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Full-Text Articles in Business

Aaa Research Relevance Task Force: Recommendations, David A. Wood Jan 2018

Aaa Research Relevance Task Force: Recommendations, David A. Wood

Faculty Publications

No abstract provided.

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Manager Sentiment And Stock Returns, Fuwei Jiang, Joshua A. Lee, Xiumin Martin, Guofu Zhou Jan 2018

Manager Sentiment And Stock Returns, Fuwei Jiang, Joshua A. Lee, Xiumin Martin, Guofu Zhou

Faculty Publications

This paper constructs a manager sentiment index based on the aggregated textual tone of corporate financial disclosures. We find that manager sentiment is a strong negative pre- dictor of future aggregate stock market returns, with monthly in-sample and out-of-sample R 2 s of 9.75% and 8.38%, respectively, which is far greater than the predictive power of other previously studied macroeconomic variables. Its predictive power is economically compa- rable and is informationally complementary to existing measures of investor sentiment. Higher manager sentiment precedes lower aggregate earnings surprises and greater aggre- gate investment growth. Moreover, manager sentiment negatively predicts cross-sectional stock returns, …

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Proprietary Costs And Sealing Documents In Patent Litigation, Richard Frankel, Joshua A. Lee, Zawadi Lemayian Jan 2018

Proprietary Costs And Sealing Documents In Patent Litigation, Richard Frankel, Joshua A. Lee, Zawadi Lemayian

Faculty Publications

We study whether the sealing of a defendant’s judicial records during a patent lawsuit filing correlates with the defendant’s level of competition and disclosure. Courts permit sealing of judicial records when competitive damage outweighs the public interest in access to documents and records. We find that defendants with sealed judicial records have higher research and development (R&D), lower industry sales concentration, and more references to competition in their annual reports than defendants without sealed judicial records. We observe faster mean reversion of return on net operating assets when courts seal defendant records. The results suggest that sealing relates to archival …

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Private Equity Indices Based On Secondary Market Transactions, Brian Boyer, Taylor D. Nadauld, Keith Vorkink, Michael S. Weisbach Jan 2018

Private Equity Indices Based On Secondary Market Transactions, Brian Boyer, Taylor D. Nadauld, Keith Vorkink, Michael S. Weisbach

Faculty Publications

Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund’s final distribution. We propose a new approach to evaluating performance using actual prices paid for limited partner shares of funds in secondary markets. We construct indices of buyout and venture capital performance using a proprietary database of secondary market prices between 2006 and 2017. These transaction-based indices exhibit significantly higher betas and volatilities, and lower alphas than NAV-based indices built from Preqin and obtained from Burgiss. There are a number …

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The Capitalization Of Consumer Financing Into Durable Goods Prices, Bronson Argyle, Taylor Nadauld, Christopher Palmer, Ryan Pratt Jan 2018

The Capitalization Of Consumer Financing Into Durable Goods Prices, Bronson Argyle, Taylor Nadauld, Christopher Palmer, Ryan Pratt

Faculty Publications

Using loan-level data on millions of used-car transactions across hundreds of lenders, we study the consumer response to exogenous variation in credit terms. Borrowers offered shorter maturity decrease expenditures enough to o set 60-90% of the monthly payment increase. Most of this is driven by shifting toward lower quality cars, but affected borrowers are able to o set 20-30% of a monthly payment shock by negotiating lower prices for equivalent cars. Our results suggest that durable goods prices adjust to reflect credit terms even at the individual level, with one year of additional loan maturity increasing a given car’s price …

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Get In Line: Chapter 11 Restructuring In Crowded Bankruptcy Courts, Benjamin Iverson Jan 2018

Get In Line: Chapter 11 Restructuring In Crowded Bankruptcy Courts, Benjamin Iverson

Faculty Publications

Bankruptcy costs depend not only on the laws that govern financial distress but also on the ability of the court to rehabilitate distressed firms. This paper tests whether Chapter 11 restructuring outcomes are affected by time constraints in busy bankruptcy courts. Using the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act as an exogenous shock to caseloads, I find that commercial banks report lower charge-offs on business lending when court caseloads decline, suggesting that the costs of financial distress are lower in less-congested courts. Further, court caseload affects how restructuring takes place. Less-busy bankruptcy judges liquidate fewer small …

