In this paper, we compute conditional measures of lead-lag relationships between GDP growth and industry-level cash-flow growth in the US. Our results show that firms in leading industries pay an average annualized return 4% higher than that of firms in lagging industries.
In this paper, we study the role of point-of-sale (POS) marketing mix variables in explaining variation in brand shares (i) at different retail formats, and (ii) across national and store brands in different price tiers. Stores in different retail formats differ in their positioning, the clientele they attract, and types of shopping trips made to the store. Further, national and store brands in different price tiers differ in the quality perception, and the contracts between the retailer and the manufacturer.
Sharing economy has risen rapidly in recent years, and it imposes several challenges for policy makers. This paper examines how a pioneer of sharing economy — Airbnb — affects local economy. Using venture capital infusions as plausibly exogenous shocks to Airbnb’s expansion into a new county, we find that Airbnb expansion leads to poorer hotel performance in the local county.
In this paper, we develop a sociodemographic profile of the most vulnerable African American older adult households. To do so, we draw data from the 2011–15 American Community Survey, which contains linked housing and person records for a 5 percent sample of U.S. population. This dataset literally allows us to peer inside of African American older adult households and in the process identify the major barriers or obstacles to aging in place.
This paper seeks to improve our understanding of how intermediaries operate to advance the commercialization of science by providing a set of specialized services. We review five intermediaries commonly mentioned in the ecosystem literature: university technology transfer and licensing offices; physical space (incubators, accelerators, and co-working spaces); professional services providers; networking, connecting, and assisting organizations; and finance providers (including venture capital, angel investors, public financing, and crowdfunding).
We analyze and assess longitudinal data on startups from two data sources – the National Establishment Time-Series (NETS) database and the Secretary of State (SOS) business registry data. Our primary purposes in this paper are to assess the usefulness and reliability of these databases in measuring startup activity along several quality indicators and to explore the possibility of integrating these large databases using both automated and manual processes.
Ballooning levels of societal inequality have led to a resurgence of interest in the economic causes and consequences of wealth disparity. What has drawn less attention in the scientific literature is how different levels of resource inequality influence what types of individuals emerge as leaders. In the current paper we take a distal approach to understanding the psychological consequences of inequality and the associated implications for leadership.
This paper investigates the extent to which the expiration of a temporary tax law makes corporate earnings harder to predict and understand. Examining evidence from eight separate expirations of the R&D tax credit, I find that analysts’ forecast errors and abnormal volume increase surrounding quarterly earnings announcements for firms affected by the R&D tax credit.
When an innovator sources for an innovative product from a supplier who is also a competitor in the end market, the potential innovation spillover may be a serious concern. Will an innovation ever source from a competitor-supplier in the presence of innovation spillover? In this paper we attempt to answer this question with an emphasis on the ex-ante uncertain values of innovations, and distinguish between technical innovations which can only spill over through sourcing and non-technical innovations which can spill over through sourcing as well as in the market.
High rates of opioid abuse have had a significant impact on the United States including implications for firms which must now contend with a lower pool of available and productive workers. This paper documents a negative effect of instrumented opioid prescriptions and subsequent individual employment outcomes.
In the past decade, coworking spaces have emerged as a new and promising phenomenon within entrepreneurship. Due to its prevalence, popularity and potential for disruptive change, coworking is increasingly relevant to theory, practice and policy in entrepreneurship, yet its implications are largely unstudied given its rapid rise. Overall, more data and analysis is needed to inform owners, policy makers and entrepreneurs about the effects of coworking. This paper is meant to increase understanding about the nature and value of this new phenomenon. In other words, it attempts to address the question: Does coworking work?
This paper provides the first study of compensation and pay-for-performance for top executives at non-profit endowments. Using a detailed breakdown of compensation from IRS filings over the 2009-2017 period, we find that pay packages of Chief Investment Officers (CIOs) depend more heavily on bonuses than do those for other non-profit executives.
What makes an asset institutional-quality? This paper proposes that one reason is the existing concentration of delegated investors in a market through a liquidity channel.
The long-term upward trend in Hong Kong's housing price and its ever-increasing price-rent ratio has caused extensive concern from investors and researchers. Dynamic Gordon Model ties an asset's worth to the expected value of the future payoff stream accruing to the asset, and it has been widely used in the literature on finance and real estate asset. As far as we know, this model has not been applied to the research on the Hong Kong real estate market. In this paper, we used this model to analyze the quarterly date of Hong Kong housing prices and other economic indicators from 1999 to 2019.
In this paper, we build up a portfolio in the Chinese residential real estate market. We separate 35 big cities in China into 3 groups with different criteria. Then we build portfolios for these groups, by comparing the efficient frontier and Sharpe ratio with the portfolio of full samples. We find out the most suitable criteria to be the Real Housing Price Increase Rate.
In this paper, we apply the ARMA-GARCH model to Hong Kong real estate market. We analyzed the monthly data of housing, office retail and factories from February 1993 to February 2019. The result of ARCH LM test indicates that volatility clustering is shown in there four kinds of real estate. The price volatility of housing is influenced by foreign exchange rate, especially the USD exchange rate. The commercial real estate market shows different, they are all influenced by unemployment. All these real estate shows limited inflation hedging ability in a short period. The result of the EGARCH model shows there were no asymmetric effects in the real estate market.
This paper defines risk-on risk-off (RORO), an elusive terminology in pervasive use, as the variation in global investor risk aversion. Our high-frequency RORO index captures time-varying investor risk appetite across multiple dimensions: advanced economy credit risk, equity market volatility, funding conditions, and currency dynamics. The index exhibits risk-off skewness and pronounced fat tails, suggesting its amplifying potential for extreme, destabilizing events. Compared with the conventional VIX measure, the RORO index reflects the multifaceted nature of risk, underscoring the diverse provenance of investor risk sentiment. Practical applications of the RORO index highlight its significance for international portfolio reallocation and return predictability.
Formal theory and empirical research are complementary in building and advancing the body of knowledge in accounting in order to understand real-world phenomena. We offer thoughts on opportunities for empiricists and theorists to collaborate, build on each other’s work, and iterate over models and data to make progress.