Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Mandatory Data Breach Disclosure and Insider Trading

Xiaoli (Shaolee) TIAN, Gilles HILARY, Xi CHEN
Recent data breach have generated concerns that insiders might use cyber risk related nonpublic information in their trading. Using the staggered adoption of data breach notification laws at the state level, we examine whether mandatory breach disclosure affects insider selling behavior. We find tha...
Keywords: Cybersecurity, Data breach, regulation, Disclosure, insider trading
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Senior Fellows/Fellows

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2025

Managing Financial Crises

Gianluca BENIGNO, Alessandro REBUCCI, Aliaksandr ZARETSKI
In this paper, we revisit the question of how to manage financial crises using the framework proposed by Bianchi and Mendoza (2018). We show that this model economy exhibits a multiplicity of constrained-efficient equilibria, which arises because the private shadow value of collateral influences the...
Keywords: constrained efficiency, financial crises, macroprudential policy, optimal policy, pecuniary externalities, time consistency
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2018

Managers Pay Duration and Voluntary Disclosures

Qiang CHENG, Young Jun CHO, Jae B. KIM
Given the adverse impact on their welfare, managers are reluctant to disclose bad news timely. In this paper, we examine the effect of managers’ pay duration on firms’ voluntary disclosures of bad news. Pay duration refers to the average period that it takes for managers’ annual compensation t...
Keywords: Voluntary disclosures, management forecasts, executive compensation, pay duration
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Annual Conference

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Corporate Finance

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May 2023

Managerial Learning from Decoding Noisy Stock Prices: New(s) Evidence

Alan KWAN, Tse-Chun LIN, Po-Yu LIU
A long literature argues corporate managers learn from stock prices, but organizations’ learning process is challenging to observe. We present a novel test using firm-level readership of financial media articles as a manifestation of managerial learning. We hypothesize that reading financial media...
Keywords: big data, managerial learning, market feedback effects, financial news, R&D
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Members' Digest

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2019

Management Practices and the Wealth of Nations

Nicholas A. BLOOM
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