business adminstration A NEW PARADIGM OF management and technology
Abstract Among the stream of research on privacy, the study of information privacy concern and its factors has been a frequently examined topic. However, empirical research has produced disparate findings in terms of their significance and magnitude. To identify the reason behind such conflicting results, we employ meta-analysis to synthesize empirical findings from 172 studies
Yeolib KimAbstract This study investigates the association between the disposition effect and the stock price reaction to announcements of seasoned equity offers (SEOs). We find that SEO issuing firms in which investors have greater unrealized capital gains exhibit a more severe SEO announcement reaction. This result is consistent with the well-known disposition effect, whereby investors tend
Hope H. HanAbstract This paper investigates how corporate Environmental, Social, and Governance (ESG) actions affect firm value. By employing an event study around two 5-to-4 Supreme Court rulings and using portfolio-based approaches, we document that prices capitalize sustainability in the cross-section. When the Court awards broader regulatory authority to the EPA, polluting firms with the largest discrepancies
Yongjun KimAbstract Mobile marketing, despite its popularity among marketers, has yet to overcome the persistent challenges of consumer’s short attention span and apathy towards digital ads, thus resulting in low engagement and conversion. Although mobile content marketing (MCM) has emerged as an alternative solution to such challenges in practice, academic research on the effectiveness and strategies
Minki KimAbstract We show both theoretically and empirically the extent to which the supply side effects arising from mutual fund holdings matter for the credit risk of bond issuers. In our model, funds’ willingness to roll over expiring bonds depends on the flow consequences of future fund performance. The presence of these flow-motivated investors interacts with
Ji Yeol Jimmy OhAbstract In this study, we argue that a misalignment of interests between ventures and venture capitalists (VCs) may arise and that VCs can negatively affect ventures’ product innovation quality in the long run. We show that VC-backed ventures experience a higher rate of product failures than non-VC-backed ventures after these ventures go public. We further
Joonhyung BaeAbstract We examine how learning-by-doing rates in manufacturing affect firms’ decisions upon diversification. Prior research based on Penrose’s (1959) perspective has tended to hold a view that learning-by-doing fosters diversification by resulting in redundant resources that firms can use to diversify. However, we argue and show that firms from industries featured by high learning-by-doing rates
Wonsang RyuAbstract This paper examines how heterogeneity in intermediary capital – the equity capital ratio of the largest financial intermediaries in the U.S. – affects the cross-section of stock returns. We estimate the exposure (i.e., beta) of individual stocks to a shock in the dispersion of intermediary capital and find that stocks in the lowest
Sang-Ook(Simon) ShinAbstract Firms in the biotechnology and pharmaceutical industry are investing billions of dollars in their R&D, especially in new drug discovery. Nevertheless, the industry witnessed declining returns on R&D investments in the past several years. Failure to discontinue less promising new drug discovery projects is an important driver behind this decreased productivity. Hence, firms in
Moren LévesqueAbstract This paper examines how investor inertia might benefit the controlling families of business groups in a way that is distinct from explicit tunneling or diversion of resources. Our analysis is based on a sample of new parent-subsidiary relationships created through spin-offs followed by stock-for-stock tender offers in Korean business groups. We find that family
Shu-Feng Wang
