Annual Conference

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Accounting

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May 2023

When Machine Comes to Town: Fund Analysts’ Performance with Artificial Intelligence

Grace Haoqing FAN, Xi KANG
How does the introduction of artificial intelligence (AI) technology affect the performance of mutual fund analysts? Using a unique setting in which AI was introduced to generate ratings for previously uncovered mutual funds in a large financial research company, we find that the analyst ratings’ ...
Keywords: artificial intelligence, machine learning, mutual fund, analyst performance, social connection, benchmark information
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Annual Conference

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Accounting

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May 2023

Third-Party Cookies, Data Sharing, and Return Comovement

Si CHENG, Yupeng LIN, Ruichang LU, Xiaojun ZHANG
Third-party cookies connect different firms and facilitate data sh aring. We find that common shocks to investor attention via cookie networks yield economically significant c omovement in financial information acquisition, retail t rading, and s tock r eturns. An identification test based on the en...
Keywords: Data Sharing, Return Comovement, Attention Spillover, Information Acquisition, Retail Trading
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Annual Conference

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Accounting

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May 2023

All in a day’s work: What do we learn from Analysts’ Bloomberg Usage?

Zhi DA, Azi BEN-REPHAEL, Bruce CARLIN, Ryan D. ISRAELSEN
We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts’ work habits: we estimate the average workday length (AWL) to proxy for analysts’ general effort provision and we use the percentage away day (PAD) to proxy for their soft i...
Keywords: Analyst, Effort Provision, Forecast Accuracy
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Annual Conference

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Accounting

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May 2023

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul H. DECAIRE, Denis SOSYURA
Using micro data on managerial expenditures, we uncover heuristics in capital budgets, such as nominal rigidity, anchoring, and sharp reset deadlines. Such heuristics engender managerial opportunism and erode investment efficiency. Managers with a budget surplus increase investment sharply before bu...
Keywords: capital budgeting, governance, fallacy, managerial heuristics
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Annual Conference

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Accounting

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May 2023

Does Relationship Lending Discipline Disclosure? Evidence from Bailout Loans

Daniel RABETTI
Assessing the Paycheck Protection Program (PPP) — a financial rescue program designed to cover firms’ payroll expenses during the Covid-19 pandemic — I document that the decision of managers whether to reveal the bailout loan details to the public dominates the disclosure strategy of firms tha...
Keywords: disclosure, relationship capital, reputation management, Covid-19 pandemic, financial crisis
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