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Terry, Stephen; Whited, Toni Marion; Zakolyukina, … - National Bureau of Economic Research - 2022

We quantify the real implications of trade-offs between firm information disclosure and long-term investment efficiency. We estimate a dynamic equilibrium model in which firm managers confront realistic incentives to misreport earnings and distort their real investment choices. The model implies...

Persistent link: https://www.econbiz.de/10012814411

Uncovering the Hidden Effort Problem

Ben-Rephael, Azi; Carlin, Bruce Ian; Da, Zhi; … - National Bureau of Economic Research - 2021

We use machine learning to analyze minute-by-minute Bloomberg online status data and study how the effort provision of top executives in public corporations affects firm value. While executives likely spend most of their time doing other activities, Bloomberg usage data allows us to characterize...

Persistent link: https://www.econbiz.de/10012482657

Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth

Aggarwal, Reena - 2007

We compare the governance of foreign firms to the governance of similar U.S. firms. Using an index of firm governance attributes, we find that, on average, foreign firms have worse governance than matching U.S. firms. Roughly 8% of foreign firms have better governance than comparable U.S. firms....

Persistent link: https://www.econbiz.de/10012465838

Why are Foreign Firms Listed in the U.S. Worth More?

Doidge, Craig - 2001

At the end of 1997, the foreign companies listed in the U.S. have a Tobin's q ratio that exceeds by 16.5% the q ratio of firms from the same country that are not listed in the U.S. The valuation difference is statistically significant and largest for exchange-listed firms, where it reaches 37%....

Persistent link: https://www.econbiz.de/10012470180

Bitcoin Mining Meets Wall Street : A Study of Publicly Traded Crypto Mining Companies

Hałaburda, Hanna; Yermack, David L. - National Bureau of Economic Research - 2023

This paper studies the operations and financial valuations of 13 cryptocurrency mining companies that are listed on the NASDAQ stock exchange and have facilities in North America. We find that miners using Texas wind power are offline more than other miners, in a more erratic pattern, while...

Persistent link: https://www.econbiz.de/10014226120

Does Greater Public Scrutiny Hurt a Firm's Performance?

Bennett, Benjamin; Stulz, René M.; Wang, Zexi - National Bureau of Economic Research - 2023

Public attention to a firm may provide valuable monitoring, but it may also have a dark side by constraining management's decisions and distracting it. We use inclusion in the S&P 500 index as a positive shock to public attention. Media coverage, Google searches, SEC downloads, SEC comment...

Persistent link: https://www.econbiz.de/10013537752

Common Ownership, Competition, and Top Management Incentives

Anton, Miguel; Ederer, Florian; Giné, Mireia; Schmalz, … - National Bureau of Economic Research - 2022

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intra-industry and intra-firm cross-market...

Persistent link: https://www.econbiz.de/10013477278

Generative AI and Firm Values

Eisfeldt, Andrea L.; Schubert, Gregor; Zhang, Miao Ben - National Bureau of Economic Research - 2023

What are the effects of recent advances in Generative AI on the value of firms? Our study offers a quantitative answer to this question for U.S. publicly traded companies based on the exposures of their workforce to Generative AI. Our novel firm-level measure of workforce exposure to Generative...

Persistent link: https://www.econbiz.de/10014287323

Lobbying Behind the Frontier

Bombardini, Matilde; Cutinelli-Rendina, Olimpia; … - National Bureau of Economic Research - 2021

competition in U.S. industries. Lobbying expenditures increase as a consequence of import changes related to the China shock. The … effect on lobbying is not homogeneous across firms and it concentrates particularly in those producers which are behind the … technological frontier. We discuss theoretical mechanisms driving lobbying of firms away from the technological frontier: not only …

Persistent link: https://www.econbiz.de/10012616568

Optimal Tariffs and Trade Policy Formation : U.S. Evidence from the Smoot-Hawley Era

Irwin, Douglas A.; Soderbery, Anson - National Bureau of Economic Research - 2021

well as industry lobbying data. We find that tariff levels are largely determined by firm lobbies, but about about 5 …

Persistent link: https://www.econbiz.de/10012599405

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