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作者：Kraekel, Matthias; Schoettner, Anja
作者单位：University of Bonn; Humboldt University of Berlin
摘要：We examine a scenario in which an employee exerts productive effort to achieve a target but can also manipulate a performance measure to falsely claim target achievement. Although manipulation is detrimental from a societal perspective because of its negative externalities, the firm's shareholders may benefit from undetected manipulation. We analyze the firm's optimal implementation of internal control and its impact on the employee's productive effort and manipulative behavior. We demonstrate...
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作者：Linos, Elizabeth; Mobasseri, Sanaz; Roussille, Nina
作者单位：Harvard University; Boston University; Massachusetts Institute of Technology (MIT)
摘要：This paper investigates how having more White coworkers influences the subsequent retention and promotion of Black women relative to other race-gender groups. Studying 9,037 new hires at a professional services firm, we first document large racial turnover and promotion gaps: Even after controlling for observable characteristics, Black employees are 6.7 percentage points (32%) more likely to turn over within two years and 18.7 percentage points (26%) less likely to be promoted on time than the...
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作者：Eckbo, B. Espen; Su, Xunhua; Thorburn, Karin S.
作者单位：Dartmouth College; Norwegian School of Economics (NHH)
摘要：While it is standard for corporate bonds to include a loan cancellation fee, a surprising 90% of tranche A commercial and industrial term loans allow borrowers to prepay the loan without penalty. We use a simple framework with dynamic learning to derive testable implications for the required bank compensation when including a penalty-free prepayment option. In this framework, after loan origination, borrowers receive noncontractible public information about the value of the project funded by t...
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作者：Capponi, Agostino; Glasserman, Paul; Weber, Marko Hans
作者单位：Columbia University; Columbia University; National University of Singapore
摘要：We develop a framework to quantify the vulnerability of mutual funds to fire-sale spillover losses. We account for the first-mover incentive that results from the mismatch between the liquidity offered to redeeming investors and the liquidity of assets held by the funds. In our framework, the negative feedback loop between investors' redemptions and price impact from asset sales leads to an aggregate change in funds' net asset value, which is determined as a fixed point of a nonlinear mapping....
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作者：Dew, Ryan
作者单位：University of Pennsylvania
摘要：Many products are most meaningfully described using unstructured data such as text or images. Unstructured data are also common in e-commerce, in which products are often described by photos and text but not with standardized sets of attributes. Whereas much is known about how to efficiently measure consumer preferences when products can be meaningfully described by structured attributes, there is scant research on doing the same for unstructured data. This paper introduces a real-time, adapti...
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作者：Palmeira, Mauricio; Polman, Evan
作者单位：State University System of Florida; University of South Florida; University of Wisconsin System; University of Wisconsin Madison
摘要：People often consult experts to provide solutions to their problems. Oftentimes, an initial attempt to solve a problem fails, and these experts (e.g., advisors, consultants, specialists, and service providers) will resort to a backup plan. A backup plan can be presented when it is needed (i.e., after an initial failure) or in advance (i.e., before a potential failure). We examine how the timing of disclosure of a backup plan affects judgments of an expert's competence. We show that although pe...
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作者：Chen, Yangyang; Ma, Lijun; Pittman, Jeffrey; Yang, Xin
作者单位：City University of Hong Kong; University of International Business & Economics; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Shanghai University of Finance & Economics
摘要：We examine whether managers' activities in striving to reach earnings targets through real earnings manipulation affect their firms' product recalls. Our evidence implies that firms suspected of manipulating real activities in trying to meet earnings benchmarks exhibit a higher likelihood and frequency of product recalls. In cross-sectional results consistent with expectations, we find that the impact of exploiting real activities to attain earnings benchmarks on product recalls intensifies fo...
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作者：Coffman, Katherine; Klinowski, David
作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Across multiple studies, we investigate whether there are gender differences in preferences for receiving performance feedback. We vary many features of the feedback context: whether the performance task is a cognitive test or a mock interview, the feedback is objective or subjective, and it is possible for the provider of the feedback to discriminate on the basis of gender. Consistent with past work, we find that women are less optimistic about their performance than men and that, on average,...
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作者：Epperson, Raphael; Diederich, Johannes; Goeschl, Timo
作者单位：University of Innsbruck; Universitat Kassel; Ruprecht Karls University Heidelberg
摘要：Unit donations are an alternative fundraising scheme in which potential donors choose how many units of a charitable good to fund rather than just giving money. Based on evidence from an online experiment with 8,673 participants, we demonstrate that well-designed unit donation schemes can significantly boost giving above and beyond the standard money donation scheme. A decomposition of the underlying mechanisms shows patterns consistent with the conjecture that unit donations increase impact s...
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作者：Guo, Nan; Kou, Steven; Wang, Bin; Wang, Ruodu
作者单位：Boston University; Chinese Academy of Sciences; University of Waterloo
摘要：We propose a theory for rating financial securities in the presence of structural maximization by the issuer in a market with investors who rely on credit rating. Two types of investors, simple investors who price tranches solely based on the ratings and modelbased investors who use the rating information to calibrate models, are considered. Concepts of self-consistency and information gap are proposed to study different rating criteria. In particular, the expected loss criterion used by Moody...
