Management Science-2020年第2-3期会计与财务类文章

《Management Science》是国际上公认的历史悠久的管理类顶级期刊之一，成立于1954，Management Science是国内众多高校认定的国际A类期刊，也是教育部认可的管理科学A类期刊，由美国运筹学与管理科学学院主办。每年从全世界收到的论文有1000多篇左右，最终发表的论文不超过60篇（录取率在5％左右）。

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Management Science

Volume 66, Issue 2

（Febrary 2020）

一、目录

[1]. When Commitment Fails: Evidence from a Field Experiment.

John, Anett

[2]. How Do Accelerators Impact the Performance of High-Technology Ventures?

Yu, Sandy

[3]. Using Charity Performance Metrics as an Excuse Not to Give

Exley, Christine L.

[4]. A Scientific Approach to Entrepreneurial Decision Making: Evidence from a Randomized Control Trial.

Camuffo, Arnaldo; Cordova, Alessandro; Gambardella, Alfonso; Spina, Chiara.

[5]. What Makes Geeks Tick? A Study of Stack Overflow Careers.

Xu, Lei; Nian, Tingting; Cabral, Luís.

[6]. Motivating Whistleblowers.

Butler, Jeffrey V.; Serra, Danila; Spagnolo, Giancarlo.

[7]. Jumping the Line, Charitably: Analysis and Remedy of Donor-Priority Rule.

Dai, Tinglong; Zheng, Ronghuo; Sycara, Katia.

[8]. Online Resource Allocation with Limited Flexibility.

Asadpour, Arash; Wang, Xuan; Zhang, Jiawei.

[9]. Managing Appointment-Based Services in the Presence of Walk-in Customers.

Wang, Shan; Liu, Nan; Wan, Guohua

[10]. A Scientific Approach to Entrepreneurial Decision Making: Evidence from a Randomized Control Trial.

Gaertner, Fabio B.; Hoopes, Jeffrey L.; Williams, Braden M. 

[11]. Constrained Assortment Optimization Under the Markov Chain–based Choice Model.

Désir, Antoine; Goyal, Vineet; Segev, Danny; Ye, Chun.

[12]. Online Fundraising, Self-Image, and the Long-Term Impact of Ask Avoidance.

Adena, Maja; Huck, Steffen.

[13]. Multimodularity in the Stochastic Appointment Scheduling Problem with Discrete Arrival Epochs.

Zacharias, Christos; Yunes, Tallys.

[14]. Market Discipline and Systemic Risk.

Morrison, Alan D.; Walther, Ansgar.

[15]. Superstition, Conspicuous Spending, and Housing Market: Evidence from Singapore.

He, Jia; Liu, Haoming; Sing, Tien Foo; Song, Changcheng; Wong, Wei-Kang. 

[16].How Do Gender Quotas Affect Workplace Relationships? Complementary Evidence from a Representative Survey and Labor Market Experiments.

Ip, Edwin; Leibbrandt, Andreas; Vecci, Joseph

[17]. Two Birds, One Stone: Joint Timing of Returns and Capital Gains Taxes

Lei, Yaoting; Li, Ya; Xu, Jing

[18]. Judgment Error in Lottery Play: When the Hot Hand Meets the Gambler's Fallacy.

Kong, Qingxia; Granic, Georg D.; Lambert, Nicolas S.; Teo, Chung Piaw.

[19]. Price Improvement and Execution Risk in Lit and Dark Markets.

Brolley, Michael.

[20]. Influence of Social Media Emotional Word of Mouth on Institutional Investors' Decisions and Firm Value.

Nguyen, Hang; Calantone, Roger; Krishnan, Ranjani

[21].Effects of a Tournament Incentive Plan Incorporating Managerial Discretion in a Geographically Dispersed Organization.

Deller, Carolyn; Sandino, Tatiana

[22]. Liquidity Premium in the Eye of the Beholder: An Analysis of the Clientele Effect in the Corporate Bond Market.

Chen, Xuanjuan; Huang, Jing-Zhi; Sun, Zhenzhen; Yao, Tong; Yu, Tong 

[23].Star Turnover and the Value of Human Capital—Evidence from Broadway Shows.

