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  • 19 Nov 2014
  • Working Paper Summaries

The Search for Benchmarks: When Do Crowds Provide Wisdom?

Keywords: by Charles M.C. Lee, Paul Ma & Charles C.Y. Wang
  • 03 Oct 2017
  • First Look

First Look at Research and Ideas, October 3, 2017

Charles C.Y. Wang Abstract—Relative TSR (rTSR) is increasingly used by market participants to judge and incentivize managerial performance. We evaluate the efficacy, reasons, and implications of firms'... View Details
Keywords: by Sean Silverthorne
  • 2014
  • Working Paper

Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR web-site, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent... View Details
Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Analytics and Data Science; Internet and the Web; Mathematical Methods; Corporate Finance
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  • Article

Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR website, we develop a novel method for identifying economically-related peer firms and for measuring their relative importance. Our results show that firms appearing in chronologically adjacent... View Details
Keywords: Peer Firm; EDGAR Search Traffic; Revealed Preference; Co-search; Industry Classification; Perception; Internet and the Web; Investment
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  • 21 Feb 2017
  • First Look

First Look at New Research: February 21

Organizations By: Lee, Julia J., and Francesca Gino Abstract—Competition for resources, recognition, and favorable outcomes are all facts of life in professional settings. When one falls short in comparison to colleagues or subordinates,... View Details
Keywords: Carmen Nobel
  • April 2021
  • Article

Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects

By: Charles M.C. Lee, Eric C. So and Charles C.Y. Wang
We introduce a parsimonious framework for choosing among alternative expected-return proxies (ERPs) when estimating treatment effects. By comparing ERPs’ measurement-error variances in the cross section and in time series, we provide new evidence on the relative... View Details
Keywords: Implied Cost Of Capital; Expected Returns; Cost of Capital; Investment Return; Performance Evaluation
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  • 2021
  • Working Paper

Stock Investors' Returns Are Exaggerated

By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details
Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing
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  • 08 Apr 2014
  • First Look

First Look: April 8

Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang Abstract—Applying a "co-search" algorithm to Internet traffic at the SEC's EDGAR... View Details
Keywords: Sean Silverthorne
  • 22 Nov 2016
  • First Look

November 22, 2016

some policy implications for regulators designing third-party monitoring regimes. Publisher's link: https://www.hbs.edu/faculty/Pages/item.aspx?num=51917 The Search for Peer Firms: When Do Crowds Provide Wisdom? By: Lee, View Details
Keywords: Sean Silverthorne
  • 2016
  • Working Paper

The Search for Peer Firms: When Do Crowds Provide Wisdom?

By: Charles M.C. Lee, Paul Ma and Charles C.Y. Wang
In knowledge-based economies, many business enterprises defy traditional industry boundaries. In this study, we evaluate six "big data" approaches to peer firm identifications and show that some, but not all, "wisdom-of-crowd" techniques perform exceptionally well. We... View Details
Keywords: Peer Firm; EDGAR Co-search; Analyst Co-coverage; Wisdom Of Crowds; Performance Benchmarking; Crowd Of Crowds; Internet and the Web; Accounting
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  • May 2024
  • Article

Production Complementarity and Information Transmission Across Industries

By: Charles M.C. Lee, Terrence Tianshuo Shi, Stephen Teng Sun and Ran Zhang
Economic theory suggests that production complementarity is an important driver of sectoral co-movements and business cycle fluctuations. We operationalize this concept using a measure of production complementarity proximity (COMPL) between any two companies. We show... View Details
Keywords: Financial Markets; Networks; Investment Return; Business Cycles
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  • 11 Nov 2014
  • First Look

First Look: November 11

connectivity-have unleashed a new era of competition. Publisher's link: http://hbr.org/2014/11/how-smart-connected-products-are-transforming-competition/ar/1   Working Papers The Search for Benchmarks: When Do Crowds Provide Wisdom? By: View Details
Keywords: Sean Silverthorne
  • 25 Nov 2014
  • First Look

First Look: November 25

Provide Wisdom? By: Lee, Charles M.C., Paul Ma, and Charles C.Y. Wang Abstract—We compare the performance of a comprehensive set of alternative... View Details
Keywords: Carmen Nobel
  • 17 Sep 2013
  • First Look

First Look: September 17

transactions in the market for ideas. Download working paper: https://www.hbs.edu/faculty/Pages/download.aspx?name=14-019.pdf Crowdsourcing Peer Firms: Evidence from EDGAR Search Traffic By: Lee, Charles... View Details
Keywords: Sean Silverthorne
  • 21 Nov 2017
  • First Look

First Look at New Research and Ideas, November 21, 2017

forthcoming Quantitative Marketing and Economics Aggregation of Consumer Ratings: An Application to Yelp.com By: Dai, Weijia, Ginger Jin, Jungmin Lee, and Michael Luca Abstract—Because consumer reviews leverage the wisdom of the crowd,... View Details
Keywords: Sean Silverthorne
  • 15 Jul 2014
  • First Look

First Look: July 15

http://www.hbs.edu/faculty/Publication%20Files/13-039%20Nov%202012_612ce7e2-7f81-4eea-9126-3c0964f2be2f.pdf August 2013 Journal of Financial Economics Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches By: View Details
Keywords: Carmen Nobel
  • 04 Dec 2012
  • First Look

First Look: December 4

Evidence from EDGAR Search Traffic Authors:Charles M.C. Lee, Paul Ma, and Charles C.Y. Wang Abstract Using Internet traffic patterns from the... View Details
Keywords: Carmen Nobel
  • 17 Jun 2014
  • First Look

First Look: June 17

https://www.hbs.edu/faculty/Pages/download.aspx?name=14-070.pdf Search Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches By: Lee, Charles M.C., View Details
Keywords: Sean Silverthorne

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