Narrow search
Showing 1 - 10 of 320
Cover Image
The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover
Gorton, Gary B. - 2009
Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...
Persistent link: https://www.econbiz.de/10012463704
Cover Image
Tips and Tells from Managers : How Analysts and the Market Read Between the Lines of Conference Calls
Druz, Marina - 2015
Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This …
Persistent link: https://www.econbiz.de/10012457675
Cover Image
Communication within Firms : Evidence from CEO Turnovers
Impink, Stephen Michael; Prat, Andrea; Sadun, Raffaella - National Bureau of Economic Research - 2021
This paper uses novel, firm-level measures derived from communications metadata before and after a CEO transition in 102 firms to study if CEO turnover impacts employees' communication flows. We find that CEO turnover leads to an initial decrease in intra-firm communication, followed by a...
Persistent link: https://www.econbiz.de/10012599332
Cover Image
Language Barriers in Multinationals and Knowledge Transfers
Guillouet, Louise; Khandelwal, Amit; Macchiavello, Rocco; … - National Bureau of Economic Research - 2021
A distinct feature of MNCs is a three-tier organizational structure: foreign managers (FMs) supervise domestic managers …
Persistent link: https://www.econbiz.de/10012533356
Cover Image
Executives' "Off-The-Job" Behavior, Corporate Culture, and Financial Reporting Risk
Davidson, Robert - 2012
We examine how executives' behavior outside the workplace, as measured by their ownership of luxury goods (low "frugality") and prior legal infractions, is related to financial reporting risk. We predict and find that CEOs and CFOs with a legal record are more likely to perpetrate fraud. In...
Persistent link: https://www.econbiz.de/10012460658
Cover Image
Managers and Productivity in Retail
Metcalfe, Robert D.; Sollaci, Alexandre B.; Syverson, Chad - National Bureau of Economic Research - 2023
across organizations. A remaining question, however, is whether it is managers themselves or firm-wide management practices … this setting, managers move between stores but management practices are set by firm policy and largely fixed, allowing us … to hone in on managers' personal roles in determining store performance. We find: (i) managers affect and explain a large …
Persistent link: https://www.econbiz.de/10014250209
Cover Image
The Market Microstructure of Central Bank Intervention
Dominguez, Kathryn M. - 1999
One of the great unknowns in international finance is the process by which new information influences exchange rate behavior. This paper focuses on one important source of information to the foreign exchange markets, the intervention operations of the G-3 central banks. Previous studies using...
Persistent link: https://www.econbiz.de/10012471447
Cover Image
The Information Content of Corporate Earnings : Evidence from the Securities Exchange Act of 1934
Binz, Oliver; Graham, John R. - National Bureau of Economic Research - 2022
We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed results. We focus on whether the Act...
Persistent link: https://www.econbiz.de/10012938716
Cover Image
Stabilization Policies and the Information Content of Real Wages
Aizenman, Joshua - 1984
The purpose of this paper is to compare the behavior of an economy subject to labor contracts with an economy where the labor market clears in an auction manner. Such a comparison is intended to reveal the information content of real wages in a flexible economy. The analysis reveals two distinct...
Persistent link: https://www.econbiz.de/10012477717
Cover Image
The Informational Content of Bond Ratings
Ederington, Louis H. - 1984
This paper explores the risk structure of interest rates. More specifically, we ask whether yields on industrial and commercial bonds indicate that market participants base their evaluations of a bond issue's default risk on agency ratings or on publically available financial statistics. Using a...
Persistent link: https://www.econbiz.de/10012477771