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Modeling Managers As EPS Maximizers
Ben-David, Itzhak; Chinco, Alexander M. - National Bureau of Economic Research - 2023
Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, real-world firm managers consistently say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take firm managers...
Persistent link: https://www.econbiz.de/10014250143
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A Shared Interest : Do Bonds Strengthen Equity Monitoring?
Gormley, Todd A.; Jha, Manish - National Bureau of Economic Research - 2024
Institutional investors conduct more governance research and are less likely to follow proxy advisor vote recommendations when a company's bonds comprise a larger share of their assets. These findings are driven by bond holdings, shareholder proposals, and companies where fixed-income managers...
Persistent link: https://www.econbiz.de/10014544807
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To Go Electric or To Burn Coal? A Randomized Field Experiment of Informational Nudges
Fang, Hanming; Li, King King; Shen, Peiyao - National Bureau of Economic Research - 2023
. We conduct a randomized field experiment in northern China using three types of SMS campaigns targeting three potential …
Persistent link: https://www.econbiz.de/10014436972
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Equilibrium Consequences of Corruption on Firms : Evidence from China’s Anti-Corruption Campaign
Ding, Haoyuan - 2020
We use China's recent anti-corruption campaign as a natural experiment to examine the (market expected) equilibrium …
Persistent link: https://www.econbiz.de/10012479180
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Do Workers Value Flexible Jobs? A Field Experiment
He, Haoran - 2019
We explore workers' valuation of job flexibility, using a field experiment conducted on a Chinese job board, as well as …
Persistent link: https://www.econbiz.de/10012479379
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Policy Experimentation in China : the Political Economy of Policy Learning
Wang, Shaoda; Yang, David Y. - National Bureau of Economic Research - 2021
may affect policy learning and policy outcomes. We aim to describe and understand China's policy experimentation since … conducted in China over the past four decades. We find three main results. First, more than 80% of the experiments exhibit … national policies originating from the experimentation. Taken together, these results suggest that while China's bureaucratic …
Persistent link: https://www.econbiz.de/10012660080
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The Behavioralist Visits the Factory : Increasing Productivity Using Simple Framing Manipulations
Hossain, Tanjim - 2009
worker productivity in the facility. Using a natural field experiment, we report several insights. For example, conditional …
Persistent link: https://www.econbiz.de/10012463027
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Microinsurance, Trust and Economic Development : Evidence from a Randomized Natural Field Experiment
Cai, Hongbin - 2009
We report results from a large randomized natural field experiment conducted in southwestern China in the context of …
Persistent link: https://www.econbiz.de/10012463253
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Observational Learning : Evidence from a Randomized Natural Field Experiment
Cai, Hongbin - 2007
' behavior and subjective well-being in the context of restaurant dining from a randomized natural field experiment. Our …
Persistent link: https://www.econbiz.de/10012465130
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Confucianism and Preferences : Evidence from Lab Experiments in Taiwan and China
Liu, Elaine M. - 2013
This paper investigates how Confucianism affects individual decision making in Taiwan and in China. We found that …
Persistent link: https://www.econbiz.de/10012459046