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Trade Creditors' Information Advantage, Victoria Ivashina, Benjamin Iverson Jan 2018

Trade Creditors' Information Advantage, Victoria Ivashina, Benjamin Iverson

Faculty Publications

Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors’ decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these creditors sell ahead of less informed suppliers and other creditors. This result is especially pronounced for more opaque distressed firms, when trade creditors’ information advantage is likely largest. This evidence shows that suppliers that extend significant amounts of trade credit hold private information about their trade partners. Trade creditors who are geographically closer or in similar industries …

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Controls And Cooperation In Interactive And Non-Interactive Settings, Jace Garrett, Jeffrey A. Livingston, William B. Tayler Jan 2018

Controls And Cooperation In Interactive And Non-Interactive Settings, Jace Garrett, Jeffrey A. Livingston, William B. Tayler

Faculty Publications

Prior research finds that controls that induce cooperation among collaborators on a project increase trust, and that this increased trust increases subsequent cooperation among collaborators. We extend this work by investigating how controls influence cooperative behavior in two settings. The first is an interactive setting where people work together and can benefit from each other’s work. The second is a non-interactive setting where people do not work together directly, but where behavior can be observed. We propose that because controls are likely to engender greater trust and reciprocity in interactive settings than in non-interactive settings, the effect of controls on …

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The Value To Management Of Using The Internal Audit Function As A Management Training Ground, Joseph V. Carcello, Marc Eulerich, Adi Masli, David A. Wood Jan 2018

The Value To Management Of Using The Internal Audit Function As A Management Training Ground, Joseph V. Carcello, Marc Eulerich, Adi Masli, David A. Wood

Faculty Publications

This study examines how using the internal audit function as a management training ground (MTG) impacts manager’s reliance on internal auditor recommendations. While prior research suggests that using internal audit as a MTG can adversely affect financial reporting quality, external audit fees, and internal audit efficiency, many internal audit functions use this practice. We study how this practice influences another important stakeholder—senior management. Based on survey results of 355 chief audit executives (CAEs), we find that CAEs perceive senior management to be more likely to use recommendations from MTG internal auditors than non- MTG internal auditors. To bolster the validity …

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Citation-Based Benchmarks And Individual Accounting Faculty Research Rankings By Topical Area And Methodology, Garrison Nuttall, Neal Snow, Scott L. Summers, David A. Wood Jan 2018

Citation-Based Benchmarks And Individual Accounting Faculty Research Rankings By Topical Area And Methodology, Garrison Nuttall, Neal Snow, Scott L. Summers, David A. Wood

Faculty Publications

This paper provides citation rankings and benchmarking data for individual accounting researchers disaggregated by topic and methodological area and studies which factors increase citation totals. Based on Google Scholar data from 7,113 articles published in respected accounting journals, we find that citation totals differ significantly based on accounting topic area (accounting information systems, audit, financial, managerial, tax, other) and methodology (analytical, archival, experimental, other), suggesting the need to separately benchmark authors who publish in these groups. We also find that authors who have a broad collaboration network, graduated from a school that started a journal, are topic specialists, or publish …

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Violence, Aggression, And Ethics: The Link Between Exposure To Human Violence And Unethical Behavior, Joshua R. Gubler, Skye Herrick, Richard Price, David A. Wood Jan 2018

Violence, Aggression, And Ethics: The Link Between Exposure To Human Violence And Unethical Behavior, Joshua R. Gubler, Skye Herrick, Richard Price, David A. Wood

Faculty Publications

Can exposure to media portrayals of human violence impact an individual’s ethical decision making at work? Ethical business failures can result in enormous financial losses to individuals, businesses, and society. We study how exposure to human violence—especially through media—can cause individuals to make less ethical decisions. We present three experiments, each showing a causal link between exposure to human violence and unethical business behavior, and show this relationship is mediated by an increase in individual hostility levels as a result of exposure to violence. Using observational data, we then provide evidence suggesting that this relationship extends beyond the context of …

