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作者：Huther, Niklas; Robinson, David T.; Sievers, Sonke; Hartmann-Wendels, Thomas
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Duke University; National Bureau of Economic Research; University of Paderborn; University of Cologne
摘要：We offer the first empirical analysis connecting the timing of general partner (GP) compensation to private equity fund performance. Using detailed information on limited partnership agreements between private equity limited and general partners, we find that GP-friendly contracts-agreements that pay general partners on a deal-by-deal basis instead of withholding carried interest until a benchmark return has been earned- are associated with higher returns, both gross and net of fees. This is r...
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作者：Kang, Jun-Koo; Kim, Jungmin
作者单位：Nanyang Technological University; Hong Kong Polytechnic University
摘要：We examine whether family firms invest more in employee relations than non-family firms. Using the variation in state-level changes in inheritance, gift, and estate taxes as an exogenous shock to family control, we find that family firms, particularly those in which a founder serves as chief executive officer or those in which a family member serves as a director on the board, treat their employees better than nonfamily firms. More importantly, family firms focus on investing in employee relat...
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作者：Villas-Boas, J. Miguel
作者单位：University of California System; University of California Berkeley
摘要：Many of the activities performed in firms are done by teams, where a common output is observed, but outsiders cannot observe the individual contributions of each team member. This leads to the possibility of some of the members of the team free-riding on the contributions of others. Repeated interactions of a team can then potentially lead to cooperation among the members of the team under the credible threat of returning to a free-riding equilibrium. However, repeated interaction under cooper...
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作者：Yoganarasimhan, Hema
作者单位：University of Washington; University of Washington Seattle
摘要：Firms typically use query-based search to help consumers find information/products on their websites. We consider the problem of optimally ranking a set of results shown in response to a query. We propose a personalized ranking mechanism based on a user's search and click history. Our machine-learning framework consists of three modules: (a) feature generation, (b) normalized discounted cumulative gain-based Lambda-MART algorithm, and (c) feature selection wrapper. We deploy our framework on l...
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作者：Morrison, Alan D.; Walther, Ansgar
作者单位：University of Oxford; Centre for Economic Policy Research - UK; European Corporate Governance Institute; Imperial College London
摘要：We analyze a general equilibrium model in which financial institutions generate endogenous systemic risk Banks optimally select correlated investments and thereby expose themselves to fire sale risk so as to sharpen their incentives. Systemic risk is therefore a natural consequence of banks' fundamental role as delegated monitors. Our model sheds light on recent and historical trends in measured systemic risk. Technological innovations and government-directed lending can cause surges in system...
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作者：Levi, Retsef; Singhvi, Somya; Zheng, Yanchong
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：Economically motivated adulteration (EMA) is a serious threat to public health. In this paper, we develop a modeling framework to examine farms' strategic adulteration behavior and the resulting EMA risk in farming supply chains. We study both preemptive EMA, in which farms engage in adulteration to decrease the likelihood of producing low-quality output, and reactive EMA, in which adulteration is done to increase the perceived quality of the output. We fully characterize the farms' equilibriu...
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作者：Grinblatt, Mark; Jostova, Gergana; Petrasek, Lubomir; Philipov, Alexander
作者单位：University of California System; University of California Los Angeles; George Washington University; Federal Reserve System - USA; Federal Reserve System Board of Governors; George Mason University
摘要：Classifying mandatory 13F stockholding filings by manager type reveals that hedge fund strategies are mostly contrarian, and mutual fund strategies are largely trend following. The only institutional performers-the two thirds of hedge fund managers that are contrarian-earn alpha of 2.4% per year. Contrarian hedge fund managers tend to trade profitably with all other manager types, especially when purchasing stocks from momentum oriented hedge and mutual fund managers. Superior contrarian hedge...
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作者：Yoon, Haewon
作者单位：Indiana University System; Indiana University Indianapolis; IU Kelley School of Business
摘要：Extant theories of intertemporal choice entangle two aspects of time preference: impatience and time inconsistency. Impatient people focus on present consumption without worrying too much about the future; they may spend freely and avoid exercise. An outsider might question their choices, but impatient people do not experience conflict over those choices. By contrast, people who are time-inconsistent intend to save and exercise, but they fail to do so when temptation is proximate. Such individ...
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作者：Long, Xiaoyang; Nasiry, Javad
作者单位：University of Wisconsin System; University of Wisconsin Madison; McGill University; Hong Kong University of Science & Technology
摘要：When wages are transparent, sales agents may compare their pay with that of their peers and experience positive or negative feelings if those peers are paid (respectively) less or more. We investigate the implications of such social comparisons on sales agents' effort decisions and their incentives to help or collaborate with each other. We then characterize the firm's optimal sales force compensation scheme and the conditions under which wage transparency benefits the firm. Our results show t...
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作者：Huang, Jiekun; Xu, Nianhang; Yu, Honghai
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Renmin University of China; Nanjing University
摘要：This paper examines the relation between air pollution and individual investors' trading behavior and performance. Using unique data on stock trades by 87,504 individuals from 34 cities in China, we find a negative relation between air pollution and trade performance. This result is obtained after controlling for investor-year fixed effects and date fixed effects, as well as local weather conditions. More strikingly, abnormal trade performance decreases monotonically with the levels indicating...
