Managers have great discretion in determining forecast characteristics, but little is known about how managerial incentives affect these characteristics. This paper examines whether managers strategically choose forecast precision for self-serving purposes. Building on the prior finding that the...

This study examines the impact of unidentifiable individual differences among financial analysts on the cross section of their earnings forecast accuracy. Various psychological factors, such as decision style and personality traits, are documented to impact individuals' decision making. However,...

Managers have great discretion in determining management forecast characteristics, but little is known about how managerial incentives affect these characteristics. In this paper, we examine whether managers strategically choose the precision of their earnings forecasts for self-serving...

This paper investigates whether top executives’ dependence on social connections has an impact on the information environment of listed companies. Specifically, this paper explores the role of school ties between firms’ and suppliers’ top executives on management earnings forecasts, an...

This paper examines the determinants of allocation of decision rights between the parent company and its subsidiaries, and the economic consequence of suboptimal power structure. Based on China's unique double-disclosure for the parent company and the whole group, we construct a decentralization...

In this paper, we evaluate the economic value of a blockchain application. In the context of asset-backed securities (ABS) issuance in China, where some ABS are issued with blockchain technology and others are not, we find that the use of blockchain significantly reduces the coupon yield at...

We study a joint capacity leasing and demand acceptance problem in intermodal transportation. The model features multiple sources of evolving supply and demand, and endogenizes the interplay of three levers --- forecasting, leasing, and demand acceptance. We characterize the optimal policy, and...

We examine the critical role of advance supply signals - such as suppliers' financial health and production viability - in dynamic supply risk management. The firm operates an inventory system with multiple demand classes and multiple suppliers. The sales are discretionary and the suppliers are...

Network operations often suffer from chronic asset imbalance over time and across locations. This paper addresses the issue in the intermodal industry. The problem is mainly driven by myopic policies, environmental uncertainty, and network interdependence. To address the problem, we develop a...