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作者：Falk, Armin; Zimmermann, Florian
作者单位：University of Bonn
摘要：Recent models assume that the anticipation of future consumption can have direct utility consequences. This gives rise to preferences over the timing and structure of information. Using a novel and purposefully simple setup, we study the determinants of preferences for sooner versus later information. Our main results are as follows. We find that the majority of subjects prefer receiving information sooner. This preference, however, is not uniform but depends on the context. When the environme...
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作者：Marquez, Robert; Nguyen, Thanh; Yavuz, M. Deniz
作者单位：University of California System; University of California Davis; Purdue University System; Purdue University
摘要：It is common for lenders to require innovative firms to report all innovations and take actions, such as patenting, to protect their value. However, many future innovations are difficult to verify, making enforcement of such requirements difficult. This creates a tension for firms between protecting their innovations through patenting and creating assets that can be liquidated by a lender when not fully repaid. We show that the endogeneity of the patenting decision introduces an upper bound on...
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作者：Della Corte, Pasquale; Krecetovs, Aleksejs
作者单位：Imperial College London; Imperial College London
摘要：We empirically study the relationship between currency excess returns and current account uncertainty, measured as forecast dispersion. We find that investment currencies deliver low returns, whereas funding currencies offer a hedge when current account uncertainty is unexpectedly high. Moreover, an increase in current account uncertainty is associated with higher expected future excess returns on investment currencies. This mechanism is consistent with the recent advances in exchange rate the...
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作者：Landsman, Wayne; Pan, Jing; Stubben, Stephen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Utah System of Higher Education; University of Utah
摘要：This study examines how equity market fragmentation affects firms' capital investment decisions. Recent empirical research finds that market fragmentation lowers trading costs and thus improves market quality. We examine whether this increase in market quality translates into greater revelatory price efficiency, where stock prices reveal with greater precision information to managers and/or creditors about firms' investment opportunities. Consistent with this notion, our findings reveal that t...
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作者：Edmans, Alex; Pu, Darcy; Zhang, Chendi; Li, Lucius
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Exeter
摘要：Studying 30 countries, we find that the link between employee satisfaction and stock returns is significantly increasing in a country's labor market flexibility. This result is consistent with employee satisfaction having greater recruitment, retention, and motivation benefits where firms face fewer hiring and firing constraints and employees have greater ability to respond to satisfaction. Labor market flexibility also increases the link between employee satisfaction and current valuation rat...
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作者：Tice, Frances M.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：I examine the effect of relative performance evaluation (RPE) on firm performance and risk-taking behavior. Agency theory suggests that, for firms that experience common shocks, RPE in executive compensation plans improves risk sharing and strengthens incentive alignment by providing more information about managerial effort than firm performance alone. In practice (i.e., in the presence of a finite number of peers), RPE effectiveness depends on the extent of firms' common risk exposure and the...
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作者：Jung, Hae Won (Henny); Subramanian, Ajay; Zeng, Qi
作者单位：University of Melbourne; University System of Georgia; Georgia State University
摘要：We develop a dynamic equilibrium model to derive the endogenous relations among firms' ownership structures, managerial incentives, and asset returns. Ownership concentration is positively related to managerial incentives (PPS) but is negatively related to its expected stock (dollar) return, and volatility. If initial block ownership is above (below) its steady-state level, block ownership and managerial PPS decrease (increase) over time to their steady-state levels, whereas the expected stock...
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作者：Kadan, Ohad; Liu, Fang; Tang, Xiaoxiao
作者单位：Arizona State University; Arizona State University-Tempe; Cornerstone Research; University of Texas System; University of Texas Dallas
摘要：We propose a methodology for estimating option-implied, forward-looking variances and covariances of assets and portfolios, which may not possess actively traded options. Our approach relies on the observation that, if asset returns follow a factor structure, then the variances and covariances of the factors span the systematic variances and covariances of assets. We implement the methodology empirically and show that our forward-looking moment estimates provide useful implications for the pre...
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作者：Matejka, Michal; Mahlendorf, Matthias D.; Schaeffer, Utz
作者单位：Arizona State University; Arizona State University-Tempe; Frankfurt School Finance & Management; WHU - Otto Beisheim School of Management
摘要：Using current performance to set future targets can discourage effort and reduce performance. Our study examines whether this ratchet effect also undermines incentives of high-level managers and executives. We use a dynamic model to show that empirical tests used in prior literature can falsely reject the null hypothesis of no ratchet effect. We also motivate a new test that can better detect the adverse incentives effects of target setting. Specifically, we show that the ratchet effect can be...
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作者：Bright, Ido; Delarue, Arthur; Lobel, Ilan
作者单位：University System of Georgia; Georgia Institute of Technology; New York University
摘要：Marketplace companies rely heavily on experimentation when making changes to the design or operation of their platforms. The workhorse of experimentation is the randomized controlled trial (RCT), or A/B test, in which users are randomly assigned to treatment or control groups. However, marketplace interference causes the stable unit treatment value assumption to be violated, leading to bias in the standard RCT metric. In this work, we propose techniques for platforms to run standard RCTs and s...
