Now showing items 21-40 of 51

    • Unleashing Innovation 

      Mao, Yifei; Tian, Xuan; Yu, Xiaoyun (2014-11-01)
      Using a sample of venture capital (VC)-backed initial public offering (IPO) firms, we study the effect of financial intermediaries’ tight leash on entrepreneurs’ innovation productivity. We find that financial intermediaries’ ...
    • Recovering Conditional Return Distributions by Regression: Estimation and Applications 

      Liu, Fang (2014-12-01)
      I propose a regression approach to recovering the return distribution of an individual asset conditional on the return of an aggregate index based on their marginal distributions. This approach relies on the identifying ...
    • An Empirical Examination of the Impacts from Termination of a Performance-Based Incentive Plan 

      Banker, Rajiv D.; Lee, Seok-Young; Potter, Gordon S.; Srinivasan, Dhinu (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 ...
    • Managing Innovation: The Role of Collateral 

      Mao, Yifei (2015-01-01)
      This paper studies how credit constraints impact the management of corporate innovation. Specifically, my experiment exploits exogenous variations in the collateral value of real estate assets as shocks to firms’ credit ...
    • Using Cash Flow Dynamics to Price Thinly Traded Assets 

      Boudry, Walter I.; Liu, Crocker H.; Mühlhofer, Tobias; Torous, Walter N. (2015-10-26)
      Are cash flows informative and predictive in valuing thinly traded assets? We investigate the extent to which cash-flow and discount-factor information plays a role in pricing thinly traded assets. We focus on pricing the ...
    • Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes 

      Kadan, Ohad; Michaely, Roni; Moulton, Pamela (2015-12-07)
      We study how short-lived private information affects trading strategies and liquidity provision. Our empirical identification rests on information acquisition before analyst recommendations are publically announced. ...
    • Attention Effects in a High-Frequency World 

      Chakrabarty, Bidisha; Moulton, Pamela; Wang, Xu (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 ...
    • The Performance of Short-term Institutional Trades 

      Chakrabarty, Bidisha; Moulton, Pamela; Trzcinka, Charles (2016-01-22)
      Using a database of daily institutional trades, we document that a majority of short-term institutional trades lose money. In aggregate, over 23% of round-trip trades are held for less than three months, and the returns ...
    • Shackled High Speed Traders? Latency Reduction and Short Sale Bans 

      Chakrabarty, Bidisha; Moulton, Pamela; Pascual, Roberto (2016-01-25)
      We examine the effects of two juxtaposed events – regulatory short sale bans and exchange efforts to facilitate high-frequency trading (HFT) – on multiple dimensions of market quality. Between 2011 and 2013, the Spanish ...
    • Beyond Gratitude and Gratuity: A Meta-Analytic Review of the Predictors of Restaurant Tipping 

      Lynn, Michael; McCall, Michael (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 ...
    • Do Individuals or Firms Matter More? The Case of Patent Generation 

      Liu, Tong; Mao, Yifei; Tian, Xuan (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- ...
    • The Consequences of REIT Index Membership for Return Patterns 

      Pavlov, Andrey; Steiner, Eva; Wachter, Susan (2016-10-10)
      We study the impact of S&P index membership on REIT stock returns. Given the hybrid nature of REITs, their returns may become more like those of other indexed stocks and less like those of their underlying properties. The ...
    • Public Market Institutions in Venture Capital: Value Creation for Entrepreneurial Firms 

      Huang, Shiyang; Mao, Yifei; Wang, Cong (Roman); Zhou, Dexin (2017-03-01)
      Institutions that traditionally focus on the public equity market are making an increasing number of venture capital (VC) investments in the private market. Examining these investments, we find that an institution-backed ...
    • Customer Concentration and Cost Structure 

      Chang, Hsihui; Hall, Curtis M.; Paz, Michael (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 ...
    • The Role of Human Capital: Evidence From Patent Generation 

      Liu, Tong; Mao, Yifei; Tian, Xuan (2017-05-01)
      Firms exhibit persistence in innovation output. This paper focuses on the role played by individual inventors. Compared to firm organizational capital, human capital embedded in inventors explains a majority of the variation ...
    • Capital Expenditures, Asset Dispositions, and the Real Estate Cycle 

      Ambrose, Brent W.; Steiner, Eva (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 ...
    • A Supply Chain Coordination Mechanism for Common Items Subject to Failure in the Electronics, Defense, and Medical Industries 

      Sher, Mikhail M.; Kim, Seung-Lae; Banerjee, Avijit; Paz, Michael (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 ...
    • Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs 

      Riddiough, Timothy; Steiner, Eva (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 ...
    • The Tension between Monetary Policy and Financial Stability: Evidence from Agency Mortgage REITs 

      Frame, W. Scott; Steiner, Eva (2017-06-22)
      The prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a ...
    • Economic Fundamentals, Capital Expenditures and Asset Dispositions 

      Ambrose, Brent; Steiner, Eva (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 ...