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作者：Calluzzo, Paul; Moneta, Fabio; Topaloglu, Selim
作者单位：Queens University - Canada
摘要：This paper studies whether institutional investors trade on 14 well documented stock market anomalies. We show that there is an increase in anomaly-based trading when information about the anomalies is readily available through academic publications and the release of necessary accounting data. This finding is more pronounced among hedge funds and institutions with high turnover, that is, the subset of investors who likely have the abilities and incentives to act on the anomalies. We directly ...
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作者：Iliev, Peter; Vitanova, Svetla
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：The Dodd-Frank Act mandated advisory shareholder votes on executive compensation. To isolate the effect of holding a Say-on-Pay vote we use an exemption provided to a group of firms based on their public float. We find that the regulation increased the level of CEO pay and the fraction of performance-linked pay in the companies that had to comply with the new rule. This increase was larger for CEOs with higher ownership and longer tenure. Moreover, the market reacted negatively to the exemptio...
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作者：Chaudhuri, Shomesh E.; Lo, Andrew W.
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作者：Kraemer, Jan; Schnurr, Daniel; Wohlfarth, Michael
作者单位：University of Passau; University of Passau
摘要：Social logins, such as Log in with Facebook, improve a website's user experience and therefore enjoy great popularity among content providers (CPs) and users alike. Moreover, they also enable the social network and the CPs to share data, which individually improves their ability to place targeted advertising. On the basis of a game-theoretic model that offers a microfoundation for CPs' competition for advertisements, on the one hand, and CPs' competition for users, on the other hand, we demons...
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作者：Chuprinin, Oleg; Gaspar, Sergio; Massa, Massimo
作者单位：University of New South Wales Sydney; INSEAD Business School
摘要：We study the relation between mutual funds' performance and shocks to the public information environment of their investments. For each stock, we distinguish between quantitative, or tangible, news (expressed with numeric characters) and qualitative news (expressed as verbal content). We find that funds that trade more actively in response to changes in the stocks' information tangibility earn higher risk-adjusted returns. Funds that are particularly sensitive to such fluctuations have smaller...
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作者：Corgnet, Brice; Hernan-Gonzalez, Roberto
作者单位：emlyon business school; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2; Universite Bourgogne Europe; Burgundy School of Business
摘要：Despite its central role in the theory of incentives, empirical evidence of a trade-off between risk and incentives remains scarce. We reexamine this trade-off in a workplace lab environment and find that, in line with theory, principals increase fixed pay while lowering performance pay when the relationship between effort and output is noisier. Unexpectedly, agents produce substantially more in the noisy environment than in the baseline despite weaker incentives. In addition, principals' earn...
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作者：Mihm, Jurgen; Schlapp, Jochen
作者单位：INSEAD Business School; University of Mannheim
摘要：It is notoriously difficult to provide outside parties with adequate incentives for innovation. Contests-in which solvers compete for a prize offered by the contest holder-have been shown to be an effective incentive mechanism. Despite considerable interest in this concept, we lack a thorough understanding of important aspects of contests; in particular, feedback from the contest holder to the solvers has received only limited attention. This paper discusses how contest holders can improve con...
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作者：Gilje, Erik P.
作者单位：University of Pennsylvania
摘要：I exploit exogenous changes in local credit supply from shale discoveries to identify where and when local access to finance is economically important for firms. I find that the real effects of a credit supply shock are linked to local lending market characteristics. Changes in local credit supply have significant real effects in lending markets dominated by small banks, while there is no effect in other markets. These results suggest that small banks, which do not benefit from deep internal c...
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作者：Asadpour, Arash; Bateni, MohammadHossein; Bhawalkar, Kshipra; Mirrokni, Vahab
作者单位：New York University
摘要：A major challenge laced by marketers attempting to optimize their advertising campaigns is to deal with budget constraints. The problem is even harder in the face of multidimensional budget constraints, particularly in the presence of many decision variables involved and the interplay among the decision variables through such constraints. Concise bidding strategies help advertisers deal with this challenge by introducing fewer variables upon which to act. In this paper, we study the problem of...
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作者：Boot, Arnoud; Vladimirov, Vladimir
作者单位：University of Amsterdam; Center for Economic & Policy Research (CEPR)
摘要：We analyze whether growth firms should delay current investment to hoard cash in order to reduce dilution from external financing. This hoarding motive is the natural counterpart to saving cash as a precaution to help secure funding for future investment opportunities. However, the two motives lead to fundamentally different implications for hoarding and for how cash interacts with key financial and investment decisions. In particular, our paper contributes to understanding why firms choosing ...