Han, Shu; Ravid, S. Abraham.

[24]. Reducing Capital Market Anomaly: The Role of Information Technology Using an Information Uncertainty Lens.

Jia, Ning; Rai, Arun; Xu, Sean Xin 

二、题目、作者、作者单位、关键词

How Do Accelerators Impact the Performance of High-Technology Ventures? 

Yu,Sandy 

Department of Strategic Management& Entrepreneurship, Carlson School of Management, University of Minnesota,Minneapolis, Minnesota 55455

Abstract：Accelerators aim to help nascent companies reach successful outcomes by providing capital, enabling industry connections, and increasing exposure to investors. Critically, however, accelerators also provide informative signals to founders about the probability of success. Founders usethis information to decide whether to continue or shut down. To better understand these issues, I provide a model of accelerator participation and performance and then test empirical predictions from the model using a noveldata set of approximately 900 accelerator companies across 13 accelerators and 900 matched nonaccelerator companies. I find that, through accelerator feedback effects, accelerator companies close down earlier and more often, raise less money conditional on closing, and appear to be more efficient investment scompared with non-accelerator companies. Additional analysis using a separate sample of rejected accelerator applicants further supports these findings.These results suggest that accelerators help resolve uncertainty around company quality sooner, allowing founders to make funding and exit decisions accordingly. This paper was accepted by Ashish Arora, entrepreneurship and innovation.

Keywords: accelerators， entrepreneurial finance， feedback， information provision，start-ups，value of information

Influence of Social Media Emotional Word of Mouth onInstitutional Investors' Decisions and Firm

Nguyen,Hang

Department of Marketing, Eli BroadCollege of Business, Michigan State University, East Lansing, Michigan 48824

Calantone,Roger

Department of Marketing, Eli BroadCollege of Business, Michigan State University, East Lansing, Michigan 48824

Krishnan,Ranjani

Department of Accounting andInformation Systems, Eli Broad College of Business, Michigan State University,East Lansing, Michigan 48824

Abstract：This paper examines how customer sentiment expressed through social media influences institutional investors' investment decisions and firmvalue. We use psychology theory to classify the emotional content of social media-based word of mouth, which we refer to as ESWOM. We examine whether ESWOM influences institutional investors' stockholdings differentially based oninvestor type and if institutional investors' stockholdings mediate therelation between ESWOM and firm value. We identify eight types of ESWOM by linguistically interpreting web scrapings of millions of social media posts on 38 corporate brands for the 2007–2015 period. We find differential effects of ESWOM on stockholdings of institutional investors. Dedicated and quasi-indexinstitutional investors increase their stockholdings in response to increasesin positive ESWOM such as joy and trust. Transient investors decrease their stockholdings in response to increases in negative ESWOM such as anger,disgust, and fear. Competitive intensity and intangible asset intensity influence these results. Path analysis indicates that ESWOM influences firm abnormal stock returns and idiosyncratic risk both directly and indirectly through its effects on institutional investors' stockholdings. These findings support our hypothesis that investors' responses to customer sentiment varybased on whether they follow long-term or short-term investment strategies. Ourresearch highlights the importance of understanding the heterogeneous preferences of institutional investors and their use of social media information for decision making. This paper was accepted by Suraj Srinivasan,accounting.

Keywords: firm value，institutional stockholdings，risk，social media，word of mouth

Liquidity Premium in the Eye of the Beholder: AnAnalysis of the Clientele Effect in the Corporate Bond Market   

Chen,Xuanjuan

School of Finance, ShanghaiUniversity of Finance and Economics, Shanghai 200433, China

Huang,Jing-Zhi

Smeal College of Business, PennsylvaniaState University, University Park, Pennsylvania 16802

Sun,Zhenzhen

Charlton College of Business,University of Massachusetts Dartmouth, Dartmouth, Massachusetts 02747

Yao,Tong

Henry B. Tippie College ofBusiness, University of Iowa, Iowa City, Iowa 52240

Yu,Tong

Carl H. Lindner School of Business,University of Cincinnati, Cincinnatti, Ohio 45220

Abstract：This paper examines how liquidity and investors'heterogeneous liquidity preferences interact to affect asset pricing. Usingdata on insurers' corporate bond holdings, we find that illiquidity ofcorporate bond portfolios varies widely and persistently across insurers and isrelated to insurers' investment horizon and funding constraint, consistent withthe notion of liquidity clientele. We further find that liquidity clienteleaffects corporate bond prices—specifically, liquidity premia are lower amongcorporate bonds heavily held by investors with weaker preference for liquidity.This paper was accepted by Neng Wang, finance.

