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作者：Chakrabarty, Bidisha; Jain, Pankaj K.; Shkilko, Andriy; Sokolov, Konstantin
作者单位：Saint Louis University; University of Memphis; Wilfrid Laurier University; University of Sydney
摘要：In November 2011, the U.S. Securities and Exchange Commission implemented the final provision of Rule 15c3-5 curbing unfiltered market access. The provision mandated that brokers verify their clients' order flow for compliance with credit and capital thresholds before routing to market centers. We find that the new checks introduce latency to order flow and force some latency-sensitive strategies out of the market. As a result, liquidity providers are better able to revise their quotes in resp...
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作者：Freeman, Michael; Savva, Nicos; Scholtes, Stefan
作者单位：INSEAD Business School; University of London; London Business School; University of Cambridge
摘要：General hospitals across the world are becoming larger (i.e., admitting more patients each year) and more complex (i.e., offering a wider range of services to patients with more diverse care needs). Prior work suggests that an increase in patient volume in a hospital service is associated with reduced costs per patient in that service. However, it is unclear how volume changes in one service affect the costs of the other services in the same hospital. This paper investigates such volume-cost s...
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作者：Dambra, Michael; Gustafson, Matthew
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine how regulatory burdens affect the investment and innovation of newly public firms. To do so, we exploit the Jumpstart Our Business Startups (JOBS) Act, which eliminates certain disclosure, auditing, and governance requirements for a subset of newly public firms. Firms treated with these reduced burdens invest more and more efficiently after going public relative to untreated firms. These findings are concentrated in innovative investments and are nonexistent in dual-class firms. Ove...
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作者：Yu, Qiuping; Allon, Gad; Bassamboo, Achal
作者单位：University System of Georgia; Georgia Institute of Technology; University of Pennsylvania; Northwestern University
摘要：We explore whether customers are loss averse in time and how delay information may impact such reference-dependent behavior using observational and field experiment data from two call centers of an Israeli bank. We consider settings with no announcements and announcements of different accuracy levels. We face two key challenges: (1) we do not observe the reference points customers use in our data, as any other field studies, and (2) it is difficult to separate the reference-dependent behavior ...
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作者：Jain, Nitish; Hasija, Sameer; Netessine, Serguei
作者单位：University of London; London Business School; INSEAD Business School; University of Pennsylvania
摘要：Antitrust regulations are meant to promote fair competition in the market, but balancing administrative and legal costs with enforcement can be difficult when multilayered supply chains are involved. The canonical example of this challenge is the landmark Illinois Brick ruling, which limits antitrust damages to only the direct purchasers of a product; for instance, consumers can file antitrust claims against colluding retailers but not against colluding manufacturers-only retailers can file cl...
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作者：Suslava, Kate
作者单位：Bucknell University
摘要：This paper studies whether euphemisms obfuscate the content of earnings conference calls and cause investors to underreact. I argue that managers' use of euphemisms can alleviate the impact of bad news and delay the market reaction to adverse information. Using a dictionary of corporate euphemisms, I find that their use by managers-but not by analysts-is negatively associated with both immediate and future abnormal returns, and their frequency moderates the negative market reaction to bad earn...
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作者：Agarwal, Sumit; Ang, Swee Hoon; Deng, Yongheng; Wang, Yonglin
作者单位：National University of Singapore; National University of Singapore; University of Wisconsin System; University of Wisconsin Madison; Lingnan University
摘要：This paper studies the responses among different types of mortgage brokers to occupational licensing regulations. By explicitly accounting for heterogeneities between sole and corporate brokers, we find evidence that sole brokers respond to financial regulatory oversight by applying a more stringent screening process in conducting brokerage activities, hence achieving better loan performances. Specifically, loans originated through sole brokers exhibit higher quality on an array of credit-rele...
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作者：Reisinger, Markus; Schmidt, Jens; Stieglitz, Nils
作者单位：Frankfurt School Finance & Management; Aalto University
摘要：In many industries, multiple independent complementors supply the individual components of a system. In this paper, we develop a formal model to examine the tensions and tradeoffs that result when a firm-either one of the complementors or a de novo entrant-takes competition to the system level by launching an integrated offering that combines the multiple components. A complementor who takes competition to the system level becomes a competitor to itself at the system level. As a consequence, t...
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作者：Lin, Chen; Liu, Sibo; Manso, Gustavo
作者单位：University of Hong Kong; Hong Kong Baptist University; University of California System; University of California Berkeley
摘要：We investigate whether and to what extent shareholder litigation shapes corporate innovation by examining the staggered adoption of universal demand laws in 23 states from 1989 to 2005. These laws impose obstacles against shareholders filing derivative lawsuits, thereby significantly reducing managers' litigation risk. Using a difference-in-differences design and a matched sample, we find that, following the passage of the laws, firms invested more in research and development, produced more pa...
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作者：Cuculiza, Carina; Antoniou, Constantinos; Kumar, Alok; Maligkris, Anastasios
作者单位：University of Miami; University of Warwick
摘要：We examine whether exogenous and extremely negative events, such as terrorist attacks and mass shootings, influence the sentiment and forecasts of sell-side equity analysts. We find that analysts who are local to these attacks issue forecasts that are relatively more pessimistic than the consensus forecast. This effect is stronger when the analyst is closer to the event and located in a low-crime region. Impacted analysts are also relatively more pessimistic around the one-and two-year anniver...
