Management Science

最新文章

• Internationalization and Bank Risk AI翻译
  作者：Berger, Allen N.; El Ghoul, Sadok; Guedhami, Omrane; Roman, Raluca A.
  作者单位：University of South Carolina System; University of South Carolina Columbia; University of Pennsylvania; University of Alberta; Federal Reserve System - USA; Federal Reserve Bank - Kansas City
  摘要：This paper documents a positive relation between internationalization and bank risk. This is consistent with the empirical dominance of the market risk hypothesis, whereby internationalization increases banks' risk due to market-specific factors in foreign markets, over the diversification hypothesis, whereby internationalization allows banks to reduce risk through diversification of their operations. The results continue to hold following a variety of robustness tests, including those for end...
• Consistency as a Signal of Skills AI翻译
  作者：Falk, Armin; Zimmermann, Florian
  作者单位：University of Bonn; University of Zurich
  摘要：This paper studies the role of consistency as a signaling device. We propose a two-period model that highlights the informativeness of consistency as a signal of skills and allows for the analysis of consequences for behavior. In a simple principal-agent experiment, we test the basic intuition of the model. We show that consistency is indeed associated with skills. Consequently, consistency is valued by others, inducing people to act consistently.
• The International Diversification of Banks and the Value of Their Cross-Border M&A Advice AI翻译
  作者：Rajamani, Anjana; van der Poel, Marieke; de Jong, Abe; Ongena, Steven
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Groningen; University of Zurich; Swiss Finance Institute (SFI); Centre for Economic Policy Research - UK
  摘要：We examine the impact of the international diversification of banks on the value of their advice in 1,705 cross-border merger and acquisition (M&A) transactions. We find that bidders engaging internationally diversified advisors face lower announcement returns. An increase of one standard deviation in advisor diversification is associated with an announcement return lower by 92 basis points for a bidder acquiring a listed target. The lower bidder returns are attributable to the lower synergies...
• Managerial Ability and Credit Risk Assessment AI翻译
  作者：Bonsall, Samuel B.; Holzman, Eric R.; Miller, Brian P.
  作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Indiana University System; Indiana University Bloomington
  摘要：Research on the credit rating process has primarily focused on how rating agencies incorporate firm characteristics into their rating opinions. We contribute to this literature by examining the impact of managerial ability on the credit rating process. Given debt market participants' interest in assessing default risk, we begin by documenting that higher managerial ability is associated with lower variability in future earnings and stock returns. We then show that higher managerial ability is ...
• Do People Anticipate Loss Aversion? AI翻译
  作者：Imas, Alex; Sadoff, Sally; Samek, Anya
  作者单位：Carnegie Mellon University; University of California System; University of California San Diego; University of Southern California
  摘要：There is growing interest in the use of loss contracts that offer performance incentives as up-front payments that employees can lose. Standard behavioral models predict a trade-off in the use of loss contracts: employees will work harder under loss contracts than under gain contracts, but, anticipating loss aversion, they will prefer gain contracts to loss contracts. In a series of experiments, we test these predictions by measuring performance and preferences for payoff-equivalent gain and l...
• Frenemies: How Do Financial Firms Vote on Their Own Kind? AI翻译
  作者：Keswani, Aneel; Stolin, David; Tran, Anh L.
  作者单位：City St Georges, University of London; Universite Federale Toulouse Midi-Pyrenees (ComUE); Universite de Toulouse; TBS Education
  摘要：The financial sector is unique in being largely self-governed: the majority of financial firms' shares are held by other financial institutions. This raises the possibility that the monitoring of financial firms is especially undermined by conflicts of interest as a result of personal and professional links between these firms and their shareholders. To investigate this possibility, we scrutinize the aspect of the financial sector's self-governance that is directly observable: mutual fund comp...
• Do Preference Reversals Disappear When We Allow for Probabilistic Choice? AI翻译
  作者：Loomes, Graham; Pogrebna, Ganna
  作者单位：University of Warwick; University of Warwick
  摘要：The preference reversal phenomenon, a systematic disparity between people's valuations and choices, poses challenges for theory and policy. Using a very general formulation of probabilistic preferences, we show that the phenomenon is not mainly due to intransitive choice. We find a high degree of regularity within choice tasks and also within valuation tasks, but the two types of tasks appear to evoke very different cognitive processes, even when the experimental environment tries to minimise ...
• Justice Under Uncertainty AI翻译
  作者：Cettolin, Elena; Riedl, Arno
  作者单位：Tilburg University; Maastricht University
  摘要：Uncertain outcomes are an inevitable feature of policy choices and their public support often depends on their perceived justice. We theoretically and experimentally explore just allocations when recipients are exposed to certainty and uncertainty. In the experiment, uninvolved participants unequivocally choose to allocate resources equally between recipients, when there is certainty. In stark contrast, with uncertainty just allocations are widely dispersed and recipients exposed to higher deg...
• Optimal Sales Force Compensation in Dynamic Settings: Commissions vs. Bonuses AI翻译
  作者：Schoettner, Anja
  作者单位：Humboldt University of Berlin
  摘要：This paper studies optimal sales force compensation plans in a multiperiod moral-hazard model when the firm wants to implement high effort in every period but only obtains aggregate information on sales. The sales agent chooses effort each period after observing previous sales, and his incentive responsiveness might change over time. The paper derives conditions under which a linear incentive scheme-a pure commission-dominates a bonus plan and vice versa. A commission is optimal if the agent i...
• Does Gender Diversity Promote Nonconformity? AI翻译
  作者：Amini, Makan; Ekstrom, Mathias; Ellingsen, Tore; Johannesson, Magnus; Stromsten, Fredrik
  作者单位：Stanford University; Norwegian School of Economics (NHH); Research Institute of Industrial Economics (IFN); Stockholm School of Economics
  摘要：Failure to express minority views may distort the behavior of company boards, committees, juries, and other decision-making bodies. Devising a newexperimental procedure to measure such conformity in a judgment task, we compare the degree of conformity in groups with varying gender composition. Overall, our experiments offer little evidence that gender composition affects expression of minority views. A robust finding is that a subject's lack of ability predicts both a true propensity to accept...