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Browsing Cornell Peter and Stephanie Nolan School of Hotel Administration by Type "preprint"
Now showing items 1-20 of 50
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A Forward-Looking Factor Model for Volatility: Estimation and Implications for Predicting Disasters
(2017-10-01)We show that any factor structure for stock returns can be naturally translated into a factor structure for return volatility. We use this structure to propose a methodology for estimating forward-looking variances and ... -
A Supply Chain Coordination Mechanism for Common Items Subject to Failure in the Electronics, Defense, and Medical Industries
(2017-05-01)Improved production processes, particularly miniaturization, have led to the development and use of non-reworkable items subject to failure in modern production environments. Coordinating supply chains for these items ... -
An Empirical Examination of the Impacts from Termination of a Performance-Based Incentive Plan
(2015-01-01)This paper reports on the financial impacts from the termination of a pay for performance plan for the salesforce at a retail establishment. Using monthly panel data spanning more than eight years for 15 outlets of a major ... -
Analysis of Senior-Subordinated Structures Backed by Private-Label Mortgages
(1997-12-23)This paper does a valuation analysis of senior-subordinated struc ture tranches backed by non-agency mortgages. The valuation is done using Monte Carlo simulation and employs the CIR interest rate process in conjunction ... -
Attention Effects in a High-Frequency World
(2015-12-09)How does limited attention affect stock prices in today’s computer-driven financial markets? We study this issue by re-examining the effects of limited attention using a dataset that separately identifies trades made by ... -
Beyond Gratitude and Gratuity: A Meta-Analytic Review of the Predictors of Restaurant Tipping
(2016-01-25)Every year consumers voluntarily give away billions of dollars to service workers in the form of tips. The voluntary nature of tipping raises interesting questions about why people tip and what factors influence their ... -
Capital Expenditures, Asset Dispositions, and the Real Estate Cycle
(2017-05-01)Recent empirical research provides evidence on the asset disposition choices of individual and institutional real estate investors that is consistent with the `disposition effect'. We propose a value-add investment strategy ... -
Customer Concentration and Cost Structure
(2017-04-01)This study examines the effects of customer concentration levels on firm cost structure decisions. Analyzing cost data from a sample of manufacturing firms from 1976 through 2013, we find a negative relationship between ... -
Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility Based Framework
(2014-09-10)We study the diversification benefits of REIT preferred and common stock using a utility based framework in which investors segment based on risk aversion. Taking the view of a long run investor, we conduct our analysis ... -
Do Individuals or Firms Matter More? The Case of Patent Generation
(2016-04-01)This paper studies the relative importance of individual inventors’ human capital and firms’ organizational capital in promoting a firm’s innovation output. We decompose the variation in innovation output into inventor- ... -
Do Stock Prices Move Too Much to Be Justified by Changes in Cash Flows? New Evidence from Parallel Asset Markets
(2012-01-01)We take advantage of two parallel markets for a set of cash flows to show that better cash flow measurement improves the performance of a dividend discount model. Unlike previous literature, we use out-of-sample estimation. ... -
Economic Fundamentals, Capital Expenditures and Asset Dispositions
(2017-09-20)Research on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital ... -
Evaluating Stock Price Volatility: The Case of REITs
(1998-03-15)One of the most controversial topics in modem financial economics is "excess volatility:" the notion that stock prices move too much to be explained by fundamental economic and firm-specific factors. This article measures ... -
Farm Mechanization and Rural Migration in the Great Depression
(2019-01-14)We study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder ... -
Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs
(2017-06-01)We show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower and more stable leverage outcomes. We then ... -
Financial Globalization and Risk Sharing: Welfare Effects and the Optimality of Open Markets
(2006-01-01)To study the welfare effects of investment barriers and the opening of markets to foreigners, we construct an equilibrium model of international asset pricing without agency costs that allows endogenous market participation ... -
Financial Innovation and Russian Government Debt Before 1918
(2003-05-05)In this paper I describe debt instruments issued by the Russian Imperial Government. At the beginning of the 20th century, the Russian government was the largest borrower in the world. Russian government bonds were traded ... -
How Does Human Capital Matter? Evidence from Venture Capital
(2017-12-01)We investigate the effects of human capital mobility on venture capital (VC) investment and outcomes. To establish causality, we use a difference-in-differences approach that relies on plausibly exogenous variations generated ... -
Individual Investors and the Financial Crisis
(2014-01-01)This paper studies the trading behavior of individual Chinese investors before and during the recent financial crisis. We have three major findings: (i) individual investors did not withdraw their capital from the equity ... -
Is There Excess Comovement in the U.S. Real Estate Markets
(2007-09-14)This study addresses the recent performance of the U.S. residential real estate market. We investigate the comovement among Case-Shiller Home Price Indices for 14 metropolitan areas from January 1987 to October 2006. We ...