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Family Leisure Functioning: A Cross-National Study, Camilla J. Hodge, Ramon Zabriskie, Jasmine A. Townsend, Dennis L. Eggett, Raymond Poff Jan 2018

Family Leisure Functioning: A Cross-National Study, Camilla J. Hodge, Ramon Zabriskie, Jasmine A. Townsend, Dennis L. Eggett, Raymond Poff

Faculty Publications

The purpose of this study was to, first, determine whether positive relationships between family leisure (involvement and satisfaction) and family outcomes (cohesion, adaptability, family functioning, and satisfaction with family life) were present in a multinational sample, and second, determine whether the core and balance model could provide a consistent framework for between country comparisons of relationships between family leisure and family outcome variables cross nationally. Familieswere recruited fromAustralia, Canada, New Zealand, the United Kingdom, and the United States. Data were analyzed using blocked multiple regression models, and generalized linear models to compare relationships across countries. Overall, findings indicated positive relationships …

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Detecting Discrimination In Small Business Lending, Sterling A. Bone, Glenn L. Christensen, Jerome D. Williams, Stella Adams, Anneliese Lederer, Paul C. Lubin Jan 2018

Detecting Discrimination In Small Business Lending, Sterling A. Bone, Glenn L. Christensen, Jerome D. Williams, Stella Adams, Anneliese Lederer, Paul C. Lubin

Faculty Publications

With limited financial sophistication, entrepreneurial consumers approach the financial marketplace more like retail financial consumers than business customers. However, the assumption of both legislators and regulators is that business-borrowers are more financially savvy than consumer-borrowers, and thus do not require as broad-reaching protections. This gap between marketplace policy protections and the lived reality of the vast majority of small business entrepreneurs sets the stage for entrepreneurial consumers to fall through the regulatory cracks and sets the stage for possible exploitation and abuse. This situation is potentially exacerbated for minority entrepreneurs who belong to protected classes that are generally more vulnerable …

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The Reciprocal Relationship Between Passive Social Networking Site (Sns) Usage And Users’ Subjective Well-Being, Jin-Liang Wang, James Gaskin, Detlef H. Rost, Douglas A. Gentile Jan 2018

The Reciprocal Relationship Between Passive Social Networking Site (Sns) Usage And Users’ Subjective Well-Being, Jin-Liang Wang, James Gaskin, Detlef H. Rost, Douglas A. Gentile

Faculty Publications

Prior studies have found an inconclusive relationship between social networking site (SNS) usage and users’ subjective well-being. Passive SNS usage may be detrimental to subjective well-being, because it cannot provide social support and may evoke envy and jealousy. Conversely, it is also possible that lower subjective well-being may predict higher passive SNS usage, which can be used as a means to relieve stress. To examine this reciprocal process, a two-wave study among a sample of Chinese college students was conducted (N ¼ 350 at Time 1, 265 at Time 2). Data were analyzed with structural modeling. Cross-lagged analysis indicated that …

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Ontological Deep Data Cleaning, Scott N. Woodfield, Spencer Seeger, Samuel Litster, Stephen W. Liddle, Brenden Grace, David W. Embley Jan 2018

Ontological Deep Data Cleaning, Scott N. Woodfield, Spencer Seeger, Samuel Litster, Stephen W. Liddle, Brenden Grace, David W. Embley

Faculty Publications

Analytical applications such as forensics, investigative journalism, and genealogy require deep data cleaning in which applicationdependent semantic errors and inconsistencies are detected and resolved. To facilitate deep data cleaning, the application is modeled ontologically, and real-world crisp and fuzzy constraints are specified. Conceptualmodel- based declarative specification enables rapid development and modification of the usually large number of constraints. Field tests show the prototype’s ability to detect errors and either resolve them or provide guidance for user-involved resolution. A user study also shows the value of declarative specification in deep data cleaning applications.

