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Articles 1 - 10 of 10
Full-Text Articles in Business
Analyst Talent, Information, And Investment Strategies, Zhichuan Li, Stephen R. Foerster, Zhenyang Tang, Chongyu Dang
Analyst Talent, Information, And Investment Strategies, Zhichuan Li, Stephen R. Foerster, Zhenyang Tang, Chongyu Dang
Business Publications
Analyst talent, rather than the number of analysts following a firm, matters most to investors. We find: 1) Analysts with greater “natural” forecasting talent—controlling for experience, brokerage affiliation, and task complexity—contribute relatively more firm-specific rather than industry or market information; 2) Earnings forecasts by low-talent analysts may lead to substantial mispricing; 3) When earnings surprises are large, post-earnings-announcement drift is more prominent among firms covered by low-talent analysts; 4) Firms with low-talent analysts have significantly more insider trading prior to positive earnings news; and 5) Investing following insider trading is more profitable in stocks followed by low-talent analysts.
Managerial Attributes, Incentives, And Performance, Zhichuan Li, Jeffrey L. Coles
Managerial Attributes, Incentives, And Performance, Zhichuan Li, Jeffrey L. Coles
Business Publications
We examine the relative importance of observed and unobserved firm- and manager-specific heterogeneities in determining executive compensation incentives and firm policy, risk, and performance. First, we decompose executive incentives into time-variant and time-invariant firm and manager components. Manager fixed effects supply 73% (60%) of explained variation in delta (vega). Second, controlling for manager fixed effects alters parameter estimates and corresponding inference on observed firm and manager characteristics. Third, larger CEO delta (vega) fixed effects predict better firm performance (riskier corporate policies and higher firm risk). These results suggest that the delta (vega) fixed effect captures managerial ability (risk aversion).
The Effect Of Corporate Visibility On Corporate Social Responsibility, Zhichuan Li, Taylor Morris, Brian Young
The Effect Of Corporate Visibility On Corporate Social Responsibility, Zhichuan Li, Taylor Morris, Brian Young
Business Publications
Outside of direct ownership, the general public may feel it is an implicit stakeholder of a firm. As the public becomes more vested in a firm’s actions, the firm may be more likely to engage in Corporate Social Responsibility (CSR) activities. We proxy for the public’s stake in a firm with public visibility. Based on 3,400 unique newspaper publications from 1994 to 2008, we measure visibility for the U.S. S&P 500 firms with the frequency of print articles per year concerning the firm. We find that visibility has a signficant, positive relationship with the CSR rating. Evidence also suggests this …
Product Categories As Judgment Devices: The Moral Awakening Of The Investment Industry, Diane-Laure Arjaliès, Rodolphe Durand
Product Categories As Judgment Devices: The Moral Awakening Of The Investment Industry, Diane-Laure Arjaliès, Rodolphe Durand
Business Publications
Product categories are more than classification devices that organize markets; when reflecting market actors' purposes, they are also judgment devices. Taking stock of the literature on product categories and drawing on the distinction between the faculties of knowing and judging, we elaborate a framework that accounts for how and why market actors include or exclude normative attributes in a product category definition. Based on a field study of the development of Socially Responsible Investment (SRI) funds in France, we describe the phases and conditions of a judgment framework for category definition, for both established and nascent categories. We discuss implications …
"At The Very Beginning, There's This Dream." The Role Of Utopia In The Workings Of Local And Cryptocurrencies, Diane-Laure Arjaliès
"At The Very Beginning, There's This Dream." The Role Of Utopia In The Workings Of Local And Cryptocurrencies, Diane-Laure Arjaliès
Business Publications
Since the 2008 financial crisis, the number of alternative currencies aiming at transforming global financial institutions, such as local and complementary currencies (LCC) and cryptocurrencies, has exploded. Yet the motivations and workings of such monies are relatively unknown. This chapter aims to fill this gap by providing a framework that uncovers the ideals pursued by alternative currencies, and the effects of those ideals on the production of money. To do so, I present a comparative analysis of the valuation infrastructure – the processes through which value(s) is produced – of one LCC, Sol Violette, and three cryptocurrencies, Bitcoin, Ğ1 …