Keywords: corporate bond holdings, liquidity and spreads, liquidity clientele

Reducing Capital Market Anomaly: The Role of Information Technology Using an InformationUncertainty Lens.

Jia,Ning

 School of Economics and Management, TsinghuaUniversity, 100084 Beijing, People's Republic of China

Rai,Arun

Center for Process Innovation andDepartment of Computer Information Systems, Robinson College of Business,Georgia State University, Atlanta, Georgia 30303

Xu,Sean Xin

Research Center for ContemporaryManagement, Key Research Institute of Humanities and Social Sciences atUniversities, School of Economics and Management, Tsinghua University, 100084Beijing, People's Republic of China

Abstract：We investigate how firms use information technology (IT)implementation to mitigate an anomaly in capital markets: investors underreacting to new public information. The theory of information uncertainty(IU) suggests that the anomaly is amplified with IU; that is, with ambiguity ininformation about firm value. We theorize that a firm's IT in general—andenterprise systems (ES) in particular—can mitigate IU, thus reducing the IU-induced underreaction anomaly. Based on a difference-in-differences analysis of a sample of 572 ES implementations, our main finding is that ES implementation does reduce IU-induced underreaction anomaly. This is achieved through a reduction in the firm's fundamentals volatility and an improvement ininformation quality. We also find that firms with greater IT capability arebetter positioned to realize the anomaly-reducing benefits of ES implementation and that ES's anomaly-reducing effect is most pronounced when high levels of both functional and operational ES modules are implemented. We obtain remarkably consistent results when using alternate empirical design, samples, and measures of news. Such IT impacts are economically highly consequential because they improve capital market efficiency. This paper was accepted by Anandhi Bharadwaj, information systems.

Keywords: anomaly，capital market，enterprise systems，information uncertainty，IT business value，market efficiency

★学术板块荣誉出品★

整理：梁露予 吉林财经大学本科生

编辑：张瑾月 汕头大学研究生

审核：齐舒月 东北财经大学研究生

副主编：李嘉瑞 东北财经大学本科生

指导：水皮/李高波 北京交通大学博士生

目

录

     Management Science

Volume 66, Issue 3

（ March 2020）

[1]. An Experiment in Hiring Discrimination via Online Social Networks.

Acquisti, Alessandro; Fong, Christina.

[2]. From Predictive to Prescriptive Analytics

 Bertsimas, Dimitris; Kallus, Nathan.

[3]. Search Personalization Using Machine Learning.

Yoganarasimhan, Hema.

[4]. Reducing Discrimination with Reviews in the Sharing Economy: Evidence from Field Experiments on Airbnb.

Cui, Ruomeng; Li, Jun; Zhang, Dennis J.

[5]. A Structural Model of Correlated Learning and Late-Mover Advantages: The Case of Statins.

 Ching, Andrew T.; Lim, Hyunwoo. 

[6]. The Debt-Contracting Value of Accounting Numbers and Financial Covenant Renegotiation.

Dou, Yiwei.

[7]. Making the Wait Worthwhile: Experiments on the Effect of Queueing on Consumption.

Ülkü, Sezer; Hydock, Chris; Cui, Shiliang

[8]. A Research Framework for Business Models: What Is Common Among Fast Fashion, E-Tailing, and Ride Sharing?

Cachon, Gérard P.

[9]. The Missing New Funds.

Zhu, Qifei.

[10]. Expectation Management in Mergers and Acquisitions.

He, Jie (Jack); Liu, Tingting; Netter, Jeffry; Shu, Tao. 

