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作者：Caskey, Judson; Laux, Volker
作者单位：University of California System; University of California Los Angeles; University of Texas System; University of Texas Austin
摘要：We develop a model to analyze how board governance affects firms' financial reporting choices and managers' incentives to manipulate accounting reports. In our setting, ceteris paribus, conservative accounting is desirable because it allows the board of directors to better oversee the firm's investment decisions. This feature of conservatism, however, causes the manager to manipulate the accounting system to mislead the board and distort its decisions. Effective reporting oversight curtails ma...
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作者：Post, Thierry; Poti, Valerio
作者单位：Koc University; University College Dublin
摘要：This study formulates portfolio analysis in terms of stochastic dominance, relative entropy, and empirical likelihood. We define a portfolio inefficiency measure based on the divergence between given probabilities and the nearest probabilities that rationalize a given portfolio for some admissible utility function. When applied to a sample of time-series observations in a blockwise fashion, the inefficiency measure becomes a likelihood ratio statistic for testing inequality moment conditions. ...
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作者：Chu, Leon Yang; Shamir, Noam; Shin, Hyoduk
作者单位：University of Southern California; Tel Aviv University; University of California System; University of California San Diego
摘要：We study a supply chain comprised of a retailer who sources a product from a manufacturer. The retailer has superior forecast information about market demand, and the manufacturer builds the capacity and sets the wholesale price prior to demand realization. We explore forecast information sharing between the retailer and the manufacturer by means of cheap talk. We show that meaningful forecast information can be shared truthfully only before the manufacturer sets both the capacity and the whol...
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作者：Kapoor, Mudit; Ravi, Shamika
作者单位：Indian Statistical Institute; Indian Statistical Institute Delhi
摘要：This paper estimates the elasticity of intertemporal substitution in consumption (sigma) by exploiting a natural experiment provided by a change in the Indian banking legislation. The new legislation authorized banks to offer higher interest rates on deposits to citizens above 60 years of age. We find evidence that households exhibit inertia in reoptimization and are sensitive to the timing of the actual change in the interest rate. Households do not respond to the predictable changes in futur...
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作者：Garlappi, Lorenzo; Song, Zhongzhi
作者单位：University of British Columbia
摘要：Using two macro-based measures and one return-based measure of investment-specific technology (IST) shocks, we find that over the 1964-2012 period, exposure to IST shocks cannot explain cross-sectional return spreads based on book-to-market, momentum, asset growth, net share issues, accrual, and price-to-earnings ratio. Only one of the two macro-based measures can explain a sizable portion of the value premium over the longer 1930-2012 period. We also find that the IST risk premium estimates a...
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作者：Almeida, Caio; Garcia, Rene
作者单位：Getulio Vargas Foundation; Universite Catholique de Lille; EDHEC Business School; Universite de Montreal; Universite de Montreal
摘要：Based on a family of discrepancy functions, we derive nonparametric stochastic discount factor bounds that naturally generalize variance, entropy, and higher-moment bounds. These bounds are especially useful to identify how parameters affect pricing kernel dispersion in asset pricing models. In particular, they allow us to distinguish between models where dispersion comes mainly from skewness from models where kurtosis is the primary source of dispersion. We analyze the admissibility of disast...
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作者：Cerqueiro, Geraldo; Hegde, Deepak; Penas, Maria Fabiana; Seamans, Robert C.
作者单位：Universidade Catolica Portuguesa; New York University; Tilburg University
摘要：Firms' innovative activities can be sensitive to public policies that affect the availability of capital. In this paper, we investigate the effects of regional and temporal variation in U.S. personal bankruptcy laws on firms' innovative activities. We find that bankruptcy laws that provide stronger debtor protection decrease the number of patents produced by small firms. Stronger debtor protection also decreases the average quality, and variance in quality, of firms' patents. We find evidence ...
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作者：Bowen, Donald E., III; Fresard, Laurent; Taillard, Jerome P.
作者单位：University System of Maryland; University of Maryland College Park; Babson College
摘要：We study the diffusion of techniques designed to identify causal relationships in corporate finance research. We estimate that the diffusion started in the mid-1990s, lagged 20 years compared to economics, and is now used in the majority of corporate finance articles. Consistent with recent theories of technology diffusion, the adoption varies across researchers based on individuals' expected net benefits of adoption. Younger scholars, holders of PhDs in economics, and those working at top ins...
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作者：Zhang, Ting; Gino, Francesca; Norton, Michael I.
作者单位：Columbia University; Harvard University
摘要：Contrary to the tendency of mediators to defuse negative emotions between adversaries by treating them kindly, we demonstrate the surprising effectiveness of hostile mediators in resolving conflict. Hostile mediators generate greater willingness to reach agreements between adversaries (Experiment 1). Consequently, negotiators interacting with hostile mediators are better able to reach agreements in incentive-compatible negotiations than those interacting with nice mediators (Experiment 2). By ...
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作者：Chen, Yong; Qin, Nan
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Christopher Newport University
摘要：This paper provides a comprehensive examination of money flows in corporate bond funds, which, although less researched, represent an important setting to study investor behavior. Based on a large sample of corporate bond funds over 1991-2014, we first show that flows are sensitive to both fund performance and macroeconomic conditions, but unlike equity funds, the flow-performance relationship is not convex. Then, we find that investor flows can predict fund performance. More importantly, the ...
