POL: Cost Minimization & Control (Topic)最新文献

Incumbent Repositioning with Decision Biases 决策偏差下的在职人员重新定位

POL: Cost Minimization & Control (Topic) Pub Date : 2018-02-03 DOI: 10.2139/ssrn.3117545

Xianjin Du, M. Li, Brian Wu

引用次数: 24

Equity Commitment under Uncertainty: A Hierarchical Model of Real Option Entry Mode Choices 不确定性下的股权承诺:实物期权进入模式选择的层次模型

POL: Cost Minimization & Control (Topic) Pub Date : 2015-07-25 DOI: 10.2139/ssrn.2403006

Rossitza B. Wooster, Luisa R. Blanco, W. Sawyer

引用次数: 31

Do Sophisticated Investors Interpret Earnings Conference Call Tone Differently than Investors at Large? Evidence from Short Sales 老练的投资者对财报电话会议语气的解读与普通投资者不同吗?来自卖空的证据

POL: Cost Minimization & Control (Topic) Pub Date : 2015-01-31 DOI: 10.2139/ssrn.2148705

Benjamin M. Blau, Jared DeLisle, S. Price

{"title":"Do Sophisticated Investors Interpret Earnings Conference Call Tone Differently than Investors at Large? Evidence from Short Sales","authors":"Benjamin M. Blau, Jared DeLisle, S. Price","doi":"10.2139/ssrn.2148705","DOIUrl":"https://doi.org/10.2139/ssrn.2148705","url":null,"abstract":"Recent research finds that investors, broadly defined, react to the linguistic tone of quarterly earnings conference calls; there is a positive relation between firms' stock returns and call tone (a measure of “sentiment” related word tabulations). However, this type of soft information can be subtle, context-specific, and difficult to interpret. Moreover, the literature suggests cross-sectional variation in information processing skills among investors. Thus, we test whether sophisticated investors interpret earnings conference call tone differently than investors at large by examining short selling activity and its relation to earnings conference call tone. We find that short sellers target firms with simultaneous high earnings surprise and abnormally high management tone. The combination of positive earnings surprise and unusually positive tone strengthens short sellers' return predictability. This result indicates that short sellers interpret revealed “inflated” call language by managers more completely than naive investors. The incomplete stock price reaction by naive investors due to the lack of reliability that they place on this soft information results in overpricing of the stock. However, it also suggests that managers are unable to maintain prolonged overvaluation of their stock by striking an overly optimistic posture in the interactive conference call disclosure forum since short sellers' trades provide additional price discovery.","PeriodicalId":174094,"journal":{"name":"POL: Cost Minimization & Control (Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115409258","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}

引用次数: 88

What Explains the Widening Wage Gap? Outsourcing vs. Technology 如何解释日益扩大的工资差距?外包与技术

POL: Cost Minimization & Control (Topic) Pub Date : 2006-11-01 DOI: 10.2139/ssrn.1011688

Clàudia Canals

引用次数: 22