DecisionSciRN: Decision-Making Authority (Topic)最新文献

筛选
英文 中文
Pricing Ethics in the Foreign Exchange Market: Environmental, Social and Governance Ratings and Currency Premia 外汇市场的定价伦理:环境、社会和治理评级与货币溢价
DecisionSciRN: Decision-Making Authority (Topic) Pub Date : 2021-07-15 DOI: 10.2139/ssrn.3887760
I. Filippou, Mark P. Taylor
{"title":"Pricing Ethics in the Foreign Exchange Market: Environmental, Social and Governance Ratings and Currency Premia","authors":"I. Filippou, Mark P. Taylor","doi":"10.2139/ssrn.3887760","DOIUrl":"https://doi.org/10.2139/ssrn.3887760","url":null,"abstract":"Abstract We examine the cross-sectional predictive ability of the Refinitiv Environmental, Social and Governance (ESG) score for returns in the foreign exchange market, using ESG scores aggregated at the national level, and find that ESG is a strong negative predictor of currency returns. Intuitively, investors require a premium for financing low-ESG countries while high-ESG countries offer lower returns and provide a hedge in the bad state of the world. We show that ESG is priced in the cross-section of currency returns. We also consider the different components of ESG and show that its predictability is driven by the environmental pillar of the ESG ratings. Our results have strong implications for portfolios of individual investors and fund managers and offer new insights for policymakers in the foreign exchange market. The profitability of the ESG currency strategy is not driven by the carry trade and is robust to transaction costs.","PeriodicalId":269008,"journal":{"name":"DecisionSciRN: Decision-Making Authority (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125605523","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: 8
I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts 我就是律所!同名公司和乐观的预测
DecisionSciRN: Decision-Making Authority (Topic) Pub Date : 2020-12-27 DOI: 10.2139/ssrn.3755887
D. Kliger, Yevgeny Mugerman, Ruth Rooz
{"title":"I Am The Firm! Eponymous Firms and Rose-Coloured Forecasts","authors":"D. Kliger, Yevgeny Mugerman, Ruth Rooz","doi":"10.2139/ssrn.3755887","DOIUrl":"https://doi.org/10.2139/ssrn.3755887","url":null,"abstract":"We invoke the famous Louis XIV quote “L'État, c'est moi,” applying it to the corporate world, and introduce the novel idea that a self-serving bias, which we define as “I Am The Firm,” is infused within the culture of certain companies. We hypothesize that the owners of eponymous firms – firms that bear the names of their owners – experience enhanced self-identification with their firms, and thus tend to inject their own subjective beliefs and desires into the realistic objective prospects of the firms. The “I am the firm” effect is a form of a self-serving bias, which arises from the blurring of boundaries between the owner and the corporate eponymy entity that carries the same name. Employing a unique corporate setting in Israel, we demonstrate that eponymous firms disclose unduly optimistic biased forecasts relative to their non-eponymous counterparts, which cannot be validated or justified solely by rational explanations. The obfuscation of the boundaries in eponymous firms between subjective illusory desires and objective realistic truths is revelatory and has far-reaching implications in various aspects of corporate decisions, which we suggest will require future research.","PeriodicalId":269008,"journal":{"name":"DecisionSciRN: Decision-Making Authority (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116716571","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: 1
Designing Organizations in Volatile Markets 在动荡的市场中设计组织
DecisionSciRN: Decision-Making Authority (Topic) Pub Date : 2019-03-01 DOI: 10.2139/ssrn.3275742
Shuo Liu, Dimitri Migrow
{"title":"Designing Organizations in Volatile Markets","authors":"Shuo Liu, Dimitri Migrow","doi":"10.2139/ssrn.3275742","DOIUrl":"https://doi.org/10.2139/ssrn.3275742","url":null,"abstract":"Multinational and multiproduct firms often experience uncertainty in the relative return of conducting activities in different markets due to, for example, exchange rate volatility or the changing prospects of different products. We study how a multi-divisional organization should optimally allocate decision-making authority to its managerial members when operating in such volatile markets. To be able to adapt its decisions to local conditions, the organization has to rely on self-interested division managers to collect and disseminate the relevant information. We show that if communication takes the form of verifiable disclosure, then centralized decision-making does not suffer from information asymmetry and it allows the headquarter of the organization to better cope with the inter-market uncertainty. However, a downside of centralization is that it can discourage information acquisition, and this negative effect is amplified by the need for coordinating the activities of different divisions. As a result, the optimality of decentralized decision-making can actually be driven by a large coordination motive.","PeriodicalId":269008,"journal":{"name":"DecisionSciRN: Decision-Making Authority (Topic)","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132196397","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
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信