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The Creation Of Military Family Leisure Experiences, Karen K. Melton, Jasmine Townsend, Camilla J. Hodge Jan 2018

The Creation Of Military Family Leisure Experiences, Karen K. Melton, Jasmine Townsend, Camilla J. Hodge

Faculty Publications

This article provides a theoretical model that positions family leisure experiences as a mechanism for positive family outcomes and resilience in military families. The article integrates the Creation of Family Experiences (CFE) framework with literature on military families, family leisure, and structured experiences. The CFE framework is a conceptual model that provides a lens for examining the context of family activities in order to better identify benefits for human development and family relations. When contextualized within military settings, the CFE can be used to understand and systematically optimize military family leisure experiences. It is critical to consider the experiences of …

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Measurement Of Deep Structured Experiences As A Binary Phenomenon, Gary D. Ellis, Patti A. Freeman, Jingxian Jiang, Andrew Lacanienta Jan 2018

Measurement Of Deep Structured Experiences As A Binary Phenomenon, Gary D. Ellis, Patti A. Freeman, Jingxian Jiang, Andrew Lacanienta

Faculty Publications

We developed a procedure for measuring ‘deep structured experiences’ based on a conceptualization of such experiences being binary (i.e. present or absent at a given moment) rather than continuous. Deep structured experiences are heightened states of attention and motivation that may occur during a distinct period of activity. This binary approach is consistent with definitions of similar concepts, such as Maslow’s [1962. “Lessons from the Peak-Experiences.” Journal of Humanistic Psychology 2 (1): 9–18] description of ecstasy, Csikszentmihalyi’s [1975. Beyond Boredom and Anxiety. San Francisco: Jossey-Bass] description of flow, and Ackerman’s [1999. Deep Play. New York: Vintage Books] description of deep …

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Behavioral Household Finance, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian Jan 2018

Behavioral Household Finance, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Faculty Publications

This chapter provides an overview of household finance. The first part summarizes key facts regarding household financial behavior, emphasizing empirical regularities that are inconsistent with the standard classical economic model and discussing extensions of the classical model and explanations grounded in behavioral economics that can account for the observed patterns. This part covers five topics: consumption and savings, borrowing, payments, asset allocation, and insurance. The second part addresses interventions that firms, governments, and other parties deploy to shape household financial outcomes: education and information, peer effects and social influence, product design, advice and disclosure, choice architecture, and interventions that directly …

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Team Video Gaming For Team-Building: Effects On Team Performance, Mark Jeffrey Keith, Greg Anderson, James Eric Gaskin, Douglas L. Dean Jan 2018

Team Video Gaming For Team-Building: Effects On Team Performance, Mark Jeffrey Keith, Greg Anderson, James Eric Gaskin, Douglas L. Dean

Faculty Publications

Teams rapidly form and dissolve in organizations to solve specific problems that require diverse skills and experience. For example, in the information systems context, cross-functional and project-based teams that comprise a mix of personnel who temporarily work away from their usual functional groups (best perform agile software development (Barlow et al., 2011; Keith, Demirkan, & Goul, 2013). These newly formed work teams need to become productive as quickly as possible. Team video gaming (TVG) has emerged as a potential team-building activity. When new teammates play a collaborative video game, they engage in cooperative and challenging goals while they enjoy the …

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Potential Vs. Realized Savings Under Automatic Enrollment, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian Jan 2018

Potential Vs. Realized Savings Under Automatic Enrollment, John Beshears, James J. Choi, David Laibson, Brigitte C. Madrian

Faculty Publications

Employer adoption of automatic enrollment can dramatically increase retirement savings plan participation. However, many savings plan participants withdraw some, or even all, of their accumulated balances prior to reaching retirement. The extent to which individuals’ preretirement withdrawal decisions, sometimes months or even years after they have been automatically enrolled, offset the increased savings induced by automatic enrollment is an open question. We explore this issue by studying the evolution of retirement savings outcomes over time for the employees at a large firm that introduced automatic enrollment in 2005. Comparing employees hired in the 12 months after the introduction of automatic …

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Freedom To Explore The Self: How Emerging Adults Use Leisure To Develop Identity, Eric K. Layland, Brian J. Hill, Larry J. Nelson Jan 2018

