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作者：Hsu, Po-Hsuan; Li, Dongmei; Li, Qin; Teoh, Siew Hong; Tseng, Kevin
作者单位：National Tsing Hua University; University of South Carolina System; University of South Carolina Columbia; Hong Kong Polytechnic University; University of California System; University of California Irvine; National Taiwan University; National Taiwan University
摘要：Firms often register trademarks as they launch new products or services. We find that the number of new trademark registrations positively predicts firm profitability, stock returns, and underreaction by analysts in their earnings forecasts. Using the Federal Trademark Dilution Act (FTDA) as an exogenous shock to trademark protection, we find that greater trademark protection strengthens the predictability of new trademark registrations. Together, our evidence suggests that investors undervalu...
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作者：Huang, Shawn X.; Keskek, Sami; Sanchez, Juan Manuel
作者单位：Arizona State University; Arizona State University-Tempe; State University System of Florida; Florida State University; University of Texas System; University of Texas at San Antonio
摘要：Using the details of vesting terms, we document that stock options granted in high-investor-sentiment periods tend to have shorter vesting periods and durations and are more likely to vest completely or have a significantly larger fraction vested within one year of the grant date, relative to low-sentiment periods. We further find that the sentiment effect on vesting terms is more pronounced when firms are largely held by investors with short investment horizons (e.g., transient institutions)....
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作者：Heath, Davidson; Sertsios, Giorgo
作者单位：Utah System of Higher Education; University of Utah; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：The relationship between profitability and leverage is controversial in the capital structure literature. We revisit this relation in light of a novel quasi-natural experiment that increases market power for a subset of firms. We find that treated firms increase their profitability throughout the treatment period. However, they only transiently reduce financial leverage, gradually reverting to their preshock level. Firms respond differently according to size with large firms gradually adjustin...
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作者：Ertekin, Necati; Gumus, Mehmet; Nikoofal, Mohammad E.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; McGill University; Toronto Metropolitan University
摘要：We study how merchandising products as online-exclusive (i.e., products available only online) versus hybrid (i.e., products available both online and offline) can improve the performance of ship-to-store (STS) services, an omnichannel retail fulfillment initiative that allows customers to pick up their online orders in-store. First, using a stylized model, we theoretically demonstrate that although STS is likely to increase sales, it may also entail the risk of losing some customers by exposi...
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作者：Lu, Ruichang; Shen, Qiaowei; Wang, Tenghui; Zhang, Xiaojun
作者单位：Peking University
摘要：In this paper, we investigate the impact of ownership structure on corporate advertising expenditures. Using mutual fund mergers as an exogenous shock to ownership structure, we find that competing firms owned by the same institutional blockholders experience a significant reduction in advertising expenditure. The reduction in advertising expenditure is more likely to occur in the presence of higher coordination benefits or lower coordination costs. Specifically, this effect is more pronounced...
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作者：Boute, Robert N.; Disney, Stephen M.; Gijsbrechts, Joren; Van Miegheme, Jan A.
作者单位：KU Leuven; Vlerick Business School; University of Exeter; Universidade Catolica Portuguesa; Northwestern University
摘要：We investigate near-shoring a small part of the global production to local SpeedFactories that serve only the variable demand. The short lead time of the responsive SpeedFactory reduces the risk of making large volumes in advance, yet it does not involve a complete reshoring of demand. Using a break-even analysis, we investigate the lead time, demand, and cost characteristics that make dual sourcing with a SpeedFactory desirable compared with complete off-shoring. Our analysis uses a linear ge...
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作者：Casoria, Fortuna; Reuben, Ernesto; Rott, Christina
作者单位：Universite Marie et Louis Pasteur; New York University; New York University Abu Dhabi; Vrije Universiteit Amsterdam; Tinbergen Institute
摘要：We investigate the effects of group identity on hiring decisions with adverse selection problems. We run a laboratory experiment in which employers cannot observe a worker's ability or verify the veracity of the ability the worker claims to have. We evaluate whether sharing an identity results in employers discriminating in favor of ingroup workers and whether it helps workers and employers overcome the adverse selection problem. We induce identities using the minimal group paradigm and study ...
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作者：Zhang, Wei; Lee, Hsiao-Hui
作者单位：University of Hong Kong; National Chengchi University
摘要：To stay competitive, high-technology manufacturers not only frequently source new technologies from their suppliers, but also financially support the development of these new technologies into component products or production tools. We consider a manufacturer that can either source a new but immature technology from a financially constrained supplier, or source a mature technology from an existing supplier if and only if the development of the new technology fails. To support the new technolog...
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作者：Gomes, Francisco; Michaelides, Alexander; Zhang, Yuxin
作者单位：University of London; London Business School; Imperial College London; Renmin University of China
摘要：We propose target date funds modified to exploit stock return predictability driven by the variance risk premium. The portfolio rule of these tactical target date funds (TTDFs) is extremely simplified relative to the optimal one, making it easy to implement and to communicate to investors. We show that saving for retirement in TTDFs generates economically large welfare gains, even after we introduce turnover restrictions and transaction costs, and after taking into account parameter uncertaint...
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作者：Chernykh, Lucy; Mityakov, Sergey
作者单位：Clemson University; State University System of Florida; Florida State University
摘要：We use high-frequency data to study access and response to bank-level information by corporate depositors during a banking crisis. We examine a bank panic episode in Russia during the summer of 2004 triggered by the Central Bank of Russia (CBR) announcement to liquidate banks for suspicious operations. Our results support the presence of sophisticated depositor monitoring and discipline. Private information about bank risk is available to depositor-firms with a strong business connection to th...
