiums, whereas their acquirers earn lower announcement returns. These economically significant effects suggest that through advertising, targets increase their profile and negotiating power. Further, targets that advertise are more likely to initiate their takeovers, attract multiple bidders, receive enhanced bids, capture more merger rents, and even in failed acquisitions...
-
作者：Feigenbaum, James; Gross, Daniel P.
作者单位：Boston University; National Bureau of Economic Research; Duke University
摘要：AT&T was the largest U.S. firm for most of the 20th century. Telephone operators once comprised more than 50% of its workforce, but in the late 1910s, it initiated a decades -long process of automating telephone operation with mechanical call switching-a technology invented in the 1880s. We study what drove AT&T to do so and why it took nearly a century. Interdependencies between call switching and nearly every other activity in AT&T's business presented obstacles to change: Telephone operator...
-
作者：[Anonymous]
摘要：Consumers disclose personal information when they interact with connected technologies. The advent of voice technology has enabled consumers to interact with connected technologies not only through typing but also through speaking. The present research investigates whether consumers expect different levels of privacy for information they disclose via different communication modalities. The results of three studies suggest that consumers have more restrictive privacy expectations for informatio...
-
作者：Harutyunyan, Mushegh; Koca, Esma
作者单位：Imperial College London
摘要：In player-versus-player video games, players' natural desire to win and avoid losing has created an opportunity for game developers to sell pay-to-win add-ons, digital items that give buyers a competitive advantage against other players. In this paper, we investigate the pricing and design of a pay-to-win add-on, its effect on the base game, and profit implications for the developer. When a large share of the players are less price sensitive and highly willing to buy the pay-to-win add-on, we ...
-
作者：Bjerksund, Petter; Orpetveit, Andreas; Sjuve, Andre Watto; Orpetveita, Andreas
作者单位：Norwegian School of Economics (NHH)
摘要：Mutual funds known as closet indexers are marketed as active but actually operate as low-activity funds. Investors end up paying for full service but receiving only a part of it. Supervisory authorities around the world are considering ways to regulate these funds. In this context, we examine the impact of regulatory interventions by Scandinavian regulators. We compare the scrutinized Scandinavian funds with similar unaffected European funds. The findings suggest that the regulated Scandinavia...
-
作者：Wu, Ziye; Zhong, Songfa
作者单位：National University of Singapore; Hong Kong University of Science & Technology
摘要：Understanding cultural differences in risk perception is critical in an increasingly uncertain world. Here we examine the relationship between the individualism-collectivism continuum and risk perception around the world using a data set from the Lloyd's Register Foundation World Risk Poll. The data set contains rich information of a representative sample of 150,000 participants from 142 countries, and investigates risk perception in terms of perceived likelihood and personal experiences for a...
-
作者：Hu, Edwin; Murphy, Dermot
作者单位：University of Virginia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The closing auction is an increasingly important trade mechanism due to the rise of passive funds that require closing price execution. We study differences in auction mechanism design on NYSE and Nasdaq that may affect closing price efficiency. Unlike Nasdaq, NYSE allows late auction orders through its floor brokers, providing traders with more flexibility to mitigate or create large last-minute auction imbalances. Price changes in the closing auction are more likely to reverse on NYSE compar...
-
作者：Agarwal, Sumit; Qian, Wenlan; Ren, Yuan; Tsai, Hsin-Tien; Yeung, Bernard
作者单位：National University of Singapore; Zhejiang University; Zhejiang University; National University of Singapore; Southern University of Science & Technology; National University of Singapore
摘要：We utilize the introduction of mobile payment technology by the largest bank in Singapore in 2017 to study how mobile payment technology reshapes economic activities and stimulates business creation. After the introduction, business-to-consumer industries witnessed 18.3% more business creation relative to business-to-business industries, with the effect driven by small firms and more pronounced among industries with higher cash handling costs. Underlying this pattern is consumers' strong adopt...
-
作者：Daures, Laurence; Moinas, Sophie; Boussettac, Selma
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：We examine traders' order submission strategies during the Euronext preopen, which uses price-time priorities to arrange opening trades via a call auction. Preopening order submissions follow a J-shape pattern. Sophisticated proprietary traders arrive late, consistent with information leakage concerns. Slow clients arrive early and place aggressive orders to advertise their trading needs and strategically gain time priority. Their early order submissions often occur in stocks with an increase ...
-
作者：Koo, David S.; Wang, Isabel Yanyan; Wu, Shuting
作者单位：George Mason University; Michigan State University; Michigan State University's Broad College of Business; California State University System; California State University Fullerton
摘要：The impact of memory on economic choices can be essential, but empirical evidence of the link between them remains scarce. This study examines whether the retrieval of memories related to economic recessions affects the changes in the bias in management forecasts. Using the 2008 financial crisis as a memory trigger and focusing on annual management earnings forecasts issued for fiscal years ending between 2002 and 2018, we find that chief executive officers (CEOs) with more long-term memories ...
