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作者：Lee, Hau L.; Tang, Christopher S.
作者单位：Stanford University; University of California System; University of California Los Angeles
摘要：By examining the state of operations management (OM) research from 1980 to 2015 and by considering three new industry trends, we propose new OM research directions in socially and environmentally responsible value chains that fundamentally expand existing OM research in three dimensions: (a) contexts (emerging and developing economies); (b) objectives (economic, environmental, and social responsibility); and (c) stakeholders (producers, consumers, shareholders, for-profit/nonprofit/social ente...
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作者：[Anonymous]
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作者：Kalay, Alon; Nallareddy, Suresh; Sadka, Gil
作者单位：Columbia University; Duke University; University of Texas System; University of Texas Dallas
摘要：This study predicts and finds that the interaction of firm-level and aggregate-level shocks explains a significant portion of shocks to macroeconomic activity. Specifically, we hypothesize that the relation between uncertainty and economic growth is most pronounced when both firm-level and aggregate-level uncertainty are high simultaneously. Similarly, we hypothesize that aggregate performance affects unemployment most when both firm-level dispersion is high and aggregate performance is low, b...
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作者：Li, Di; Li, X. N.
作者单位：University System of Georgia; Georgia State University
摘要：We propose and test an alternative explanation for the existence of the positive governance-return relation in the 1990s and its disappearance in the 2000s: The governance-return relation is positive under good states of the economy and negative under bad states. Corporate governance mitigates investment distortions so that firms with strong governance have more valuable investment options during booms and more valuable divestiture options during busts than the ones with weak governance. Becau...
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作者：Anderson, Joshua D.; Core, John E.
作者单位：Boston University; Massachusetts Institute of Technology (MIT)
摘要：We measure a manager's risk-taking incentives as the total sensitivity of the manager's debt, stock, and option holdings to firm volatility. We compare this measure with the option vega and with the relative measures used by the prior literature. Vega does not capture risk-taking incentives from managers' stock and debt holdings and does not reflect the fact that employee options are warrants. The relative measures do not incorporate the sensitivity of options to volatility. Our new measure ex...
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作者：Lin, Hai; Wu, Chunchi; Zhou, Guofu
作者单位：Victoria University Wellington; State University of New York (SUNY) System; University at Buffalo, SUNY; Washington University (WUSTL)
摘要：Using a comprehensive return data set and an array of 27 macroeconomic, stock, and bond predictors, we find that corporate bond returns are highly predictable based on an iterated combination model. The large set of predictors outperforms traditional predictors substantially, and predictability generated by the iterated combination is both statistically and economically significant. Stock market and macroeconomic variables play an important role in forming expected bond returns. Return forecas...
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作者：Carlin, Bruce, I; Jiang, Li; Spiller, Stephen A.
作者单位：University of California System; University of California Los Angeles; Carnegie Mellon University
摘要：The growing use of online educational content and related video services has changed the way people access education, share knowledge, and possibly make life decisions. In this paper, we characterize how video content affects individual decision making and willingness to share in the context of a personal financial decision. We find that distracting advertising curtails the time people invest in searching for the best alternative and causes worse decisions. Content geared toward giving better ...
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作者：Jiang, Chao; Kubick, Thomas R.; Miletkov, Mihail K.; Wintoki, M. Babajide
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Kansas; University System Of New Hampshire; University of New Hampshire
摘要：Theory and recent empirical literature suggest that social and professional connections may influence corporate policy. However, inference may be biased by the possibility that firms who share peers also share unobserved characteristics that are correlated with observed policy. Using a novel identification strategy, we predict and find that director connections through well-known island tax havens have a significant effect on corporate tax policy. Specifically, we find that U.S. firms with dir...
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作者：Nagaraj, Abhishek
作者单位：University of California System; University of California Berkeley
摘要：While digitization has greatly increased the reuse of knowledge, this study shows how these benefits might be mitigated by copyright restrictions. I use the digitization of in-copyright and out-of-copyright issues of Baseball Digest magazine by Google Books to measure the impact of copyright on knowledge reuse in Wikipedia. I exploit a feature of the 1909 Copyright Act whereby material published before 1964 has lapsed into the public domain, allowing for the causal estimation of the impact of ...
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作者：Alok, Shashwat; Gopalan, Radhakrishnan
作者单位：Indian School of Business (ISB); Washington University (WUSTL)
摘要：Using hand-collected data on division manager (DM) pay contracts, we document that DM pay is related to the performance of both the DM's division and the other divisions in the firm. There is substantial heterogeneity in DM pay for performance. DM pay for division performance is lower in industries with less informative accounting earnings. DM pay is more sensitive to other-division performance if the DM's division is related to the rest of the firm, if the DM's division has fewer growth oppor...
