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作者：Chen, Yangyang; Ng, Jeffrey; Ofosu, Emmanuel; Yang, Xin
作者单位：City University of Hong Kong; University of Hong Kong; Central University of Finance & Economics
摘要：The Securities and Exchange Commissio ..n's 2016 Tick Size Pilot Program was a natural experiment that imposed increases in tick size for randomly selected small-cap firms. Using a difference-in-differences research design, we examine the effect of this increase in tick size on earnings guidance. We find that after initiation of the program, treatment firms provide significantly less earnings guidance. We provide further evidence that this decrease is driven by increases in investors' fundamen...
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作者：Bavafa, Hessam; Jonasson, Jonas Oddur
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison; Massachusetts Institute of Technology (MIT)
摘要：Little is known about how people-centric factors affect the shape of service time distributions despite distributional statistics (variance or quantiles) being key drivers of system performance in many service industries. We investigate the impact of one people-centric factor-worker fatigue-on the average, variance, and quantiles of service times in paramedic operations. Our analysis uses data on the performance of 368,634 paramedic teams in the London Ambulance Service over 10 years. We measu...
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作者：Berger, Philip G.; Choi, Jung Ho; Tomar, Sorabh
作者单位：University of Chicago; Stanford University; Southern Methodist University
摘要：Motivated by the Financial Accounting Standards Board's project on the disaggregation of income statement expenses, we study a Korean rule change that allowed firms to withhold a previously mandated disaggregation of cost of sales (CoS). We find that after withholding, firms' profitability increases by 1.6 percentage points. Our industry-focused results suggest that withholding affects profitability by reducing the transfer of competitive information to peer firms. We then document a range of ...
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作者：Chung, Hyuck David; Zhou, Yue Maggie; Ethiraj, Sendil
作者单位：University of Michigan System; University of Michigan; University of London; London Business School
摘要：Existing studies suggest that platform access restriction may cause restricted complementors to switch to competing platforms, which will increase complement quantity on competing platforms. We re-examine this prediction by accounting for the impact of economies of scope on complementor responses to platform access restriction. We argue that restricting a complementor's access on a platform may prevent it from achieving economies of scope from multi-homing, thereby incentivizing it to abandon ...
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作者：Chohlas-Wood, Alex; Coots, Madison; Zhu, Henry; Brunskill, Emma; Goel, Sharad
作者单位：New York University; Harvard University; Stanford University
摘要：In an attempt to make algorithms fair, the machine learning literature has largely focused on equalizing decisions, outcomes, or error rates across race or gender groups. To illustrate, consider a hypothetical government rideshare program that provides transportation assistance to low-income people with upcoming court dates. Following this literature, one might allocate rides to those with the highest estimated treatment effect per dollar while constraining spending to be equal across race gro...
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作者：Newman, Neil; Leyton-Brown, Kevin; Milgrom, Paul; Segal, Ilya
作者单位：University of British Columbia; Stanford University
摘要：This paper revisits the descending clock reverse auction design used in the U.S. Federal Communications Commission's 2016-2017 incentive auction. We use extensive computational simulations to investigate the quantitative significance of various aspects of the design, leveraging a reverse auction simulator and realistic models of bidder values.
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作者：Huang, Sheng; V. Thakor, Anjan
作者单位：China Europe International Business School; Washington University (WUSTL); European Corporate Governance Institute
摘要：Political influence on bank credit allocation is often viewed as being necessary to address social problems like income inequality. We hypothesize that such influence elicits bank capital responses. Our hypothesis yields three testable predictions for which we find supporting evidence. First, when banks observe election outcomes that suggest greater impending political credit -allocation influence, they reduce capital to increase fragility and deter political influence. Second, banks subject t...
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作者：Babenko, Ilona; Bessembinder, Hendrik; Tserlukevich, Yuri
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We study lending agreements and derivative positions of U.S. oil and gas producers, showing that loan covenants are important determinants of hedging policies. Hedging covenants appear in more than 85% of sample loan agreements, with explicit minimum hedging requirements in more than half. Covenants are more common when expected default costs are larger. The well-documented positive relation between borrowing and hedging is largely attributable in our sample to binding covenants, as the relati...
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作者：Dechow, Patricia; Lawrence, Alastair; Luo, Mei; Stamenov, Ventsislav
作者单位：University of Southern California; University of London; London Business School; Tsinghua University; Troy University System; Troy University
摘要：We examine five summer Olympics and identify stocks that media outlets hype as benefiting from the Olympics (Olympic stocks). There is a seven-year period from the time that a country first learns it has won the Olympic bid to the start of the games (Olympic time period). We predict that the excitement of the Olympics along with the greater media attention impacts the valuation and risk of Olympic stocks. Consistent with this prediction, we show that Olympic stocks earn higher returns than the...
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作者：Anderson, Chris; Liu, Weiling
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Northeastern University
摘要：We propose a novel measure of intermediary risk exposure based on the fraction of all trade that is conducted between dealers, called the interdealer trade (IDT) measure. Intuitively, when dealers' aggregate risk exposure rises, they trade more with each other to redistribute inventory shocks. Consistent with risk exposures relating to expected returns, market-specific IDT measures add incremental return predictability across five different markets. For example, one-standard-deviation increase...
