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May 2014
Article

Representative Evidence on Lying Costs

By: Johannes Abeler, Anke Becker and Armin Falk

A central assumption in economics is that people misreport their private information if this is to their material benefit. Several recent models depart from this assumption and posit that some people do not lie or at least do not lie maximally. These models invoke many... View Details

Keywords: Private Information; Lying Costs; Tax Morale; Representative Experiment; Information; Microeconomics; Taxation; Behavior

October 2012 (Revised August 2013)
Case

Global Unichip Corporation (A)

By: Willy Shih and Chen-Fu Chien

Global Unichip Corporation (GUC) is a design services company that acts as a front-end to TSMC, the world's largest semiconductor foundry. In so doing, it masked the complexity of the latest process technologies, and reduced the entry barriers for small firms to... View Details

November 2012 (Revised August 2013)
Supplement

Global Unichip Corporation (B)

By: Willy Shih and Chen-Fu Chien

Jim Lai, President of Global Unichip Corporation (GUC), mapped out the changes he saw coming to the global semiconductor industry. The big question was how many system developers would start coming directly to GUC. View Details

August 2021
Article

Crowdsourcing Memories: Mixed Methods Research by Cultural Insiders-Epistemological Outsiders

By: Tarun Khanna, Karim R. Lakhani, Shubhangi Bhadada, Nabil Khan, Saba Kohli Davé, Rasim Alam and Meena Hewett

This paper examines the role that the two lead authors’ personal connections played in the research methodology and data collection for the Partition Stories Project—a mixed-methods approach to revisiting the much-studied historical trauma of the Partition of British... View Details

Keywords: Mixed Methods; Insider-outsiders; Myth Of Informed Objectivity; Hybrid Research; Oral Narratives; Research; Analysis; India

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15 Oct 2019
Working Paper Summaries

Vote Choice Formation and the Minimal Effects of TV Debates: Evidence from 61 Elections in 9 OECD Countries

Keywords: by Caroline Le Pennec-Caldichoury and Vincent Pons

2016
Article

Organizational Decision-Making and Information: Angel Investments by Venture Capital Partners

We study information aggregation in organizational decision-making for the financing of entrepreneurial ventures. We introduce a formal model of voting where agents face costly tacit information to improve their decision quality. Equilibrium outcomes suggest a... View Details

Keywords: Entrepreneurial Finance; Angel Investors; Organization Design; Voting; Group Decision-making; Information; Strategy; Organizations; Entrepreneurship; Decision Making; Financing and Loans

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27 Sep 2011
Working Paper Summaries

Salience in Quality Disclosure: Evidence from the U.S. News College Rankings

Keywords: by Michael Luca & Jonathan Smith; Information; Information; Information

Research Summary

Consumer Response to Online Ratings and Recommendations

Jolie is currently conducting several laboratory and field experiments to assess the tendency of individuals to employ predictable heuristics in complex information aggregation tasks, thus leading to search and choice behavior that is suboptimal relative to the fully... View Details

2024
Working Paper

Valuing Stocks With Earnings

By: Sebastian Hillenbrand and Odhrain McCarthy

We show that commonly used aggregate earnings are several times as volatile as stock prices over the last three decades. Movements in the price-earnings ratio are thus entirely explained by earnings growth and unrelated to future returns. As an alternative to the... View Details

Keywords: Price; Investment Portfolio; Stocks; Behavioral Finance; Accounting

May 2022
Article

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details

Keywords: Dividends; Earnings; Investment Opportunities; Payout Policy; Signaling; Capital Structure; Business Earnings; Investment; Opportunities

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October 2014
Article

Good Cop, Bad Cop: Complementarities Between Debt and Equity in Disciplining Management

By: Alexander Guembel and Lucy White

In this paper we examine how the quantity of information generated about firm prospects can be improved by splitting a firm's cash flow into a "safe" claim (debt) and a "risky" claim (equity). The former, being relatively insensitive to upside risk, provides a... View Details

Keywords: Information; Borrowing and Debt; Equity; Corporate Finance

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October 2009 (Revised June 2010)
Case

Hulu: An Evil Plot to Destroy the World?