Measuring Firm Size In Empirical Corporate Finance, Zhichuan Li, Chongyu Dang, Chen Yang
Measuring Firm Size In Empirical Corporate Finance, Zhichuan Li, Chongyu Dang, Chen Yang
Business Publications
In empirical corporate finance, firm size is commonly used as an important, fundamental firm characteristic. However, no research comprehensively assesses the sensitivity of empirical results in corporate finance to different measures of firm size. This paper fills this hole by providing empirical evidence for a “measurement effect” in the “size effect”. In particular, we examine the influences of employing different proxies (total assets, total sales, and market capitalization) of firm size in 20 prominent areas in empirical corporate finance research. We highlight several empirical implications. First, in most areas of corporate finance the coefficients of firm size measures are robust …
Discrete Event Simulation Model For Planning Level 2 “Step-Down” Bed Needs Using Nems, Felipe F. Rodrigues, Gregory S. Zaric, David Stanford
Discrete Event Simulation Model For Planning Level 2 “Step-Down” Bed Needs Using Nems, Felipe F. Rodrigues, Gregory S. Zaric, David Stanford
Business Publications
In highly congested hospitals it may be common for patients to overstay at Intensive Care Units (ICU) due to blockages and imbalances in capacity. This is inadequate clinically, as patients occupy a service they no longer need; operationally, as it disrupts flow from upstream units; and financially as ICU beds are more expensive than ward beds. Step-down beds, also known as Level 2 beds, have become an increasingly popular and less expensive alternative to ICU beds to deal with this issue. We developed a discrete event simulation model that estimates Level 2 bed needs for a large university hospital. The …
The Use Of Management Control Systems To Formulate And Implement Csr Strategy: A Levers Of Control Perspective, Diane-Laure Arjaliès, Julia Mundy
The Use Of Management Control Systems To Formulate And Implement Csr Strategy: A Levers Of Control Perspective, Diane-Laure Arjaliès, Julia Mundy
Business Publications
Little is known about the role of management control systems (MCS) in managing the strategic processes that underpin Corporate Social Responsibility (CSR). To enhance our understanding of this phenomenon, this study employs Simons’ (1995) levers of control framework to explore how organizations leverage MCS in different ways in order to drive strategic renewal and trigger organizational change while simultaneously supporting society’s broader sustainability agenda. Drawing on data gathered from France’s largest listed companies – members of the CAC 40 – we provide insights into the structures and processes that companies employ to design, implement and monitor their CSR strategy. In …
Approches Stratégiques Des Émissions Co2: Les Cas De L’Industrie Cimentière Et De L’Industrie Chimique, Diane-Laure Arjaliès, Goubet Cécile, Jean-Pierre Ponssard
Approches Stratégiques Des Émissions Co2: Les Cas De L’Industrie Cimentière Et De L’Industrie Chimique, Diane-Laure Arjaliès, Goubet Cécile, Jean-Pierre Ponssard
Business Publications
La capacité des entreprises à transformer une contrainte environnementale en source d’opportunité stratégique est un sujet controversé dans la littérature. S’appuyant sur une étude comparative des stratégies de lutte contre les émissions CO2 mises en place par les industries cimentière et chimique, l’article1 démontre que la latitude des entreprises à adopter une approche proactive face au développement durable est fortement contrainte par les caractéristiques du secteur en termes de dépendance vis-à-vis des ressources naturelles, de flexibilité dans la composition du portefeuille d’activités et de structure du secteur aval.
A Social Movement Perspective On Finance: How Socially Responsible Investment Mattered, Diane-Laure Arjaliès
A Social Movement Perspective On Finance: How Socially Responsible Investment Mattered, Diane-Laure Arjaliès
Business Publications
This study discusses how social movements can influence economic systems. Employing a political–cultural approach to markets, it purports that ‘compromise movements’ can help change existing institutions by proposing new ones. This study argues in favor of the role of social movements in reforming economic institutions. More precisely, Socially Responsible Investment (SRI) movements can help bring SRI concerns into financial institutions. A study of how the French SRI movement has been able to change entrenched institutional logics of the French asset management sector provides wide-ranging support for these arguments. Empirical findings are drawn from a longitudinal case study (1997–2009), based on …