Freedom To Explore The Self: How Emerging Adults Use Leisure To Develop Identity, Eric K. Layland, Brian J. Hill, Larry J. Nelson

Faculty Publications

During a period of newly attained freedom preceding commitments expected in adulthood, emerging adults are faced with the major task of identity development. Leisure provides a context with relative freedom wherein emerging adults explore new experiences and access opportunities not always available in more constrained environments like work and school. In this case study of 40 emerging adults from 18 countries (Mage = 23.14 years), qualitative interviews were used to investigate the role of leisure as a context for identity development. Results indicate five major themes for leisure-based identity development in emerging adulthood: discovering identity, forming identity, defining identity, positioning …

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Why People Play At Work: A Theoretical Examination Of Leisure-At-Work, Mat D. Duerden, Stephen H. Courtright, Mark A. Widmer Jan 2018

Why People Play At Work: A Theoretical Examination Of Leisure-At-Work, Mat D. Duerden, Stephen H. Courtright, Mark A. Widmer

Faculty Publications

Postmodern perspectives on work and leisure acknowledge the interwoven nature of these domains, an example being the increasing number of organizations intentionally incorporating leisure into the employee experience. Existing research, however, provides no specific theoretical guidance regarding the potential impacts of strategically integrating recreation activities into the work domain. Thus, based on positive organizational scholarship and leisure science theories, we build an individual level model describing the phenomenon of leisureat- work (LAW). We propose LAW activities have the ability to produce feelings of personal expressiveness at work as moderated by employees’perceptions of the activities. Personal expressiveness then mediates LAW activities’ …

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Neighborhood Effects On Speculative Behavior, Todd Mitton, Keith Vorkink, Ian Wright Jan 2018

Neighborhood Effects On Speculative Behavior, Todd Mitton, Keith Vorkink, Ian Wright

Faculty Publications

Speculative behavior plays a key role in numerous markets, but little is known about its causes. We test for neighborhood effects on speculative behavior using daily lottery sales data from 20 states in the U.S. In a sample of 160,000 retailers, lottery sales in a census block increase by $0.26, on average, for each $1 increase in neighboring blocks. We test whether this correlation is attributable to contextual effects, correlated effects, or endogenous effects. Our analysis suggests that social interaction is an important cause of speculative behavior.

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The Effects Of Video Gaming On Work Group Performance, Mark Keith, Greg Anderson, Douglas Dean, James Gaskin, Trevor Wiser, Seth Gremmert, Katherine Payne Jan 2018

The Effects Of Video Gaming On Work Group Performance, Mark Keith, Greg Anderson, Douglas Dean, James Gaskin, Trevor Wiser, Seth Gremmert, Katherine Payne

Faculty Publications

Organizational tasks are complex and time-sensitive, requiring group effort to achieve goals under pressure. To improve group performance, organizations often invest in a services designed to strengthen teams (e.g., ropes courses). However, such activities are time- and resource-expensive and have demonstrated mixed results. To proffer a more practical (shorter and less expensive) alternative, we explore the potential of video gaming as a team building activity. To this end, we employed a multi-experiment study in which we administered competitive and cooperative video games to newly formed work teams. To theoretically explain the effects of video gaming on group performance, we adapt …

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The Risk Of Being Ranked: Investor Response To Marginal Inclusion On The 100 Best Corporate Citizens List, Ben William Lewis, W. Chad Carlos Jan 2018

The Risk Of Being Ranked: Investor Response To Marginal Inclusion On The 100 Best Corporate Citizens List, Ben William Lewis, W. Chad Carlos

Faculty Publications

Despite the proliferation of lists and rankings that recognize firms for superior performance, empirical studies have been limited in their ability to causally evaluate how inclusion for the marginal firm influences shareholder value. Using a regression discontinuity design, we address this limitation by examining how investors responded to firms that were just barely included or excluded from the 100 Best Corporate Citizens list. Contrary to prevailing theoretical expectations, our findings indicate that marginal firms that were included in the ranking experienced negative abnormal returns compared to marginal firms that were excluded. We discuss how these findings inspire future research on …

