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作者：Buraschi, Andrea; Trojani, Fabio; Vedolin, Andrea
作者单位：Imperial College London; Universita della Svizzera Italiana; Swiss Finance Institute (SFI); University of London; London School Economics & Political Science
摘要：We study how the equilibrium risk sharing of agents with heterogeneous perceptions of aggregate consumption growth affects bond and stock returns. Although credit spreads and their volatilities increase with the degree of heterogeneity, the decreasing risk premium on moderately levered equity can produce a violation of basic capital structure no-arbitrage relations. Using bottom-up proxies of aggregate belief dispersion, we give empirical support to the model predictions and show that risk pre...
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作者：Davis, Andrew M.; Katok, Elena; Kwasnica, Anthony M.
作者单位：Cornell University; University of Texas System; University of Texas Dallas; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：When bidders incur a cost to learn their valuations, bidder entry can impact auction performance. Two common selling mechanisms in this environment are an English auction and a sequential bidding process. Theoretically, sellers should prefer the auction, because it generates higher expected revenues, whereas bidders should prefer the sequential mechanism, because it generates higher expected bidder profits. We compare the two mechanisms in a controlled laboratory environment, varying the entry...
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作者：Nagarajan, Mahesh; Shechter, Steven
作者单位：University of British Columbia
摘要：The newsvendor problem is a fundamental decision problem in operations management. Various independent experimental studies in laboratory settings have shown similar deviations from the theoretical optimal order quantity. We clarify that Prospect Theory, a prevalent framework for decision making under uncertainty, cannot explain the consistent empirical findings.
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作者：Tehranian, Hassan; Zhao, Mengxing; Zhu, Julie L.
作者单位：Boston College; University of Alberta; Boston University; Shanghai Jiao Tong University
摘要：After the completion of a merger and acquisition (M&A) transaction, the target firm is delisted, but some analysts who covered it retain coverage of the merged firm. We hypothesize that this decision is based on two factors: the analyst's ability to cover the merged firm and his or her assessment of the M&A deal. Consistent with these hypotheses, we find that the remaining target analysts provide more accurate earnings forecasts and more optimistic stock recommendations and growth forecasts fo...
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作者：Aragon, George; Liang, Bing; Park, Hyuna
作者单位：Arizona State University; Arizona State University-Tempe; University of Massachusetts System; University of Massachusetts Amherst; Minnesota State Colleges & Universities; Minnesota State University Mankato
摘要：Contrary to offshore hedge funds, U.S.-domiciled (onshore) funds are subject to strict marketing prohibitions, accredited investor requirements, a limited number of investors, and taxable accounts. We exploit these differences to test predictions about organizational design, investment strategy, capital flows, and fund performance. We find that onshore funds are associated with greater share restrictions, more liquid assets, and a reduced sensitivity of capital flows to superior past performan...
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作者：Charness, Gary; Masclet, David; Villeval, Marie Claire
作者单位：University of California System; University of California Santa Barbara; Universite de Rennes; 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; IZA Institute Labor Economics
摘要：Unethical behavior within organizations is not rare. We investigate experimentally the role of status-seeking behavior in sabotage and cheating activities aiming at improving one's performance ranking in a flat-wage environment. We find that average effort is higher when individuals are informed about their relative performance. However, ranking feedback also favors disreputable behavior. Some individuals do not hesitate to incur a cost to improve their rank by sabotaging others' work or by in...
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作者：Kim, Jerry W.; King, Brayden G.
作者单位：Columbia University; Northwestern University
摘要：This paper tests the assumption that evaluators are biased to positively evaluate high-status individuals, irrespective of quality. Using unique data from Major League Baseball umpires' evaluation of pitch quality, which allow us to observe the difference in a pitch's objective quality and in its perceived quality as judged by the umpire, we show that umpires are more likely to overrecognize quality by expanding the strike zone, and less likely to underrecognize quality by missing pitches in t...
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作者：Gorman, Michael F.
作者单位：University System of Ohio; University of Dayton
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作者：Bertsimas, Dimitris; Bradlow, Eric; Gans, Noah; Gupta, Alok
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities
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作者：Knittel, Christopher R.; Stango, Victor
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Davis
摘要：We estimate the stock market effects of the Tiger Woods scandal on his sponsors and sponsors' competitors. In the 10-15 trading days after the onset of the scandal, the full portfolio of sponsors lost more than 2% of market value, with losses concentrated among the core three sponsors: Electronic Arts, Nike, and PepsiCo (Gatorade). Sponsors' day-by-day losses correlate strongly with Google search intensity regarding the endorsement-related impact of the scandal, as well as with qualitative ind...
