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Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective 财务承包中的会计信息:不完全契约理论视角
Chicago Booth Research Paper Series Pub Date : 2016-02-29 DOI: 10.2139/ssrn.2673609
Hans B. Christensen, Valeri V. Nikolaev, Regina Wittenberg Moerman
{"title":"Accounting Information in Financial Contracting: The Incomplete Contract Theory Perspective","authors":"Hans B. Christensen, Valeri V. Nikolaev, Regina Wittenberg Moerman","doi":"10.2139/ssrn.2673609","DOIUrl":"https://doi.org/10.2139/ssrn.2673609","url":null,"abstract":"This paper reviews theoretical and empirical work on financial contracting that is relevant to accounting researchers. Its primary objective is to discuss how the use of accounting information in contracts enhances contracting efficiency and to suggest avenues for future research. We argue that incomplete contract theory broadens our understanding of both the role accounting information plays in contracting and the mechanisms through which efficiency gains are achieved. By discussing its rich theoretical implications, we expect incomplete contract theory to prove useful in motivating future research and in offering directions to advance our knowledge of how accounting information affects contract efficiency.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133839563","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: 154
Economic Growth and Financial Statement Verification 经济增长和财务报表核查
Chicago Booth Research Paper Series Pub Date : 2015-09-01 DOI: 10.2139/ssrn.2502889
Petro Lisowsky, Michael Minnis, Andrew Sutherland
{"title":"Economic Growth and Financial Statement Verification","authors":"Petro Lisowsky, Michael Minnis, Andrew Sutherland","doi":"10.2139/ssrn.2502889","DOIUrl":"https://doi.org/10.2139/ssrn.2502889","url":null,"abstract":"We use a proprietary dataset of financial statements collected by banks to examine whether economic growth is related to the use of financial statement verification in debt financing. Exploiting the distinct economic growth and contraction patterns of the construction industry over the years 2002 to 2011, our estimates reveal that banks reduced their collection of unqualified audited financial statements from construction firms at nearly twice the rate of firms in other industries during the housing boom period before 2008. This reduction was most severe in the regions that experienced the most significant construction growth. These trends reversed during the sub-sequent housing crisis in 2008 to 2011 when construction activity contracted. Moreover, using bank- and firm-level data we find a strong negative (positive) relation between audited financial statements during the growth period and subsequent loan losses (construction firm survival) during the contraction period. Collectively, our results reveal that macroeconomic fluctuations pro-duce temporal shifts in the overall level of financial statement verification and that temporal shifts in verification are related to bank loan portfolio quality and borrower performance.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123131325","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: 48
Online Grocery Retail: Revenue Models and Environmental Impact 在线杂货零售:收益模式和环境影响
Chicago Booth Research Paper Series Pub Date : 2015-07-01 DOI: 10.2139/ssrn.2520529
E. Belavina, Karan Girotra, Ashish Kabra
{"title":"Online Grocery Retail: Revenue Models and Environmental Impact","authors":"E. Belavina, Karan Girotra, Ashish Kabra","doi":"10.2139/ssrn.2520529","DOIUrl":"https://doi.org/10.2139/ssrn.2520529","url":null,"abstract":"This paper compares the financial and environmental performance of two revenue models for the online retailing of groceries: the per-order model, where customers pay for each delivery, and the subscription model, where customers pay a set fee and receive free deliveries. We build a stylized model that incorporates (i) customers with ongoing uncertain grocery needs and who choose between shopping offline or online and (ii) an online retailer that makes deliveries through a proprietary distribution network. We find that subscription incentivizes smaller and more frequent grocery orders, which reduces food waste and creates more value for the customer; the result is higher retailer revenues, lower grocery costs, and potentially higher adoption rates. These advantages are countered by greater delivery-related travel and expenses, which are moderated by area geography and routing-related scale economies. Subscription also leads to lower food waste–related emissions but to higher delivery-related emissions. Cet...","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"71 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122713164","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: 108