[11]. Testing the Theory of Consumer Discrimination as an Explanation for the Lack of Minority Hiring in Hollywood Films.

Kuppuswamy, Venkat; Younkin, Peter.

[12]. Growth Options, Incentives, and Pay for Performance: Theory and Evidence.

Gryglewicz, Sebastian; Hartman-Glaser, Barney; Zheng, Geoffery.

[13]. Entrepreneurial Uncertainty and Expert Evaluation: An Empirical Analysis

Scott, Erin L.; Shu, Pian; Lubynsky, Roman M

[14]. Do Family Firms Invest More than Nonfamily Firms in Employee-Friendly Policies?

Kang, Jun-Koo; Kim, Jungmin.

[15].Valuable Choices: Prominent Venture Capitalists' Influence on Startup CEO Replacements.

Conti, Annamaria; Graham, Stuart J. H

[16]. Discretionary Remote Working Helps Mothers Without Harming Non-mothers: Evidence from a Field Experiment.

Sherman, Eliot L

[17]. Learning When to Stop Searching.

Goldstein, Daniel G.; McAfee, R. Preston; Suri, Siddharth; Wright, James R.

[18]. How Do You Search for the Best Alternative? Experimental Evidence on Search Strategies to Solve Complex Problems.

Sommer, Svenja C.; Bendoly, Elliot; Kavadias, Stylianos. 

[19]. Randomized Dimension Reduction for Monte Carlo Simulations.

Kahalé, Nabil.

[20]. Outshine to Outbid: Weather-Induced Sentiment and the Housing Market.

Hu, Maggie Rong; Lee, Adrian D.

[21].Managing Negative Celebrity Endorser Publicity: How Announcements of Firm (Non)Responses Affect Stock Returns.

Hock, Stefan J.; Raithel, Sascha.

[22]. Repeated Interaction in Teams: Tenure and Performance.

Villas-Boas, J. Miguel.

Part.1

The Debt-Contracting Value of Accounting Numbers and Financial Covenant Renegotiation.

Dou, Yiwei

Stern School of Business, New York University, New York, New York 10012

Abstract：Building on incomplete contract theory, I investigate whether the likelihood of renegotiating financial covenants is affected by the debt-contracting value of borrowers' accounting numbers. The debt-contracting value captures the inherent ability of accounting numbers to predict credit quality. Using a large sample of private credit agreements, I hypothesize and find that a higher debt-contracting value gives rise to smaller ex post measurement errors in accounting numbers used in covenants, and thus borrowers and lenders are less likely to renegotiate financial covenants. This effect is stronger when the financial covenant intensity is higher. Consistent with the notion that renegotiation improves contracting efficiency by eliminating errors in financial covenants, I show that the distance of the covenant variable to its new contractual threshold better predicts a borrower's creditworthiness than does the distance to the original threshold absent the renegotiation. This paper was accepted by Shiva Rajgopal, accounting. 

Keywords: accounting, corporate finance, finance management

Part.2

Expectation Management in Mergers and Acquisitions.

He, Jie (Jack)

1Department of Finance, Terry College of Business, University of Georgia, Athens, Georgia 30602

Liu, Tingting

Finance Department, Ivy College of Business, Iowa State University, Ames, Iowa 50011

Netter, Jeffry

Department of Finance, Terry College of Business, University of Georgia, Athens, Georgia 30602

Shu, Tao

Department of Finance, Terry College of Business, University of Georgia, Athens,Georgia 30602

Shenzhen Finance Institute, School of Management and Economics, The Chinese University of Hong Kong, Shenzhen

Abstract：Takeover bidders in stock-for-stock mergers have strong incentives to increase their own premerger stock prices to lower their acquisition costs. We find that before announcements of stock mergers, bidders manage down analyst earnings forecasts prior to earnings releases. Such expectation management benefits bidders by increasing their own stock prices and saving on acquisition costs. Additionally, analysts who have close relations with stock bidders are more likely to participate in expectation management. For identification, we use an instrumental variable analysis, a pseudo-event analysis, and a propensity score-matching approach. Our paper provides evidence on expectation management as a previously underexplored opportunistic behavior by takeover bidders. This paper was accepted by Shivaram Rajgopal, accounting. 

