| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28441 |
| 来源ID | Working Paper 28441 |
| Uncovering the Hidden Effort Problem | |
| Azi Ben-Rephael; Bruce I. Carlin; Zhi Da; Ryan D. Israelsen | |
| 发表日期 | 2021-02-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We use machine learning to analyze minute-by-minute Bloomberg online status data and study how the effort provision of top executives in public corporations affects firm value. While executives likely spend most of their time doing other activities, Bloomberg usage data allows us to characterize their work habits. We document a positive effect of effort on unexpected earnings, cumulative abnormal returns following firm earnings announcements, and credit default swap spreads. We form long-short, calendar-time, effort portfolios and show that they earn significant average daily returns. Finally, we revisit several agency issues that have received attention in the prior academic literature on executive compensation. |
| 主题 | Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w28441 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586114 |
| 推荐引用方式 GB/T 7714 | Azi Ben-Rephael,Bruce I. Carlin,Zhi Da,et al. Uncovering the Hidden Effort Problem. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28441.pdf（713KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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