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Discretion in Hiring
Hoffman, Mitchell - 2015
to forgo the potentially valuable private information of their managers. We study the introduction of job testing across … 15 firms employing low-skilled service sector workers. When faced with similar applicant pools, we find that managers who … appear to hire against test recommendations end up with worse average hires. This suggests that managers often overrule test …
Persistent link: https://www.econbiz.de/10012456961
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Inducing Leaders to Take Risky Decisions : Dismissal, Tenure, and Term Limits
Aghion, Philippe - 2014
In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader's competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but...
Persistent link: https://www.econbiz.de/10012458366
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Do Fire Sales Create Externalities?
Chernenko, Sergey - 2018
We develop three novel measures of how much of the price impact of their trading different mutual funds internalize. We show that mutual funds that internalize more of their price impact hold larger cash buffers and use these buffers more aggressively to accommodate inflows and outflows. As a...
Persistent link: https://www.econbiz.de/10012480755
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Fire Sales in Finance and Macroeconomics
Shleifer, Andrei - 2010
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10012462014
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Forced Sales and House Prices
Campbell, John Y. - 2009
This paper uses data on house transactions in the state of Massachusetts over the last 20 years to show that houses sold after foreclosure, or close in time to the death or bankruptcy of at least one seller, are sold at lower prices than other houses. Foreclosure discounts are particularly large...
Persistent link: https://www.econbiz.de/10012463782
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Short Sales and Trade Classification Algorithms
Asquith, Paul - 2008
This paper demonstrates that short sales are often misclassified as buyer-initiated by the Lee-Ready and other commonly used trade classification algorithms. This result is due in part to regulations which require short sales be executed on an uptick or zero-uptick. In addition, while the...
Persistent link: https://www.econbiz.de/10012464489
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When are Auctions Best?
Bulow, Jeremy I. - 2007
We compare the two most common bidding processes for selling a company or other asset when participation is costly to …
Persistent link: https://www.econbiz.de/10012465383
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Consent and Exchange
Bar-Gill, Oren - 2007
In some cases, the law permits a party that unilaterally provides a benefit to another party to recover the estimated value of this benefit. Despite calls for expanding the set of cases to which such a restitution rule applies, the law commonly applies a mutual consent rule under which a party...
Persistent link: https://www.econbiz.de/10012465384
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Selling Price and Selling Time : The Impact of Seller Motivation
Glower, Michel - 1995
This study considers the role that seller motivation plays in determining sales price and selling time. We find that …
Persistent link: https://www.econbiz.de/10012473818
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Buying Reputation as a Signal of Quality : Evidence from an Online Marketplace
Li, Lingfang (Ivy) - 2016
Reputation is critical to foster trust in online marketplaces, yet leaving feedback is a public good that can be under-provided unless buyers are rewarded for it. Signaling theory implies that only high quality sellers would reward buyers for truthful feedback. We explore this scope for...
Persistent link: https://www.econbiz.de/10012456095