Equity-Based Compensation and the Timing of Share Repurchases: The Role of the Corporate Calendar
Abstract:We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar-the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with ...
Ingolf Dittmann*, Amy Yazhu Li*, Stefan Obernberger*, Jiaqi (Jacky) Zheng*
ARTICLE | Journal of Accounting and Economics |2025、80、1
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Limited Firm Insurance and Aggregate Implications
Abstract:This paper studies the impacts of financial shocks on firm insurance, firm dynamics, and macroeconomic implications. A key departure from the literature is that firms provide wage insurance contracts to risk-averse workers in a long-term relationship. Such contracts endogenously impose a form of inflexible debt liability to firms, and make firms with limited financial net worth more vulnerable ...
Yicheng Wang*
ARTICLE | Management Science |2025、71、7：5419-6318
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Spatial Search
Abstract:This paper considers a random search model where some locations provide sellers with better chances of meeting many buyers than other locations (for example popular shopping streets or the first page of a search engine). When sellers are heterogeneous in terms of the quality of their product and/or the probability that a given buyer likes their product, it is desirable that sellers of high-...
Xiaoming Cai, Pieter Gautier, Ronald Wolthoff*
ARTICLE | Journal of Economic Theory| 2025、224：105976
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Non-Standard Choice in Matching Markets
Abstract:We explore the possibility of designing matching mechanisms that can accommodate nonstandard choice behavior. We pin down the necessary and sufficient conditions on participants' choice behavior for the existence of stable and incentive-compatible mechanisms. Our results imply that well-functioning matching markets can be designed to adequately accommodate a plethora of choice behaviors, including ...
Gian Caspari, Manshu Khanna*
ARTICLE | International Economic Review | 2025、66、2：757-786
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The Marginal Value of Cash: Structural Estimates from a Model with Financing and Agency Frictions
Abstract:How much value does an additional dollar of cash create for a firm? It is generally recognized that the marginal value of cash (MVC) can either exceed or fall below one dollar. Estimates of MVC can guide corporate cash and payout policy, indicate the quality of governance, and make a firm a target for takeover or activism. Yet the existing methods of estimation lack a rigorous theoretical ...
Sudipto Dasgupta, Di Li, Erica X. N. Li*
ARTICLE |Management Science| 2025、71、5：3641-4531
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Corporate Venture Capital and Firm Scope
Abstract:This paper studies whether and how corporate venture capital (CVC) spurs changes in firm scope. Using two sets of firm scope metrics, a text-based emerging business measure and Compustat segment measures, I document that CVC investments are strongly associated with subsequent firm scope changes of the CVC corporate parent, including seeding emerging businesses, establishing new divisions, ...
Yifei Zhang*
ARTICLE | Journal of Financial and Quantitative Analysis|2025、60、1：336-373
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In AI We Trust: The Interplay of Media Use, Political Ideology, and Trust in Shaping Emerging AI Attitudes
Absract:Using data from a nationally representative survey of U.S. adults, this study explores how trust in key actors to responsibly manage artificial intelligence (AI) develops among members of the U.S. population and how trust, along with other key factors, shapes public attitudes toward AI. Greater trust is linked to stronger support for AI, both directly and indirectly (through risk and benefit ...
Shiyu Yang*, Nicole M. Krause, Luye Bao, Mikhaila N. Calice, Todd P. Newman, Dietram A. Scheufele, Michael A. Xenos, Dominique Brossard
ARTICLE |Journalism & Mass Communication Quarterly|2025、102、2：382-406
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Making Laughter: How Chinese Official Media Produce News on the Douyin (TikTok)
Absract:As algorithm-driven content platforms sweep the world, what is changing in journalism? This article investigates news production of the Chinese official media on Douyin (the Chinese version of TikTok). From the perspectives of news gathering, professional role, and news value, we conducted a manual content analysis (N = 991) of four representative Chinese official media (People’s Daily, ...
Luming Zhao, Weiming Ye*
ARTICLE | Journalism Practice| 2025、19、3：665-689
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Performing Transparency in Vlog News: Self-Disclosure of Chinese Journalists in Vlog Reporting on COVID-19
Absract:This study examines Chinese journalists’ use of video blogs (vlog) for news reporting during the COVID-19 pandemic. Situated within the “visual turn” of storytelling in the digital era, the vlog has risen in popularity as an audiovisual format on social media and video-sharing platforms, attracting followers’ attention through its attributes of apparent authenticity and intimacy. Journalists ...
Jing Meng, Haiyan Wang*
ARTICLE | Journalism Practice| 2025、19、1：134-150
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Social Norms and Stock Lending
Abstract：We examine how social norms measured by religiosity influence institutional investors' willingness to lend stock and constrain short selling in the U.S. markets. We find that firms with blockholders located in higher religiosity areas are associated with lower supply and higher utilization of lendable shares, but are not related to the demand for stock borrowing. Short interest, utilization ...
Danling Jiang, Baixiao Liu*, Steven Chong Xiao
ARTICLE | Journal of Financial Markets| 2025、76： 100991
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