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作者：Cohn, Alain; Gesche, Tobias; Marechal, Michel Andre
作者单位：University of Michigan System; University of Michigan; Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Zurich
摘要：Modern communication technologies enable efficient exchange of information but often sacrifice direct human interaction inherent in more traditional forms of communication. This raises the question of whether the lack of personal interaction induces individuals to exploit informational asymmetries. We conducted two experiments with a total of 848 subjects to examine how human versus machine interaction influences cheating for financial gain. We find that individuals cheat about three times mor...
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作者：Corgnet, Brice; Deck, Cary; DeSantis, Mark; Porter, David
作者单位：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; emlyon business school; University of Alabama System; University of Alabama Tuscaloosa; Chapman University System; Chapman University; Chapman University System; Chapman University
摘要：There is an ongoing debate regarding the degree to which a forecaster's ability to draw correct inferences from market signals is real or illusory. This paper attempts to shed light on the debate by examining how personal characteristics do or do not affect forecaster success. Specifically, we investigate the role of fluid intelligence, manipulativeness, and theory of mind on forecast accuracy in experimental asset markets. We find that intelligence improves forecaster performance when market ...
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作者：Wang, Fan
作者单位：ESSEC Business School
摘要：Nonlinear perception of risk is integrated into models of decision under ambiguity, thereby providing a theoretical basis for behavioral analyses that involve both risk and ambiguity. The main model replaces the risk front of maxmin expected utility by rank dependent utility, and it is derived from simple, observable axioms that are not restricted to expected utility under risk. The model highlights the interaction between risk attitude and ambiguity attitude, and it is compatible with the par...
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作者：Black, Dirk E.; Black, Ervin L.; Christensen, Theodore E.; Gee, Kurt H.
作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Oklahoma System; University of Oklahoma - Norman; University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We compare non-GAAP earnings per share (EPS) in firms' annual earnings announcements and proxy statements using hand-collected data from U.S. Securities and Exchange Commission filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with firms' disclosure of non-GAAP EPS in annual earnings announcements (proxy statements). However, we find systematic differences in the properties of firms' non-GAAP earnings and exclusions depending on whe...
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作者：Santamaria, Simone
作者单位：National University of Singapore
摘要：Prior research suggests portfolio entrepreneurs-businesspeople who run more than one firm simultaneously-launch more successful ventures than their single-business counterparts. However, their ventures are less likely to survive. In an attempt to reconcile this paradox, this paper presents a framework in which portfolio entrepreneurs' main advantage is not a superior ability to select the best business opportunities ex ante, but rather the ability to redeploy human and capital resources across...
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作者：Yu, Qiuping; Zhang, Yiming; Zhou, Yong-Pin
作者单位：University System of Georgia; Georgia Institute of Technology; Georgetown University; The Chinese University of Hong Kong, Shenzhen; University of Washington; University of Washington Seattle
摘要：The growing adoption of virtual queues in the service and retail industries has been greatly accelerated in recent times. In collaboration with a major ride-sharing platform, we study how the wait time information (WTI), both its initial magnitude and its subsequent progress over time, impacts customers' abandonment behavior in virtual queues. The study was conducted through a randomized field experiment that included 1,425,745 rides: one-third of the rides received a neutral WTI, one-third re...
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作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Miller, Gregory S.; Stockbridge, Douglas R.
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：Firms' use of special purpose acquisition companies (SPACs) to go public has increased dramatically, leading to market and regulatory debate about their use of projections. Examining SPAC mergers from 2004 through 2021, we find that 80% of firms provide projections for four years ahead on average, with approximately one-quarter of recent projections extending more than five years. For the sample of SPAC mergers with observable postmerger revenue, we find that only 35% of firms meet or beat the...
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作者：Shriver, Scott K.; Bollinger, Bryan
作者单位：University of Colorado System; University of Colorado Boulder; New York University
摘要：In this paper, we investigate the demand response of a firm's existing customers to retail store entry and which aspects of the response are demand-expanding and which cannibalize online sales. The empirical goal of the paper is to separately identify the effects of customer-to-store distance on purchase frequency, channel choice, and expenditure per purchase, using transaction-level data from a multichannel apparel brand. Our identification strategy exploits within-customer variation in dista...
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作者：Krieger, Joshua L.; Li, Xuelin; Thakor, Richard T.
作者单位：Harvard University; University of South Carolina System; University of South Carolina Columbia; University of Minnesota System; University of Minnesota Twin Cities; Massachusetts Institute of Technology (MIT)
摘要：How do innovative firms react when existing products experience negative shocks? We explore this question with detailed project-level data from drug development firms. Using the Food and Drug Administration public health advisories as idiosyncratic negative shocks to approved drugs, we examine how drug makers react through investment decisions. Following these shocks, affected firms increase research and development (R&D) expenditures, driven by a higher likelihood of acquiring external innova...
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作者：Tian, Xu
作者单位：University System of Georgia; University of Georgia
摘要：Shadow banks play an important role in the modern financial system and are arguably the source of key vulnerabilities that led to the 2007-2009 financial crisis. I develop a quantitative framework with uncertainty fluctuations and endogenous bank default to study the dynamics of shadow banking. I argue that the increase in asset return uncertainty during the crisis results in a spread spike, making it more costly for shadow banks to roll over their debt in the short-term debt market. As a resu...
