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作者：Ahuja, Vishal; Alvarez, Carlos A.; Birge, John R.; Syverson, Chad
作者单位：Southern Methodist University; Texas Tech University System; Texas Tech University; University of Chicago
摘要：The U.S. Food and Drug Administration (FDA) regulates the approval and safe public use of pharmaceutical products in the United States. The FDA uses postmarket surveillance systems to monitor drugs already on the market; a drug found to be associated with an increased risk of adverse events (ADEs) is subject to a recall or a warning. A flawed postmarket decision-making process can have unintended consequences for patients, create uncertainty among providers and affect their prescribing practic...
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作者：Zhao, Feng; Zhou, Guofu; Zhu, Xiaoneng
作者单位：University of Texas System; University of Texas Dallas; Washington University (WUSTL); Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：We examine the macro-spanning hypothesis for bond returns in international markets. Based on a large panel of real-time macroeconomic variables that are not subject to revisions, we find that global macro factors have predictive power for bond returns unspanned by yield factors. Furthermore, we estimate macro-finance term structure models with the unspanned global macro factors and find that the global macro factors influence the market prices of level and slope risks and induce comovements in...
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作者：Ammann, Manuel; Schaub, Nic
作者单位：University of St Gallen; WHU - Otto Beisheim School of Management
摘要：Many people share investment ideas online. This study investigates whether individual investors trade on investment-related internet postings. We use unique data from a social trading platform that allow us to observe the shared portfolios of traders, their posted comments, and the replicating transactions of followers. We find robust evidence that followers increasingly replicate shared portfolios of traders after the posting of comments. However, postings do not help followers identify portf...
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作者：Coffman, Katherine B.; Exley, Christine L.; Niederle, Muriel
作者单位：Harvard University; Stanford University; National Bureau of Economic Research
摘要：Although there is ample evidence of discrimination against women in the workplace, it can be difficult to understand what factors contribute to discriminatory behavior. We use an experiment to both document discrimination and unpack its sources. First, we show that, on average, employers prefer to hire male over female workers for male-typed tasks, even when the two workers have identical resumes. Second, and most critically, we use a control condition to identify that this discrimination is n...
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作者：Bastani, Hamsa
作者单位：University of Pennsylvania
摘要：Predictive analytics is increasingly used to guide decision making in many applications. However, in practice, we often have limited data on the true predictive task of interest and must instead rely on more abundant data on a closely related proxy predictive task. For example, e-commerce platforms use abundant customer click data (proxy) to make product recommendations rather than the relatively sparse customer purchase data (true outcome of interest); alternatively, hospitals often rely on m...
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作者：Dikolli, Shane S.; Heater, John C.; Mayew, William J.; Sethuraman, Mani
作者单位：University of Virginia; Duke University; Cornell University
摘要：We study whether relative power in the chief executive officer (CEO)-chief financial officer (CFO) relationship influences CEO compensation. To operationalize relative power of a CEO over a CFO, we define CFO co-option as the appointment of a CFO after a CEO assumes office. We find that CFO co-option is associated with a CEO pay premium of about 10%, which is concentrated more in the early years of the co-opted CFO's tenure and in components of compensation that vary with the achievement of an...
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作者：Han, Bing; Li, Gang
作者单位：Southwestern University of Finance & Economics - China; Chinese University of Hong Kong
摘要：Aggregate implied volatility spread (IVS), defined as the cross-sectional average difference in the implied volatilities of at-the-money call and put equity options, is significantly and positively related to future stock market returns at daily, weekly, and monthly to semiannual horizons. This return predictive power is incremental to existing return predictors, and it is significant both in sample and out of sample. Furthermore, IVS can forecast macroeconomic news up to one year ahead. The r...
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作者：Alexander, Damon; Boone, Christopher; Lynn, Michael
作者单位：Cornell University
摘要：A field experiment involving 94,571 orders from 24,637 customers of an appbased laundry pick-up, cleaning, and delivery service examined the effects of various randomly assigned tip recommendations on consumers' tip amounts, satisfaction ratings, frequency of return, and bill size. We find that tip recommendations affect tip amounts, but not customer satisfaction, patronage frequency, or bill size, which implies that neither the processes underlying the tip-recommendation effects on tipping no...
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作者：Wang, Shouqiang; Gurnani, Haresh; Subramanian, Upender
作者单位：University of Texas System; University of Texas Dallas; Wake Forest University
摘要：Manufacturers often offer retailers buyback contracts to reduce retailers' inventory costs by repurchasing unsold inventory at a prespecified returns price. We examine the signaling role of buyback contracts when the retailer is less informed about either the manufacturer's reliability of honoring the buyback commitment (e.g., for a small/less-established manufacturer) or its product's market potential (e.g., for a national brand manufacturer). We find that these two situations yield contrasti...
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作者：Mezzanotti, Filippo
作者单位：Northwestern University
摘要：I examine how patent enforcement affects corporate research and development (R&D), exploiting the legal changes induced by the Supreme Court decision eBay v. MercExchange. This ruling increased courts' flexibility in remedying patent cases and effectively lowered the potential costs of patent litigation for defendants. For identification, I compare innovative activity across firms differentially exposed to patent litigation before the ruling. Across several measures, I find that the decision l...
