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作者：Frydman, Cary; Nave, Gideon
作者单位：University of Southern California; University of Pennsylvania
摘要：Acritical component of both economic and perceptual decision making under uncertainty is the belief-formation process. However, most research has studied belief formation in economic and perceptual decision making in isolation. One reason for this separate treatment may be the assumption that there are distinct psychological mechanisms that underlie belief formation in economic and perceptual decisions. An alternative theory is that there exists a common mechanism that governs belief formation...
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作者：Brunnermeier, Markus K.; Papakonstantinou, Filippos; Parker, Jonathan A.
作者单位：Princeton University; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Imperial College London; Massachusetts Institute of Technology (MIT)
摘要：We develop a structural theory of beliefs and behavior that relaxes the assumption of time consistency in beliefs. Our theory is based on the trade-off between optimism, which raises anticipatory utility, and objectivity, which promotes efficient actions. We present it in the context of allocating work on a project over time, develop testable implications to contrast it with models assuming time-inconsistent preferences, and compare its predictions to existing evidence on behavior and beliefs....
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作者：Frankel, Richard; Levy, Hagit; Shalev, Ron
作者单位：Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：Working capital is an important indicator of firm operational efficiency. All else being equal, lower levels signal greater efficiency. Managers are thus likely to be motivated to report lower levels of working capital at times of greater external attention. We find that working capital levels decrease in the fourth fiscal quarter significantly more than expected, conditional on seasonal changes in economic activity. The decrease subsequently reverses in the following first fiscal quarter. Evi...
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作者：Corbett, Charles; Gaur, Vishal; Simchi-Levi, David; Taylor, Terry
作者单位：University of California System; University of California Los Angeles; Cornell University; Massachusetts Institute of Technology (MIT); University of California System; University of California Berkeley
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作者：Loderer, Claudio; Stulz, Rene; Waelchli, Urs
作者单位：Swiss Finance Institute (SFI); University of Bern; European Corporate Governance Institute; University of Rochester; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：As public firms exploit their growth opportunities following their initial public offering, their assets in place increase, and they organize themselves optimally to operate these assets efficiently, which requires a more formal and less flexible organization than to generate new growth opportunities. Our theory predicts that, as a result of these inflexibilities, firms fail to fully replace their growth opportunities, so that their Tobin's q falls with age and they invest less as they grow ol...
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作者：Marinovica, Ivan
作者单位：Stanford University
摘要：This paper studies the efficiency and distributive effects of three prominent accounting methods in auction settings when bidders' incentives are linked to accounting income. The purchase price method (PP) requires the acquirer to book the acquisition at historical cost, thereby underestimating the asset value by the amount of the acquirer's surplus in the transaction. The exit value method (EV) is downward biased and forces the acquirer to book an accounting loss on the date of acquisition. E...
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作者：Liebscher, Roberto; Maehlmann, Thomas
摘要：Theory predicts that individual investor's incentives to uncover new information about asset values are low if asset prices are efficient. This, in turn, implies that heterogeneity in investment manager skill, if present, should be most clearly visible among managers that focus on asset classes with less informationally efficient prices. We investigate this argument using a large sample of syndicated bank loan portfolios managed by collateralized loan obligation (CLO) managers. Using a CLO's e...
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作者：Jaeker, Jillian A. Berry; Tucker, Anita L.
作者单位：Boston University; Brandeis University
摘要：Service organizations face a trade-off between high utilization and responsiveness. High utilization can improve financial performance, but causes congestion, which increases throughput time. Employees may manage this trade-off by reducing processing times during periods of high workload, resulting in an inverted U-shaped relationship between utilization and throughput time. Using two years of inpatient data from 203 California hospitals, we find evidence that patient length of stay (LOS) incr...
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作者：Kuksov, Dmitri; Lin, Yuanfang
作者单位：University of Texas System; University of Texas Dallas
摘要：Oftentimes, close competitors carry partially overlapping assortments in seeming contradiction to the principle of maximum differentiation. One of the justifications of such practice is that an overlapping assortment with competitive prices on the common products may prevent further consumer search and therefore could be useful even when profits from the overlapping products do not justify the costs of carrying them. In this paper, we examine the validity of this intuition and show that such s...
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作者：Martin, Xiumin; Shalev, Ron
作者单位：Washington University (WUSTL); New York University
摘要：This study investigates whether firm-specific information about targets improves acquisition efficiency. We define acquisition efficiency as the total surplus generated by an acquisition and measure it as the difference in the value of the merged firm and the sum of the two firms operating separately. We find a positive association between target firm-specific information and acquisition efficiency that is driven mainly by diversifying acquisitions. Additional evidence suggests that both the l...
