Tuck School of Business at Dartmouth Research Paper Series最新文献

{"title":"Time-Series Efficient Factors","authors":"Sina Ehsani, Juhani T. Linnainmaa","doi":"10.2139/ssrn.3555473","DOIUrl":"https://doi.org/10.2139/ssrn.3555473","url":null,"abstract":"Factors in prominent asset pricing models are positively autocorrelated. We derive a transformation that turns an autocorrelated factor to a ``time-series efficient'' factor. Time-series efficient factors earn significantly higher Sharpe ratios than the original factors and contain all the information found in the original factors. Momentum strategies profit from the same predictable variation in factor premiums as time-series efficient factors. An asset pricing model with time-series efficient factors, such as an efficient Fama-French five-factor model, therefore prices momentum.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125428601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Consumer Credit Access on Self-Employment and Entrepreneurship","authors":"Kyle F. Herkenhoff, G. Phillips, Ethan Cohen-Cole","doi":"10.2139/ssrn.3305920","DOIUrl":"https://doi.org/10.2139/ssrn.3305920","url":null,"abstract":"Abstract We examine how consumer credit affects entrepreneurship by linking three million earnings and pass-through tax records to credit reports. In the cross-section, we show that self-employment without employees and employer firm ownership increase monotonically with credit limits and credit scores. We then isolate individuals who have had discrete increases in credit limits after the exogenous removal of bankruptcy flags to measure the effects of personal credit on entrepreneurship. Following bankruptcy flag removal, individuals are more likely to start a new employer business and borrow extensively. Those who own businesses with employees borrow $40,000 more after bankruptcy flag removal, a 33% gain relative to the sample average.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129462170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Institutional Horizontal Shareholdings and Generic Entry in the Pharmaceutical Industry","authors":"Joseph J. Gerakos, Jin Xie","doi":"10.2139/ssrn.3285161","DOIUrl":"https://doi.org/10.2139/ssrn.3285161","url":null,"abstract":"Brand-name pharmaceutical companies often file lawsuits against generic drug manufacturers that challenge the monopoly status of patent-protected drugs. Institutional horizontal shareholdings, measured by the generic shareholders' ownership in the brand-name company relative to their ownership in the generic manufacturer, are significantly positively associated with the likelihood that the two parties enter into a settlement agreement in which the brand pays the generic manufacturer to stay out of the market. Horizontal shareholdings are also positively associated with the brand's daily abnormal stock returns around the settlement agreement. Generic manufacturers who settle with the brand-name company are more likely to delay the sale of generic substitutes if they have higher horizontal shareholdings with the brand-name firm. These delays preclude other generic firms from entering the market.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124293196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Industry 4.0: Opportunities and Challenges for Operations Management","authors":"T. Olsen, Brian Tomlin","doi":"10.2139/ssrn.3365733","DOIUrl":"https://doi.org/10.2139/ssrn.3365733","url":null,"abstract":"Industry 4.0 connotes a new industrial revolution centered around cyber-physical systems. It posits that the real-time connection of physical and digital systems, along with new enabling technologies, will change the way that work is done and therefore, how work should be managed. It has the potential to break, or at least change, the traditional operations trade-offs among the competitive priorities of cost, flexibility, speed, and quality. This article describes the technologies inherent in Industry 4.0 and the opportunities and challenges for research in this area. The focus is on goods-producing industries, which includes both the manufacturing and agricultural sectors. Specific technologies discussed include additive manufacturing, the internet of things, blockchain, advanced robotics, and artificial intelligence.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122791724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Knowledge Management and Motivation","authors":"E. Manuel","doi":"10.2139/ssrn.3211938","DOIUrl":"https://doi.org/10.2139/ssrn.3211938","url":null,"abstract":"It is recognized the importance of motivation for development of people in their life and for good performance of their work at organizations. With this work, it pretends to approach the linkage between knowledge management (km) and motivation. We concluded that any organization that wants to get the best workers, mainly knowledge workers must create policies to motivate them before their admission to organization and during their presence there. To make knowledge workers always motivated, the organizations should implement policies with incidence in their salary, rewards, organizational environment (e.g. good conditions for work) to make decisions through empowerment policies, internal recognize of their work, by making them feel that can be entrepreneurs in organizational projects or by implementing own projects with financial support of their organizations.