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Career Risk and Market Discipline in Asset Management

Ellul, Andrew - 2019

We establish that the labor market helps discipline asset managers via the impact of fund liquidations on their careers …. Using hand-collected data on 1,948 professionals, we find that top managers working for funds liquidated after persistently … a model with moral hazard and adverse selection, these scarring effects can be ascribed to a drop in asset managers …

Persistent link: https://www.econbiz.de/10012900615

Are Judges Randomly Assigned to Chapter 11 Bankruptcies? Not According to Hedge Funds

Kleiner, Kristoph; Hüther (Huether), Niklas - 2022

The random assignment of judges to court cases promotes fairness, minimizes forum shopping, and is routinely exploited for causal identification by economists. Analyzing U.S. corporate bankruptcy filings between 2010 and 2020, we provide the first evidence that assignment is not random, but...

Persistent link: https://www.econbiz.de/10013406843

Internal Control Weaknesses and the Demand for Financial Skills : Evidence from U.S. Job Postings

Gao, Janet - 2020

Ineffective internal controls over financial reporting often relates to a lack of qualified personnel with sufficient accounting and technical expertise. In this study, we examine whether firms respond to internal control failures by increasing their demand for specific accounting and finance...

Persistent link: https://www.econbiz.de/10012841009

Competing for Talent : Firms, Managers and Social Networks

Hacamo, Isaac - 2020

Do social networks help or hinder firms recruiting talented managers? In our setting, firms are randomly connected to … prospective young managers through former employees. Under a discrete-choice model, we find networks increase the likelihood firms … hire high-ability managers, while having no effect on the hiring rate of low-ability managers. Effects are greatest for …

Persistent link: https://www.econbiz.de/10012854389

Data Analytics Skills and the Corporate Value of Social Media

Hitt, Lorin M. - 2020

Despite the rapid adoption of and increased spending on social media in the recent years, there is little existing research on the economic value of corporate social media investment or the factors that affect this value. In this study, we first provide empirical evidence using a large sample of...

Persistent link: https://www.econbiz.de/10012855234

Learning Match Quality

Fishman, Arthur - 2016

A consumer with unit demand sequentially visits sellers of competing products for which her private values are uncertain. She can learn each value at a cost or purchase any of the products without learning. Each seller optimally sets either a "regular" price which induces a visiting consumer to...

Persistent link: https://www.econbiz.de/10012994407

The Dark Side of Low Financial Reporting Frequency : Investors’ Reliance on Alternative Sources of Earnings News and Excessive Information Spillovers

Arif, Salman - 2019

This paper examines how low financial reporting frequency affects investors' reliance on alternative sources of earnings information. We find that the returns of semi-annual earnings announcers (i.e. low reporting frequency stocks, “LRF”) are almost twice as sensitive to the earnings...

Persistent link: https://www.econbiz.de/10012902417

Is All Disaggregation Good for Investors? Evidence From Earnings Announcements

Holzman, Eric - 2019

Prior work suggests that greater earnings disaggregation in financial statements leads to favorable market outcomes. This perspective is based on a fundamental presumption that the disaggregation separates earnings components with heterogeneous characteristics. We hypothesize that the...

Persistent link: https://www.econbiz.de/10012903303

General Purpose Technologies and International Stock Returns

Hsu, Po-Hsuan - 2017

We propose that general purpose technologies (GPTs) — a class of technologies that have pervasive impacts on the economy and spill over across countries — are a source of non-diversifiable technology risk in international stock markets. We construct an empirical GPT factor from patent data...

Persistent link: https://www.econbiz.de/10012968903

Small Innovators : No Risk, No Return

Stoffman, Noah - 2020

We find that small innovators earn higher returns than small non-innovators for up to five years. We find no such innovation premium among large firms. A battery of tests shows that this innovation premium among small firms is explained by risk. Our findings, which are based on a simple measure...

Persistent link: https://www.econbiz.de/10012850781