Following 2 decades of discussion, the border adjustment tax (BAT) briefly emerged as part of proposed US corporate tax reform in early 2017. While heavily debated, little empirical evidence exists regarding the BAT. We take advantage of the period during which the BAT was under strong consideration to examine its effects on shareholder value.
Pump-and-dump schemes (P&Ds) are pervasive in the cryptocurrency market. We find that P&Ds lead to short-term bubbles featuring dramatic increases in prices, volume, and volatility. Prices peak within minutes and quick reversals follow. The evidence we document, including price run-ups before P&Ds start, implies significant wealth transfers between insiders and outsiders.
Why do managers act unfairly even when they recognize the significant organizational benefits of treating employees fairly? Prior research has explained this puzzling phenomenon predominantly through an “actor-centric” perspective, proposing that managers’ just behavior is an outcome of their own individual differences.
A central idea in the feedback seeking literature is that there should be a positive relationship between self-efficacy and the likelihood of seeking feedback. Yet empirical findings have not always matched this theoretical claim. Departing from current theorizing, we argue that high self-efficacy may sometimes decrease feedback seeking by making people undervalue feedback and that perspective taking is an important factor in determining whether or not this occurs.
We examine how firms’ accounting quality affects their reaction to monetary policy. The balance sheet channel of monetary policy predicts that the quality of firms’ accounting reports plays a role in transmitting monetary policy by affecting information asymmetries between firms and capital providers.
Governments often subsidize startups with the goal of spurring entrepreneurship using tax incentives. Exploiting the staggered implementation of angel investor tax credits in 31 U.S. states from 1988 to 2018, we find that these programs increase the number of angel investments and average investment size.
I investigate the exit outcomes of start-ups backed by government VCs (GVCs) and private VCs (PVCs), using a sample of 8,106 start-ups in China funded by VCs between 1991 and 2013 and exit information updated in 2018. I find that start-ups backed by GVCs are less likely to exit through domestic Initial Public Offerings (IPOs), oversea IPOs, and M&As. GVC backed start-ups are also less likely to list on the intermediate public market before companies go to IPOs.
Channels have traditionally been viewed as intermediaries that facilitate the transfer of products from manufacturers to consumers. Innovations in digital technologies help firms to integrate the customer experience across channels and devices. This new phenomenon is referred to as “omnichannel marketing.”
Across the globe, every workday people commute an average of 38 minutes each way, yet surprisingly little research has examined the implications of this daily routine for work-related outcomes. Integrating theories of boundary work, self-control, and work-family conflict, we propose that the commute to work serves as a liminal role transition between home and work roles, prompting employees to engage in boundary management strategies.
Maryann Feldman, director of CREATE Prosperity, discussed her work on building an entrepreneurial startup database with data from across North Carolina at the NC Entrepreneurial Ecosystem Summit on Monday in Raleigh.
Marketing academics are keenly aware of the seismic shifts in today's marketing environment caused by digital (dis)intermediation. In this article, we discuss four types of digital (dis)intermediation, and how they affect branding activities of incumbents and new firms.
A consumer's decision to engage in search depends on the beliefs the consumer has about an unknown product characteristic such as price. In this paper, we elicit the distribution of price beliefs and explicitly study their role in a consumer's decision to search.
Perceived integrity of managers affects employee attitudes. Yet its impact on employee behavior and organizational performance is unknown. Addressing this gap, we examine the effect of perceived integrity in leadership on both subjective firm performance and objective employee productivity.
We examine when anomaly returns occur. We use a powerful database that contains the precise date on which accounting information is first made public. Despite recent findings to the contrary, once timing is considered, anomalies exist in the data.
Using a novel database on venue short sales and market design characteristics, we ask: Where do short sellers exploit their information advantage?
Empirical research in operations management has increased steadily over the last 20 years. In this paper, we discuss why this is good for our field and offer some comments on the qualities we admire in an empirical operations management paper.
We study differences in the effects of prices, non-price promotions, and brand line length on brand shares at different retail formats. Our conceptual framework rests on the presence of trip level fixed and category level variable utility components and shows how the trade-off between these components results in (i) different formats visited on different types of shopping trips; and (ii) differential marginal sensitivities of brand shares to changes in marketing mix variables across trip types.
In this paper, we propose a research agenda for psychologists in general, and scholars of culture and negotiations in particular, to address the key challenges of dealing with an increasingly globalized world from a psychological perspective. Building on an understanding of globalization in terms of cultural and subjective matters, we propose three research domains in which psychology scholars can contribute to a further understanding of our global society: (a) the effects of global contact on cognition and behavior; (b) hybridization and human agency; and (c) new forms of cooperation.
Community banks are the central financial institution in many places. They have the capacity to alleviate credit constraints of small firms. This may increase economic resilience, delaying or mitigating the effects of the Great Recession. We estimate how the county-level banking access and community bank market share affect both the timing and duration of the Great Recession. Using the Cox Proportional Hazards Model, we find that communities with a higher community bank market share are either less likely to experience recession conditions, or experience these conditions later. Using the Heckman Selection model, we confirm these results, and show that communities with a higher community bank market share are less likely to experience recession conditions. This research provides the first link between local financial institutions, and economic resilience.
Abstract Supply chains are often characterized by the presence of a dominant buyer purchasing from a supplier with limited capacity. We study such a situation where a single supplier...