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125848202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Internet of Things and Information Fusion: Who Talks to Who?","authors":"S. Saghafian, Brian Tomlin, S. Biller","doi":"10.2139/ssrn.3124417","DOIUrl":"https://doi.org/10.2139/ssrn.3124417","url":null,"abstract":"Problem definition: Autonomous sensors connected through the internet of things (IoT) are deployed by different firms in the same environment. The sensors measure an important operating-condition state variable, but their measurements are noisy, so estimates are imperfect. Sensors can improve their own estimates by soliciting estimates from other sensors. The choice of which sensors to communicate with (target) is challenging because sensors (1) are constrained in the number of sensors they can target and (2) only have partial knowledge of how other sensors operate—that is, they do not know others’ underlying inference algorithms/models. We study the targeting problem, examine the evolution of interfirm sensor communication patterns, and explore what drives the patterns. Academic/practical relevance: Many industries are increasingly using sensors to drive improvements in key performance metrics (e.g., asset uptime) through better information on operating conditions. Sensors will communicate among themselves to improve estimation. This IoT vision will have a major impact on operations management (OM), and OM scholars need to develop and examine models and frameworks to better understand sensor interactions. Methodology: Analytic modeling combining decision-making, estimation, optimization, and learning is used. Results: We show that when selecting its target(s), each sensor needs to consider both the measurement quality of the other sensors and its level of familiarity with their inference models. We establish that the state of the environment plays a key role in mediating quality and familiarity. When sensor qualities are public, we show that each sensor eventually settles on a constant target set, but this long-run target set is sample-path dependent (i.e., dependent on past states) and varies by sensor. The long-run network, however, can be fully defined at time zero as a random directed graph, and hence, one can probabilistically predict it. This prediction can be made perfect (i.e., the network can be identified in a deterministic way) after observing the state values for a limited number of periods. When sensor qualities are private, our results reveal that sensors may not settle on a constant target set but the subset among which it cycles can still be stochastically predicted. Managerial implications: Our work allows managers to predict (and influence) the set of other firms with which their sensors will form information links. Analogous to a manufacturer mapping its supplier base to help manage supply continuity, our work enables a firm to map its sensor-based-information suppliers to help manage information continuity.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"122 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132974439","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Non-GAAP Reporting: Evidence from Academia and Current Practice","authors":"Dirk E. Black, Theodore E. Christensen, Jack T. Ciesielski, Benjamin C. Whipple","doi":"10.2139/ssrn.2966778","DOIUrl":"https://doi.org/10.2139/ssrn.2966778","url":null,"abstract":"The SEC, FASB, and IASB have expressed interest in the recent proliferation of non-GAAP reporting, raising questions about what this increasing reporting trend means for IFRS- and GAAP-based reporting. Our goal is (1) to inform standard setters and regulators about the current state of non-GAAP reporting and (2) explore how the discretion afforded in non-GAAP reporting influences earnings consistency and comparability, two tenets of IFRS- and GAAP-based earnings. We begin by providing an up-to-date discussion of the most common questions examined in the extant literature to provide insights on what academics have learned to date about non-GAAP reporting. Next, we utilize a novel dataset of detailed non-GAAP disclosures to provide in-depth descriptive evidence on the current state of non-GAAP reporting. We find that the frequency of non-GAAP reporting has increased by 35% in recent years, a trend that we find in every sector. We also provide evidence on how the frequency and magnitude of specific exclusions has changed over time. Of particular interest is the increasing frequency with which firms exclude items that are not commonly excluded by other firms, indicating that more idiosyncratic definitions of non-GAAP earnings are emerging in the marketplace. Finally, we examine how discretion in non-GAAP reporting affects earnings consistency and comparability. We find that the consistency with which firms exclude specific items varies across exclusion types. Importantly, we also find some evidence that inconsistent non-GAAP reporting is associated with lower quality non-GAAP metrics. In examining across-firm comparability, we find descriptive evidence indicating that within-sector performance rankings based on GAAP earnings better explains concurrent stock returns than comparisons based on non-GAAP earnings. However, our preliminary analyses indicate that these differences are not statistically significant.