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作者：Wang, Liao; Yao, Jin; Zhang, Xiaowei
作者单位：University of Hong Kong; Lingnan University; Hong Kong University of Science & Technology
摘要：If a financial asset's price movement impacts a firm's product demand, the firm can respond to the impact by adjusting its operational decisions. For example, in the automotive industry, automakers decrease the selling prices of fuel-inefficient cars when the oil price rises. Meanwhile, the firm can implement a risk-hedging strategy using the financial asset jointly with its operational decisions. Motivated by this, we develop and solve a general risk-management model integrating risk hedging ...
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作者：Nanda, Vikram; Silveri, Sabatino (Dino); Wang, Kun; Zhao, Le
作者单位：University of Texas System; University of Texas Dallas; University of Memphis; West Virginia University; Tsinghua University; Nankai University; Nankai University
摘要：We explore the consequences of limiting executive pay on voluntary executive turnover by exploiting a Chinese government policy restricting executive pay at a subset of firms. Affected firms experience an increase in voluntary executive turnover, with executives increasingly moving to firms not bound by the pay policy. Executives that leave are of higher quality as suggested by their stronger stock and accounting performance in the year prior to the turnover. Affected firms suffer firm value l...
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作者：Anand, Amber; Hua, Jian; Puckett, Andy
作者单位：Syracuse University; City University of New York (CUNY) System; Baruch College (CUNY); University of Tennessee System; University of Tennessee Knoxville
摘要：We provide new insights on how hedge funds use options and short-selling channels to trade on their negative information. Bearish information in hedge fund option positions is economically large, distinct from information in short interest, and it is the combination of option positions and short interest that provides the strongest information signal. A portfolio of stocks with high short interest and bearish hedge fund option positions predicts negative abnormal returns that are more than fou...
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作者：Manzoor, Emaad; Chen, George H.; Lee, Dokyun; Smith, Michael D.
作者单位：Cornell University; Carnegie Mellon University; Boston University
摘要：Deliberation among individuals online plays a key role in shaping the opinions that drive votes, purchases, donations, and other critical offline behavior. Yet, the determinants of opinion change via persuasion in deliberation online remain largely unexplored. Our research examines the persuasive power of ethos-an individual's reputation- using a seven-year panel of over a million debates from an argumentation platform containing explicit indicators of successful persuasion. We identify the ca...
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作者：Liu, Yi; Lou, Bowen; Zhao, Xinyi; Li, Xinxin
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Connecticut
摘要：Recent years have witnessed significant advancements in matching technologies used to improve the matching between workers and employers requesting job tasks on a gig-economy platform. Although conventional wisdom suggests that technologies with higher matching quality benefit the platform by assigning better-matched jobs to workers, we discover a possible unintended revenue-decreasing effect. Our stylized game-theoretic model suggests that, although a technology's matching enhancement effect ...
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作者：Dimant, Eugen
作者单位：University of Pennsylvania; Leibniz Association; Ifo Institut
摘要：Exhibiting altruism toward and cooperativeness with others is a key ingredient for successful work relationships and managerial decision making. Rising political polarization creates a hazard because it ruptures this fabric and impedes the interaction of employees, especially across political isles. This paper's focus is to examine various behavioral-, belief-, and norm-based layers of (non)strategic decision making that are plausibly affected by polarization. I quantify this phenomenon via fi...
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作者：Buchner, Axel; Espenlaub, Susanne; Khurshed, Arif; Mohamed, Abdulkadir
作者单位：heSam Universite; ESCP Business School; University of Manchester; Alliance Manchester Business School; University of Leeds
摘要：This is the first study examining the key role played by venture capital and private equity (VCPE) firms in the private debt market. Private debt funds invest in companies owned (sponsored) by VCPEs and in other companies without VCPE sponsors. Using novel data, we find that private debt without VCPE sponsors generates a premium. Further analysis shows that this sponsorless premium compensates for higher risk and costs of risk mitigation as sponsorless lenders adopt a more hands-on approach em...
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作者：Bianchi, Milo; Briere, Marie
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Universite de Toulouse; Universite Toulouse 1 Capitole; Institut Universitaire de France; Universite PSL; Universite Paris-Dauphine; Universite Libre de Bruxelles
摘要：We study the introduction of robo-advising on a large set of employee saving plans. Different from many services that fully automate portfolio decisions, our robo-advisor proposes investment and rebalancing strategies, leaving investors free to follow or ignore them. The resulting human -robot interactions occur both at the time of the subscription and over time, as the robot sends alerts when the investor's portfolio gets too far from the target allocation. We show that the robo-service is as...
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作者：Bazley, William; Bonaparte, Yosef; Korniotis, George; Kumar, Alok
作者单位：University of Kansas; University of Colorado System; University of Colorado Denver
摘要：This paper examines whether perceptions of discrimination affect the economic expectations of U.S. households. We focus on two forms of expectations that play a central role in economic and financial decisions of households: labor income and inflation. Using experimental data, we demonstrate that discrimination generates greater dispersion in household forecasts. It increases subjective expectations of income uncertainty by 8% and inflation uncertainty by 5%. The impact of discrimination is co...
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作者：Chen, Zhuoqiong; Stanton, Christopher; Thomas, Catherine
作者单位：Harbin Institute of Technology; Harvard University; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：Trialing an experience good allows consumers to learn their value for the sampled good and also informs beliefs about their value for similar products. These demandside information spillovers across products create a relatively well-informed group of potential future consumers for rival firms. When both switching consumers and repeat buyers are profitable, firms face reduced incentives to set a low initial price to attract inexperienced consumers. Switchers and repeat buyers are more likely to...
