University of Miami Herbert Business School Research Paper Series最新文献

Asset Pricing With and Without Garbage: Testability of Consumption-based Models 有和没有垃圾的资产定价:基于消费的模型的可测试性

University of Miami Herbert Business School Research Paper Series Pub Date : 2021-09-20 DOI: 10.2139/ssrn.3417217

Stefanos Delikouras, George M. Korniotis

引用次数: 1

University of Miami Herbert Business School Research Paper Series Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3743064

François Brochet, Roman Chychyla, F. Ferri

{"title":"Virtual Shareholder Meetings","authors":"François Brochet, Roman Chychyla, F. Ferri","doi":"10.2139/ssrn.3743064","DOIUrl":"https://doi.org/10.2139/ssrn.3743064","url":null,"abstract":"We examine determinants and consequences of virtual shareholder meetings (VSMs) using a sample of voluntary (precoronavirus disease 2019) and forced (i.e., because of coronavirus disease 2019) VSM adopters. Voluntary adopters are tech firms and firms traditionally more engaged with shareholders, consistent with the stated objective to increase shareholder participation. In contrast, we do not find that firms choose the virtual format to avoid shareholders’ scrutiny. Textual analysis of transcripts suggests that in VSMs, business presentations by management are less frequent, shorter, and more generic but only among voluntary adopters, suggesting that these properties reflect a firm’s choice rather than are a by-product of the virtual format per se. VSMs are more likely to exhibit no questions during the question and answer period, but conditioned upon having one question, they exhibit the same number of questions; such questions are more negative in tone, inconsistent with managers using the virtual format to filter out hostile questions. Finally, there is some evidence of greater abnormal absolute returns around VSMs, supporting the notion that greater attendance translates into greater information content. Overall, VSMs exhibit less activity on average, consistent with critics’ concerns, but such reduced activity does not appear to cause a loss in information content nor does it appear to reflect an attempt to avoid scrutiny. This paper was accepted by Suraj Srinivasan, accounting. Supplemental Material: The data files are available at https://doi.org/10.1287/mnsc.2023.4946 .","PeriodicalId":202253,"journal":{"name":"University of Miami Herbert Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125947988","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: 4

Do Counter-Stereotypical Female Role Models Impact Women's Occupational Choices? 反传统的女性角色模式会影响女性的职业选择吗?

University of Miami Herbert Business School Research Paper Series Pub Date : 2021-03-02 DOI: 10.2139/ssrn.3796264

Vidhi Chhaochharia, Mengqiao Du, Alexandra Niessen-Ruenzi

引用次数: 0

Center of Volume Mass: Does Options Trading Predict Stock Returns? 成交量中心:期权交易能预测股票收益吗?

University of Miami Herbert Business School Research Paper Series Pub Date : 2019-12-17 DOI: 10.2139/ssrn.3505045

Gennaro Bernile, Fei Gao, Jianfeng Hu

引用次数: 1

Under-Reaction to Political Information and Price Momentum 对政治信息和价格动量的反应不足

University of Miami Herbert Business School Research Paper Series Pub Date : 2018-06-06 DOI: 10.2139/ssrn.2425204

Jawad M. Addoum, Stefanos Delikouras, Da Ke, Alok Kumar

引用次数: 4

Influential Observations and Inference in Accounting Research 会计研究中的影响观察与推论

University of Miami Herbert Business School Research Paper Series Pub Date : 2017-08-15 DOI: 10.2139/ssrn.2407967

A. Leone, Miguel Minutti-Meza, Charles E. Wasley

引用次数: 207

Non-Marketability and One-Day Selling Lockup 非市场性和一日售锁

University of Miami Herbert Business School Research Paper Series Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2563312

Jiangze Bian, Tie Su, Jun Wang

引用次数: 5

Credit Risk Determinants of Insurance Companies 保险公司信用风险的决定因素

University of Miami Herbert Business School Research Paper Series Pub Date : 2014-03-11 DOI: 10.2139/ssrn.2325457

L. González, Lorenzo Naranjo

引用次数: 6

To Whom, When, and How Much to Discount? A Constrained Optimization of Customized Temporal Discounts 给谁，什么时候，打折多少?自定义时间折扣的约束优化

University of Miami Herbert Business School Research Paper Series Pub Date : 2013-09-27 DOI: 10.2139/ssrn.2332270

Joseph M. Johnson, G. Tellis, Eddie Ip

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引用次数: 46

Institutional Trading during a Wave of Corporate Scandals: 'Perfect Payday'? 企业丑闻浪潮中的机构交易:“完美发薪日”?

University of Miami Herbert Business School Research Paper Series Pub Date : 2013-08-01 DOI: 10.2139/ssrn.2159779

Gennaro Bernile, Johan Sulaeman, Qin Emma Wang

{"title":"Institutional Trading during a Wave of Corporate Scandals: 'Perfect Payday'?","authors":"Gennaro Bernile, Johan Sulaeman, Qin Emma Wang","doi":"10.2139/ssrn.2159779","DOIUrl":"https://doi.org/10.2139/ssrn.2159779","url":null,"abstract":"This paper examines the role of institutional trading during the option backdating scandal of 2006–2007. Unlike their inability to anticipate other corporate events, institutional investors as a group display negative abnormal trading imbalances (i.e., buy minus sell volumes) in anticipation of firm-specific backdating exposures. Consistent with informed trading, the underlying trades earn positive abnormal short- and long-term profits. Moreover, the negative abnormal imbalances are larger in magnitude when backdating is likely a more severe issue. Local institutions, in particular, display negative trading imbalances earlier in event-time and earn consistently higher trading profits than non-local institutions. Although we find some evidence of over-reaction following the arrival of information about the backdating scandal, these patterns are short-lived and exclusively due to the activity of non-local institutions. Overall, institutional investors behave as informed investors, particularly in local stocks, during this prolonged period of heightened uncertainty about corporate reporting and governance practices.","PeriodicalId":202253,"journal":{"name":"University of Miami Herbert Business School Research Paper Series","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115880120","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: 30