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作者：Kundu, Amrita; Anderson, Stephen J.; Ramdas, Kamalini
作者单位：Georgetown University; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of London; London Business School
摘要：We study the impact of firm-specific business disruptions on the performance of small emerging market firms and test the effectiveness of building in redundancies to buffer against disruptions. Managerial disruptions result in the absence of the entrepreneurowner, whereas operational disruptions lead to a shortage of critical resources, for example, inventory or electricity. We propose the use of relational redundancy-that is, the availability of a trusted and capable person with whom the entr...
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作者：Epure, Mircea; Mihai, Irina; Minolu, Camelia; Peydro, Jos-Luis
作者单位：Pompeu Fabra University; Barcelona School of Economics; Bucharest University of Economic Studies; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Imperial College London; Pompeu Fabra University
摘要：We show that macroprudential policies dampen the impact of global financial conditions on local bank credit cycles. For identification, we exploit variation in the U.S. volatility index (VIX) and household and business credit registers in an emerging market economy in which banks depend on foreign funding and macroprudential measures vary over the full cycle. Our results suggest that when the VIX is low, tighter macroprudential policies reduce household lending, notably for riskier (foreign cu...
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作者：Hagiu, Andrei; Wright, Julian
作者单位：Boston University; National University of Singapore
摘要：Choosing how easy to make it for buyers to discover new sellers is a key design decision for platforms. On one hand, enabling more discoverability generates more transactions and can be more attractive for sellers because they anticipate being discovered by new buyers. On the other hand, discoverability can make sellers more reluctant to participate because they anticipate their existing buyers will discover and purchase from other sellers. We model this fundamental trade-off and study how a p...
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作者：Deschamps, Pierre
作者单位：Stockholm University
摘要：Women are underrepresented in many prestigious positions. Could increasing the share of women in hiring committees boost the rates at which women are hired into these positions? I use a difference-in-differences design to examine the effects of a French law on academic hiring committees that required each gender to represent a share of at least 40% of members. Contrary to the objectives of the law, I show that the reform backfired and significantly lowered women's probability of being hired. B...
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作者：Campello, Murillo; Gao, Janet; Xu, Qiping
作者单位：Cornell University; National Bureau of Economic Research; Georgetown University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Using big data on U.S. job postings, we show that firms increase skill requirements when hiring workers in states that cut personal income taxes. We trace a significant driver of this effect to companies' reallocation of skilled job postings across states based on tax differentials. The tax-induced upskilling is observed within occupations and is more pronounced for high-skill positions within firms. It is accompanied and amplified by concurrent increases in information technology expenditures...
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作者：Black, Paul W.; Kirwan, Brock; Meservy, Thomas O.; Tayler, William B.; Williams, Jeffrey
作者单位：Auburn University System; Auburn University; Brigham Young University; Brigham Young University; Utah System of Higher Education; Utah Valley University
摘要：A central feature of most organizations is the use of measures to represent key elements of performance across multiple strategic objectives. Prior research demonstrates a tendency for individuals to treat these measures as though they are the higher order strategic objectives the measures were intended to represent as opposed to imperfect representations of those strategic objectives-a phenomenon labeled surrogation. We employ an experiment to further understand this phenomenon. In this study...
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作者：Kovacs, Balazs; Hsu, Greta; Sharkey, Amanda
作者单位：Yale University; University of California System; University of California Davis; Arizona State University; Arizona State University-Tempe
摘要：Market producers often seek to position themselves in different categories over time. Successful repositioning is difficult, however, as audiences often devalue offerings that depart from a producer's past creations. Prior research suggests that this penalty arises as evaluators withhold opportunities for producers to reposition because of presumptions of a lack of competence in different categories. In this paper, we develop understanding of a novel evaluator-driven challenge to producers' re...
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作者：He, Jie (Jack); Liang, Lantian; Wang, Hui (Grace); Xia, Han
作者单位：University System of Georgia; University of Georgia; University of Sydney; Bentley University; University of Texas System; University of Texas Dallas
摘要：Institutional investors increasingly hold firms in both the industrial and financial sectors. These cross-industry holdings link firms to outside banks that they have not borrowed from, creating a network between the two sectors. We show that such networks reduce firms' loan spreads. This effect is more prominent when cross-holders are actively involved in borrowers' routine operations and when they have stronger incentives to advocate for borrowers in the loan process. Furthermore, outside ba...
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作者：Banker, Rajiv D.; Ding, Hui; Huang, Rong; Li, Xiaorong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Shanghai Jiao Tong University; Fudan University
摘要：Neuropsychological studies propose that listeners unconsciously assess speakers' trustworthiness via their facial expressions. Building on this theory, we investigate how investors respond to CEOs' dynamic hemifacial asymmetry of expressions (HFAsy) shown in CNBC's video interviews about corporate earnings. Consistent with the neuropsychological prediction that facial asymmetry induces distrust, we document that (1) the stock market reacts negatively to the CEO's HFAsy shown in the interview v...
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作者：Dlugosz, Jennifer; Gam, Yong Kyu; Gopalan, Radhakrishnan; Skrastins, Janis
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University College Dublin; Washington University (WUSTL)
摘要：Using natural disasters as shocks to local economies, we document that a bank branch's ability to set deposit rates locally has real effects. Following disasters, branches with rates set locally increase deposit rates more and experience higher deposit volumes in affected counties. Consistent with imperfect insurance from internal capital markets, banks with more branches setting rates locally relatively expand mortgage lending in affected counties. House prices recover faster in local areas w...