By: Anita Elberse and Sunil Gupta

In July 2009, Jason Kilar, the chief executive officer of Hulu, is debating whether the online video aggregator should move away from a purely advertising-supported model, and whether it should participate in an industry-wide initiative to develop and test... View Details

Keywords: Advertising; Business Model; Television Entertainment; Distribution Channels; Service Operations; Internet and the Web; Media and Broadcasting Industry; Motion Pictures and Video Industry

Research Summary

Tax evasion

Tax evasion generates billions of dollars of losses in government revenue and creates large distortions, especially in developing countries. A growing, mostly theoretical literature argues that information flows are central to understanding effective taxation.... View Details

June 2004
Article

Market Liquidity as a Sentiment Indicator

By: Malcolm Baker and Jeremy Stein

We build a model that helps to explain why increases in liquidity-such as lower bid-ask spreads, a lower price impact of trade, or higher turnover-predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details

Keywords: Markets; Financial Liquidity; Price; Trade; Sales; Equity; Information; Management Analysis, Tools, and Techniques; Accounting Industry

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October 2022
Article

Amplification in the Evaluation of Multiple Emotional Expressions over Time

By: Amit Goldenberg, Jonas Schöne, Zi Huang, Timothy D. Sweeny, Desmond C. Ong, Timothy Brady, Maria M. Robinson, David Levari, Jamil Zaki and James J. Gross

Social interactions are dynamic and unfold over time. To make sense of social interactions, people must aggregate sequential information into summary, global evaluations. But how do people do this? Here, to address this question, we conducted nine studies (N = 1,583)... View Details

Keywords: Social Interactions; Facial Expressions; Emotions; Behavior; Perception

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2002
Other Unpublished Work

Market Liquidity as a Sentiment Indicator

By: Malcolm Baker and Jeremy Stein

We build a model that helps to explain why increases in liquidity—such as lower bid–ask spreads, a lower price impact of trade, or higher turnover—predict lower subsequent returns in both firm-level and aggregate data. The model features a class of irrational... View Details

Keywords: Price; Financial Liquidity; Trade; Valuation; Markets; Forecasting and Prediction; Equity; Stock Shares; Investment Return

2016
Working Paper

Patent Disclosures and Standard-Setting

By: Josh Lerner, Haris Tabakovic and Jean Tirole

A key role of standard setting organizations (SSOs) is to aggregate information on relevant intellectual property (IP) claims before deciding on a standard. This article explores the firms’ strategies in response to IP disclosure requirements—in particular, the choice... View Details

Keywords: Patents; Corporate Disclosure; Standards

Article

The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach

By: Matthew R. Lyle and Charles C.Y. Wang

We provide a tractable model of firm-level expected holding period returns using two firm fundamentals—book-to-market ratio and ROE—and study the cross-sectional properties of the model-implied expected returns. We find that 1) firm-level expected returns and expected... View Details

Keywords: Expected Returns; Discount Rates; Holding Period Returns; Fundamental Valuation; Present Value; Valuation; Investment Return

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2021
Working Paper

Investment as the Opportunity Cost of Dividend Signaling

By: Zach Kaplan and Gerardo Pérez Cavazos

We provide evidence that firms with weak investment opportunities (those whose current earnings justify a greater valuation than firms with strong investment opportunities) signal their permanent earnings level through their dividends. In the cross-section, we show... View Details

Keywords: Dividend Signaling; Investment; Opportunities

Research Summary

Good cop, Bad Cop: Complementarities between Debt and Equity in Disciplining Management

Joint work with Alexander Gümbel, Saïd Business School and Lincoln College Oxford

In this paper we examine how the quantity of information generated about firm... View Details

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