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作者：Goncalves-Pinto, Luis; Grundy, Bruce D.; Hameed, Allaudeen; van der Heijden, Thijs; Zhu, Yichao
作者单位：University of New South Wales Sydney; Chinese University of Hong Kong; University of Melbourne; National University of Singapore; Australian National University
摘要：Stock and options markets can disagree about a stock's value because of informed trading in options and/or price pressure in the stock. The predictability of stock returns based on this cross-market discrepancy in values is especially strong when accompanied by stock price pressure, and it does not depend on trading in options. We argue that option-implied prices provide an anchor for fundamental stock values that helps to distinguish stock price movements resulting from pressure versus news. ...
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作者：Rysman, Marc; Simcoe, Timothy; Wang, Yanfei
作者单位：Boston University; Boston University; National Bureau of Economic Research; Renmin University of China
摘要：We study the role of vertical differentiation in the adoption of LEED (Leadership in Energy & Environmental Design), amultitier environmental building certification system. Our identification strategy relies on the timing of adoption and shows that builders seek to differentiate from each other by choosing a different certification level from previously certified buildings. A common concern in this framework is that mean-reverting behavior could be mistaken for differentiation. We develop a ne...
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作者：Bikard, Michael; Marx, Matt
作者单位：INSEAD Business School; Boston University
摘要：Innovative firms rely increasingly on academic science, yet they exploit only a small fraction of all academic discoveries. Which discoveries in academia do firms build upon? We posit that hubs play the role of bridges between academic science and corporate technology. Tracking citations from patents to approximately 10 million academic articles, we find that hubs facilitate the flow of academic science into corporate inventions in two ways. First, hub-based discoveries in academia are of high...
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作者：Bodoh-Creed, Aaron L.
作者单位：University of California System; University of California Berkeley
摘要：I investigate three goals of school choice: welfare, encouraging neighborhood schools, and diversity. I use optimization problems to find the best stable and incentive compatible match for any combination of these objectives. These problems assume there is a continuum of students and school seats, which allows me to describe the incentive compatibility conditions in a tractable form. I prove that the set of stable matchings is generically continuous in the distribution of students and the scho...
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作者：Kalkanci, Basak; Plambeck, Erica L.
作者单位：University System of Georgia; Georgia Institute of Technology; Stanford University
摘要：A buying firm might in the future incur costs associated with a supplier's carbon dioxide emissions, safety violations, or other social or environmental impacts. Learning about a supplier's impacts requires costly effort, but it is necessary (and sometimes sufficient) to reduce those impacts. The capital market valuation of a buying firm reflects investors' estimate of future costs associated with a supplier's impacts, as well as any costs that the buying firm incurs in order to learn about an...
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作者：Peeters, Thomas L. P. R.; Salaga, Steven; Juravich, Matthew
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University System of Georgia; University of Georgia; University System of Ohio; University of Akron
摘要：We investigate the joint impact of managers at different hierarchical levels on firm performance in Major League Baseball. We separately quantify the contribution of upper and middle managers and the impact of their match quality-the degree to which managers cooperate effectively across layers to impact firm success. We establish that match quality is a statistically significant and economically meaningful driver of firm performance. Higher-quality managers tend to be matched together across l...
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作者：Cain, Carol Anilowski; Kolev, Kahn S.; McVay, Sarah
作者单位：Winston-Salem State University; City University of New York (CUNY) System; Baruch College (CUNY); University of Washington; University of Washington Seattle
摘要：The frequency of special items has increased dramatically over time, offering a convenient conduit for the inappropriate classification of past, present, and future recurring expenses as nonrecurring. Identifying this misclassification is especially important in light of the pervasive use of non-generally accepted accounting principles earnings in recent periods because special items offer camouflage for excluded recurring expenses. Building on prior research, we propose a method for identifyi...
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作者：Da, Zhi; Huang, Xing
作者单位：University of Notre Dame; Washington University (WUSTL)
摘要：When will a large group provide an accurate answer to a question involving quantity estimation? We empirically examine this question on a crowd-based corporate earnings forecast platform (Estimize.com). By tracking user activities, we monitor the amount of public information a user views before making an earnings forecast. We find that the more public information users view, the less weight they put on their own private information. Although this improves the accuracy of individual forecasts, ...
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作者：Dou, Yiwei
作者单位：New York University
摘要：Building on incomplete contract theory, I investigate whether the likelihood of renegotiating financial covenants is affected by the debt-contracting value of borrowers' accounting numbers. The debt-contracting value captures the inherent ability of accounting numbers to predict credit quality. Using a large sample of private credit agreements, I hypothesize and find that a higher debt-contracting value gives rise to smaller ex post measurement errors in accounting numbers used in covenants, a...
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作者：He, Jie (Jack); Liu, Tingting; Netter, Jeffry; Shu, Tao
作者单位：University System of Georgia; University of Georgia; Iowa State University; The Chinese University of Hong Kong, Shenzhen
摘要：Takeover bidders in stock-for-stock mergers have strong incentives to increase their own premerger stock prices to lower their acquisition costs. We find that before announcements of stock mergers, bidders manage down analyst earnings forecasts prior to earnings releases. Such expectation management benefits bidders by increasing their own stock prices and saving on acquisition costs. Additionally, analysts who have close relations with stock bidders are more likely to participate in expectati...