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Pushing The Future Back: The Impact Of Policy Uncertainty On The Market Pricing Of Future Earnings, Michael S. Drake, Michael A. Mayberry, Jaron H. Wilde Jan 2018

Pushing The Future Back: The Impact Of Policy Uncertainty On The Market Pricing Of Future Earnings, Michael S. Drake, Michael A. Mayberry, Jaron H. Wilde

Faculty Publications

We examine whether policy uncertainty triggered by presidential elections pushes the future back by reducing the extent to which current prices reflect information about future earnings. We estimate future earnings response coefficients (FERCs) for the years 1975– 2013, a period that covers ten presidential elections. We find that FERCs are significantly lower (by 11.8%) during presidential election years compared to other years. Additional analyses using pseudo election years, ex-ante polls, contract prices from the Iowa Electronic Political Market, and cross-sectional firm characteristics provide corroborating evidence that the lower FERCs during election years are related to policy uncertainty. We also investigate …

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Big-Box Stores And Urban Land Prices: Friend Or Foe?, Barrett A. Slade Jan 2018

Big-Box Stores And Urban Land Prices: Friend Or Foe?, Barrett A. Slade

Faculty Publications

This study examined the effect of a new Walmart store on nearby U.S. urban land prices and found that, within one quarter mile of a new Walmart store locale, land prices increased by almost 39% over the four-year development time period. Supercenters and commercial land sales were instrumental in driving the positive price effects. Robustness tests found a positive land price effect with other big-box stores, suggesting that the land price effect was not limited to Walmart stores, but in fact, was a big-box store effect.

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Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West Jan 2018

Sunrise Presentations: A Study In Valuing And Divesting A Small Business, Cyndi Barrus, James C. Brau, Amy Cyr, Jessica West

Faculty Publications

Sarah Barnett has decided to go back to school to earn an MBA. For several years she has run a graphic design business. Sarah has unexpectedly been accepted into the MBA program with a scholarship a year earlier than she planned. Classes begin in two weeks and the school she is attending does not allow first year MBAs to work outside of the school curriculum. Sarah has decided to divest her business and now must consider several options to do so. She is most concerned about making sure her customers continue to receive outstanding service, and secondarily concerned about selling …

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The Effect Of Software Team Personality Composition On Learning And Performance: Making The “Dream” Team, Greg Anderson, Mark J. Keith, Julianne Francisco, Sarah Fox Jan 2018

The Effect Of Software Team Personality Composition On Learning And Performance: Making The “Dream” Team, Greg Anderson, Mark J. Keith, Julianne Francisco, Sarah Fox

Faculty Publications

Optimizing work team composition in organizational and educational environments is an important task toward maximizing performance. Social science research has revealed that personality trait composition influences team cohesion and performance. However, this research has not been well-adapted into the IS context. In addition, prior research demonstrates how individual personality traits impact teams, but fails to appropriately characterize overall team personality composition. We expand this research by 1) characterizing holistic personality compositions, and 2) examining team learning in addition to performance in the IS context. We draw from theory on team performance and “Big 5” trait composition. Results demonstrate that teams …

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Creating A Realistic Experimental Scenario For Hci-Based Deception Detection Research With Ground Truth And Un- Sanctioned Malicious Acts, Michael D. Byrd, Jeffrey L. Jenkins, Joseph S. Valacich, Parker A. Williams Jan 2018

Creating A Realistic Experimental Scenario For Hci-Based Deception Detection Research With Ground Truth And Un- Sanctioned Malicious Acts, Michael D. Byrd, Jeffrey L. Jenkins, Joseph S. Valacich, Parker A. Williams

Faculty Publications

This research-in-progress note reports on the design and execution of a study in HCI-based deception detection. The objective of the study is to examine the impact of knowledge of tracking and countermeasures on the neuromotor changes detected when subjects commit a malfeasant act. To examine this, an experimental context and design was required that would afford the subjects an opportunity to commit an un-sanctioned malicious act while tracking ground truth in an unobtrusive manner. The experimental design, study execution, and preliminary results are presented.

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