Keywords: acquisition costs, earnings surprises,  expectation management , mergers and acquisitions,  method of payment

Part.3

Valuable Choices: Prominent Venture Capitalists' Influence on Startup CEO Replacements.

Conti, Annamaria

Scheller College of Business, Georgia Institute of Technology, Atlanta, Georgia 30308

Faculty of Business and Economics, University of Lausanne, CH-1015 Lausanne, Switzerland

Graham, Stuart J. H.

Faculty of Business and Economics, University of Lausanne, CH-1015 Lausanne, Switzerland

Abstract：This paper explores how prominent venture capitalists (VCs) affect chief executive officer (CEO) replacement in startups. Defining prominence using eigenvector centrality, we use matching methods and instrumental variables to show that startup CEO replacement occurs more often and faster when prominent VCs participate. We further explore these VCs' comparative advantage in managing CEO turnover, finding that the prominent VC effects increase as replacement costs rise, such as when incumbent CEOs are entrenched or possess specialized technology know-how, or when startups are in an early stage. When prominent VCs participate, replacement CEOs are disproportionately experienced outsiders—external hires who possess prior startup CEO experience. Our results reveal that CEO turnover is associated with increases in startups' ex post innovation and survival performance, with experienced outsider CEO replacements showing the strongest survival rates. This paper was accepted by Gustavo Manso, finance.

Keywords: entrepreneurship,  investment criteria,  personnel management,  portfolio management   ,venture capital

Part.4

Managing Negative Celebrity Endorser Publicity: How Announcements of Firm (Non)Responses Affect Stock Returns.

Hock, Stefan J.

1School of Business, University of Connecticut, Storrs, Connecticut 06268

Raithel, Sascha

2School of Business & Economics, Freie Universität Berlin, 14195 Berlin, Germany

Abstract：Celebrity endorsers can cause negative publicity that can spill over to the endorsed brand. However, little is known about the economic effects of firm reactions to these events. This study fills this gap and estimates how announcements of firms' reactions (yes versus no), timing (slow versus fast), and type (maintain/suspend versus no reaction) affect daily abnormal stock returns (ARs) following negative publicity. Using 128 events of negative endorser publicity between 1988 and 2016 affecting firms in 230 cases, this study offers new and economically relevant insights. The most surprising finding is that firms can gain value depending on their response. Announcements of firms' reactions positively affect ARs, especially if they occur quickly after negative publicity surfaces. The analyses reveal that fast (slow) announcements of firms' reactions increase (decrease) firm value by 2.10% (−1.88%) over the next four trading weeks. Results also show that issuing statements suspending or maintaining the endorser both yield more positive ARs than not reacting at all. Further analyses identify conditions under which the stock market rewards maintaining or suspending an endorser. Firms have more positive ARs when they (1) suspend higher-blame endorsers, (2) suspend endorsers whose negative publicity is related to their occupation, (3) maintain endorsers with a high product fit, and (4) do not suspend apologetic endorsers. This study discusses implications for theory and practice and provides a strong empirical foundation for understanding the consequences of firm reaction announcements to negative celebrity endorser publicity. This paper was accepted by Juanjuan Zhang, marketing.

Keywords: celebrity endorsement，crisis management，event study，firm reaction，negative publicity，scandal，stock return

声明：本文资料来源于网络，版权归原作者和原杂志所有。传播学术成果，见证学术力量，会计学术联盟在行动，感谢社会各界的支持与厚爱！

★学术板块荣誉出品★

整理：梁露予 吉林财经大学本科生

编辑：周萌 华北水利水电大学研究生

副主编：崔悦 东北财经大学本科生

审核：何艳敏 重庆理工大学研究生

指导：水皮/李高波  北京交通大学博士生

以上就是本期“学术快报”栏目分享的主要内容。会计学术联盟，全球超过11万会计金融学者在关注，不忘初心：因缘分相聚，因互助成长，因智慧光华；牢记使命：传播会计前辈思想，引领青年一代成长。

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