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作者：Zhu, Qifei
作者单位：Nanyang Technological University
摘要：Many papers in the mutual fund literature rely on a sample that matches the Center for Research in Security Prices (CRSP) mutual fund database with the fund holdings data from Thomson Reuters (TR) s12 database. I document that about 58% of newly founded U.S. equity mutual fund share classes in the CRSP mutual fund database from 2008 to 2015 cannot be matched to the TR database. Funds that are missing from the TR database tend to be smaller, have higher turnover ratios, receive higher fund flow...
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作者：Exley, Christine L.
作者单位：Harvard University
摘要：There is an increasing pressure to give more wisely and effectively. There is, relatedly, an increasing focus on charity performance metrics. Through a series of experiments, this paper provides a caution to such a focus. Although information on charity performance metrics may facilitate more effective giving, it may also facilitate the development of excuses not to give. Managers of nonprofit organizations should carefully assess this tension when determining whether and how to provide inform...
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作者：Joo, Mingyu; Gauri, Dinesh K.; Wilbur, Kenneth C.
作者单位：University of California System; University of California Riverside; University of Arkansas System; University of Arkansas Fayetteville; University of California System; University of California San Diego
摘要：Temporal distance refers to the time between purchase and consumption in advanced-sales industries. We explore how the response of aggregate demand to price changes with temporal distance in a large, proprietary data set of Florida cruise prices, bookings, and product attributes. We offer the first evidence that cruise demand becomes more sensitive to price during the advance sales period, unlike extant findings in other settings. The results also show that demand is greatest late in the advan...
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作者：Wang, Jianfu; Hu, Ming
作者单位：Nanyang Technological University; University of Toronto
摘要：We study a service system that does not have the capability of monitoring and disclosing its real-time congestion level. However, the customers can observe and post their observations online, and future arrivals can take into account such user-generated information when deciding whether to go to the service facility. We perform pairwise comparisons of the shared, full, and no queue-length information structures in terms of social welfare. Perhaps surprisingly, we show that the shared queue-len...
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作者：Bell, David R.; Gallino, Santiago; Moreno, Antonio
作者单位：University of Pennsylvania; Harvard University
摘要：We conjecture that for online retailers, experience-centric offline store formats do not simply expand market coverage, but rather, serve to significantly amplify future positive customer behaviors, both online and offline. We term this phenomenon supercharging and test our thesis using data from a digital-first men's apparel retailer and a pioneer of the so-called zero inventory store (ZIS) format-a small-footprint, experience-centric retail location that carries no inventory for immediate fu...
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作者：Biais, Bruno; Capponi, Agostino; Giesecke, Kay; Ivashina, Victoria; Manso, Gustavo; Piskorski, Tomasz; Zhu, Haoxiang
作者单位：Hautes Etudes Commerciales (HEC) Paris; Columbia University; Stanford University; Harvard University; University of California System; University of California Berkeley; Massachusetts Institute of Technology (MIT)
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作者：Aobdia, Daniel
作者单位：Northwestern University
摘要：This study seeks to determine the role of audit firms' quality control (QC) system deficiencies, as measured by the Public Company Accounting Oversight Board (PCAOB) inspection program, on audit quality and profitability. Using a unique data set of firmwide QC deficiencies identified by the PCAOB during its inspections of audit firms, I find a negative association between QC deficiencies, mainly performance related, and audit quality. Furthermore, audits conducted by larger audit firms with mo...
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作者：Bergantinos, Gustavo; Moreno-Ternero, Juan D.
作者单位：Universidade de Vigo; Universidad Pablo de Olavide
摘要：We study the problem of sharing the revenues from broadcasting sport league events among participating teams. We provide direct, axiomatic, and game-theoretical foundations for two focal rules: the equal-split rule and concede-and-divide. The former allocates the revenues generated from broadcasting each game equally among the participating teams in the game. The latter concedes each team the revenues from its fan base and divides equally the residual. We also provide an application studying t...
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作者：Bork, Lasse; Moller, Stig, V; Pedersen, Thomas Q.
作者单位：Aalborg University; Aarhus University
摘要：We propose a new measure for housing sentiment and show that it accurately tracks expectations of future house price growth rates. We construct the housing sentiment index using partial least squares on household survey responses to questions about buying conditions for houses. We find that housing sentiment explains a large share of the time variation in house prices during both boom and bust cycles, and it strongly outperforms several macroeconomic variables typically used to forecast house ...
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作者：Cousins, Paul; Dutordoir, Marie; Lawson, Benn; Neto, Joao Quariguasi Frota
作者单位：University of Liverpool; University of Manchester; Alliance Manchester Business School; University of Cambridge
摘要：We examine the shareholder wealth effects of the adoption of the UK Modern Slavery Act 2015 (MSA). The MSA's Transparency in Supply Chains clause introduced new reporting requirements mandating certain firms to provide an annual statement outlining how they identify and mitigate modern slavery in their business and supply chain. An event study of stock price reactions of UK firms covered by the MSA to eight events associated with its adoption provides no evidence of abnormal stock returns. We ...