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127399665","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Non-GAAP Earnings: A Consistency and Comparability Crisis?","authors":"Dirk E. Black, Theodore E. Christensen, Jack T. Ciesielski, Benjamin C. Whipple","doi":"10.2139/ssrn.2759312","DOIUrl":"https://doi.org/10.2139/ssrn.2759312","url":null,"abstract":"The SEC, FASB, and IASB have expressed interest in the recent proliferation of non-GAAP reporting, raising questions about what this increasing reporting trend means for IFRS- and GAAP-based reporting. Our goal is (1) to inform standard setters and regulators about the current state of non-GAAP reporting and (2) explore how the discretion afforded in non-GAAP reporting influences earnings consistency and comparability, two tenets of IFRS- and GAAP-based earnings. We begin by providing an up-to-date discussion of the most common questions examined in the extant literature to provide insights on what academics have learned to date about non-GAAP reporting. Next, we utilize a novel dataset of detailed non-GAAP disclosures to provide in-depth descriptive evidence on the current state of non-GAAP reporting. We find that the frequency of non-GAAP reporting has increased by 35% in recent years, a trend that we find in every sector. We also provide evidence on how the frequency and magnitude of specific exclusions has changed over time. Of particular interest is the increasing frequency with which firms exclude items that are not commonly excluded by other firms, indicating that more idiosyncratic definitions of non-GAAP earnings are emerging in the marketplace. Finally, we examine how discretion in non-GAAP reporting affects earnings consistency and comparability. We find that the consistency with which firms exclude specific items varies across exclusion types. Importantly, we also find some evidence that inconsistent non-GAAP reporting is associated with lower quality non-GAAP metrics. In examining across-firm comparability, we find descriptive evidence indicating that within-sector performance rankings based on GAAP earnings better explains concurrent stock returns than comparisons based on non-GAAP earnings. However, our preliminary analyses indicate that these differences are not statistically significant.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"735 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126932634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Dynamic Capabilities and Organizational Agility: Risk, Uncertainty and Entrepreneurial Management in the Innovation Economy","authors":"D. Teece, Margaret A. Peteraf, Sohvi Heaton","doi":"10.2139/ssrn.2771245","DOIUrl":"https://doi.org/10.2139/ssrn.2771245","url":null,"abstract":"“Organizational agility” is often treated as an immutable quality, where it is implied that firms need to be in a constant state of transformation. But such advice ignores that changes and transformations, while often essential, come with a cost, are not always necessary, and may not even be possible. Our approach is to explore agility at a more fundamental level and relate it more specifically to dynamic capabilities. We find it essential to first understand deep uncertainty, which is ubiquitous in the innovation economy. It is very different from risk, which can be managed using traditional tools and approaches. Strong dynamic capabilities are necessary for fostering the organizational agility necessary to address deep uncertainty, such as that generated by innovation and the associated dynamic competition. We explore the mechanisms by which managers may calibrate the required level of organizational agility, deliver it cost effectively, and relate it to strategy. We provide a set of principles and practices that differ according to whether a firm is managing regular risk or deep uncertainty. These distinctions are critical, as the mistaken use of risk management tools in an environment of deep uncertainty can bring false comfort. Our approach embraces concepts from both financial economics (e.g., hedging and real options) and strategic management theory (e.g., managerial/entrepreneurial asset orchestration). We conclude that strong dynamic capabilities are essential when firms face deep uncertainty, which they frequently do in interdependent economies experiencing rapid technological change and financial disruption.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"25 8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129955043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Sanctioning in the Wild: Rational Calculus and Retributive Instincts in Gourmet Cuisine","authors":"Giada Di Stefano, Andrew A. King, Gianmario Verona","doi":"10.5465/AMJ.2012.1192","DOIUrl":"https://doi.org/10.5465/AMJ.2012.1192","url":null,"abstract":"Why do we sanction norm violations? Despite near universal agreement on the role of sanctions for maintaining norms of cooperation, scholars hotly dispute whether individuals sanction based on a rational calculus or because of strong retributive instincts. In this paper we report on a mixed-method field study examining sanctioning behavior. Our goal is to extend theories of sanctioning by evaluating the conditions under which individuals are more likely to administer a sanction in response to a norm violation. To guide the development of our hypotheses, we engage in a qualitative examination of sanctioning decisions in the context of gourmet cuisine. We then test our predictions in a field experiment involving more than 500 gourmet chefs in Italy. Our results suggest that individuals follow retributive instincts, but they also engage in cost/benefit calculations. Indeed, we find that the two logics of sanctioning jointly influence participation in social exchange. Recognizing their own tendency to sanction at a cost, individuals avoid circumstances that could trigger the need for costly sanctions.","PeriodicalId":172039,"journal":{"name":"Tuck School of Business at Dartmouth Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128848592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}