Deposit Competition and Financial Fragility: Evidence from the US Banking Sector 存款竞争与金融脆弱性:来自美国银行业的证据
Chicago Booth Research Paper Series Pub Date : 2015-03-11 DOI: 10.2139/ssrn.2642946
Mark L. Egan, Ali Hortaçsu, Gregor Matvos
{"title":"Deposit Competition and Financial Fragility: Evidence from the US Banking Sector","authors":"Mark L. Egan, Ali Hortaçsu, Gregor Matvos","doi":"10.2139/ssrn.2642946","DOIUrl":"https://doi.org/10.2139/ssrn.2642946","url":null,"abstract":"PRELIMINARY AND INCOMPLETE, PLEASE DO NOT CITE WITHOUT PERMISSION. We develop and estimate an empirical model of the U.S. banking sector using a new data set covering the largest U.S. banks over the period 2002-2013. Our model incorporates insured depositors and run-prone uninsured depositors who have rich preferences over dierentiated banks. Banks compete for deposits in the spirit of Matutes and Vives (1996) and can endogenously default. We estimate demand for uninsured","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131505040","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: 236
Generalized Method of Integrated Moments for High-Frequency Data 高频数据积分矩的广义方法
Chicago Booth Research Paper Series Pub Date : 2015-02-03 DOI: 10.2139/ssrn.2560343
Jia Li, D. Xiu
{"title":"Generalized Method of Integrated Moments for High-Frequency Data","authors":"Jia Li, D. Xiu","doi":"10.2139/ssrn.2560343","DOIUrl":"https://doi.org/10.2139/ssrn.2560343","url":null,"abstract":"We propose a semiparametric two-step inference procedure for a finite-dimensional parameter based on moment conditions constructed from high-frequency data. The population moment conditions take the form of temporally integrated functionals of state-variable processes that include the latent stochastic volatility process of an asset. In the first step, we nonparametrically recover the volatility path from high-frequency asset returns. The nonparametric volatility estimator is then used to form sample moment functions in the second-step GMM estimation, which requires the correction of a high-order nonlinearity bias from the first step. We show that the proposed estimator is consistent and asymptotically mixed Gaussian and propose a consistent estimator for the conditional asymptotic variance. We also construct a Bierens-type consistent specification test. These infill asymptotic results are based on a novel empirical-process-type theory for general integrated functionals of noisy semimartingale processes.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"126 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122490803","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: 33
Impediments to Financial Trade: Theory and Measurement 金融贸易障碍:理论与测度
Chicago Booth Research Paper Series Pub Date : 2015-01-01 DOI: 10.2139/ssrn.2643593
Nicolae Gârleanu, Stavros Panageas, Jianfeng Yu
{"title":"Impediments to Financial Trade: Theory and Measurement","authors":"Nicolae Gârleanu, Stavros Panageas, Jianfeng Yu","doi":"10.2139/ssrn.2643593","DOIUrl":"https://doi.org/10.2139/ssrn.2643593","url":null,"abstract":"We propose a tractable model of an informationally inefficient market. We show the equivalence between our model and a substantially simpler model whereby investors face distortive investment taxes depending both on their identity and the asset class. We use this equivalence to assess existing approaches to inferring whether individual investors have informational advantages. We also develop a methodology of inferring the magnitude of the frictions (implicit taxes) that impede financial trade. We illustrate the methodology by using data on cross-country portfolio holdings and returns to quantify these frictions, and locate the directions in which financial trade seems to be especially impeded. We argue that our measure of frictions contains useful information for the sources of failure of frictionless models, and it helps in studying whether certain factors (such as the size of the financial sector) are associated with lower financial frictions.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114470522","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: 6
Principles for Macroprudential Regulation 宏观审慎监管原则
Chicago Booth Research Paper Series Pub Date : 2014-06-30 DOI: 10.2139/ssrn.2460937
A. Kashyap, D. Tsomocos, Alexandros P. Vardoulakis
{"title":"Principles for Macroprudential Regulation","authors":"A. Kashyap, D. Tsomocos, Alexandros P. Vardoulakis","doi":"10.2139/ssrn.2460937","DOIUrl":"https://doi.org/10.2139/ssrn.2460937","url":null,"abstract":"The drafting of macroprudential regulation is largely being driven by the need by policy makers to meet timetables that have been agreed. The legislative drive is taking place without any clear theoretical framework to organise the objectives. In this article we propose two principles that any satisfactory framework ought to respect and then describe one specific model that embodies these principles. We explain the insights from this approach for regulatory design.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130302319","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: 3
Supply Disruption with a Risk-Averse Buyer 风险规避买家的供应中断
Chicago Booth Research Paper Series Pub Date : 2013-09-10 DOI: 10.2139/ssrn.2847279
Daniel Adelman, Shanshan Wang
{"title":"Supply Disruption with a Risk-Averse Buyer","authors":"Daniel Adelman, Shanshan Wang","doi":"10.2139/ssrn.2847279","DOIUrl":"https://doi.org/10.2139/ssrn.2847279","url":null,"abstract":"We consider a supply chain with two unreliable suppliers competing to supply one risk-averse buyer. We model the interaction among the supply chain participants as a Nash game among the suppliers, and Stackelberg games between the suppliers and the buyer. By introducing risk aversion, the buyer implements a spectrum of distinctive diversification and order inflation strategies, instead of the extreme ordering strategies of single sourcing, duplicate sourcing and various boundary ordering strategies in the risk-neutral case. In the case of exogenous wholesale price, we fully characterize the buyer's optimal order quantities. We find that the more reliable supplier can possibly increase his market share by increasing his wholesale price. In the case of endogenous wholesale prices, we find that cases of non-existence, uniqueness and multiplicity of equilibria can all possibly occur depending on the level of risk aversion, and we characterize the equilibrium in some cases. We also find that as the buyer becomes more risk averse he is less sensitive to the wholesale prices in terms of order quantities, giving more power to the suppliers to exploit the buyer's risk.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"102 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113990778","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: 5
Private Equity Performance: What Do We Know? 私募股权业绩:我们知道些什么?
Chicago Booth Research Paper Series Pub Date : 2013-07-01 DOI: 10.2139/ssrn.1932316
Robert S. Harris, T. Jenkinson, S. Kaplan
{"title":"Private Equity Performance: What Do We Know?","authors":"Robert S. Harris, T. Jenkinson, S. Kaplan","doi":"10.2139/ssrn.1932316","DOIUrl":"https://doi.org/10.2139/ssrn.1932316","url":null,"abstract":"We study the performance of nearly 1400 U.S. buyout and venture capital funds using a new dataset from Burgiss. We find better buyout fund performance than has previously been documented – performance consistently has exceeded that of public markets. Outperformance versus the S&P 500 averages 20% to 27% over a fund’s life and more than 3% annually. Venture capital funds outperformed public equities in the 1990s, but underperformed in the 2000s. Our conclusions are robust to various indices and risk controls. Performance in Cambridge Associates and Preqin is qualitatively similar to that in Burgiss, but is lower in Thomson Venture Economics.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114171292","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: 525
Do Pharmacists Buy Bayer? Sophisticated Shoppers and the Brand Premium 药剂师会买拜耳吗?老练的购物者和品牌溢价
Chicago Booth Research Paper Series Pub Date : 2013-06-01 DOI: 10.2139/ssrn.2460893
Bart J. Bronnenberg, Jean-Pierre Dubé, M. Gentzkow, Jesse M. Shapiro
{"title":"Do Pharmacists Buy Bayer? Sophisticated Shoppers and the Brand Premium","authors":"Bart J. Bronnenberg, Jean-Pierre Dubé, M. Gentzkow, Jesse M. Shapiro","doi":"10.2139/ssrn.2460893","DOIUrl":"https://doi.org/10.2139/ssrn.2460893","url":null,"abstract":"We estimate the effect of information on consumers’ willingness to pay for branded goods in physically homogeneous consumer packaged goods categories. In a case study of headache remedies, we find that college education, working in a healthcare occupation, and other proxies for product knowledge predict more purchases of private labels relative to brands. Pharmacists devote almost 90 percent of headache remedy purchases to private labels, against 71 percent for the average consumer. The effect of knowledge is similar across a broad set of health products, and in a set of relatively homogeneous food products, but smaller for food and drink products overall. We conclude that a significant share of the willingness to pay for brands in these categories would disappear in a world where consumers were fully informed.","PeriodicalId":224732,"journal":{"name":"Chicago Booth Research Paper Series","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131205050","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: 35
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