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"1994-2008"
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When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks
Previous research uses negative word counts to measure the tone of a text. We show that word lists developed for other disciplines misclassify common words in financial text. In a large sample of 10-Ks during 1994 to 2008, almost three-fourths of the words indentified as negative by the widely used Harvard Dictionary are words typically not considered negative in financial contexts. We develop an alternative negative word list, along with five other word lists, that better reflect tone in financial text. We link the word lists to 10-K filing returns, trading volume, return volatility, fraud, material weakness, and unexpected earnings.
Journal Article
WHEN WAR COMES HOME: THE EFFECT OF COMBAT SERVICE ON DOMESTIC VIOLENCE
This study is the first to estimate the effect of war service in the Global War on Terrorism on domestic violence. We exploit a natural experiment in overseas deployment assignment among active-duty servicemen by relying on theoretical and empirical evidence that, conditional on military rank and occupation, deployment assignments are orthogonal to the propensity for violence. Our results show that assignment to combat substantially increases the probability of intimate partner violence and child abuse. Descriptive evidence suggests that the effects may be explained in part by the stress- and substance use–related consequences of war.
Journal Article
Identities as Lenses: How Organizational Identity Affects Audiences' Evaluation of Organizational Performance
This study calls into question the completeness of the argument that economic actors who fail to conform to certain identity-based logics— such as the categorical structure of markets— garner less attention and perform poorly, beginning with the observation that some nonconforming actors seem to elicit considerable attention and thrive. By reconceptualizing organizational identity as not just a signal of organizational legitimacy but also a lens used by evaluating audiences to make sense of emerging information, I explore the micro, decision-making foundations on which both conformist and nonconformist organizations may come to be favored. Analyzing the association between organizational conformity and return on investment and capital flows in the global hedge fund industry, 1994-2008,1 find that investors allocate capital more readily to nonconforming hedge funds following periods of short-term positive performance. Contrary to prediction, nonconforming funds are also less severely penalized for recent poor performance. Both \"amplification\" and \"buffering\" effects persist for funds with nonconformist identities despite steady-state normative pressure toward conformity. I explore the asymmetry of this outcome, and what it means for theories related to organizational identity and legitimacy, in the discussion section.*
Journal Article
The Rise of Middle Kingdoms: Emerging Economies in Global Trade
In this paper, I examine changes in international trade associated with the integration of low- and middle-income countries into the global economy. Led by China and India, the share of developing economies in global exports more than doubled between 1994 and 2008. One feature of new trade patterns is greater South-South trade. China and India have booming demand for imported raw materials, which they use to build cities and factories. Industrialization throughout the South has deepened global production networks, contributing to greater trade in intermediate inputs. A second feature of new trade patterns is the return of comparative advantage as a driver of global commerce. Growth in low- and middle-income nations makes specialization according to comparative advantage more important for the global composition of trade, as North-South and South-South commerce overtakes North-North flows. China's export specialization evolves rapidly over time, revealing a capacity to speed up product ladders. Most developing countries hyper-specialize in a handful of export products. The emergence of low- and middle-income countries in trade reveals significant gaps in knowledge about the deep empirical determinants of export specialization, the dynamics of specialization patterns, and why South-South and North-North trade differ.
Journal Article
Risk and Expected Returns of Private Equity Investments: Evidence Based on Market Prices
We estimate the risk and expected return of private equity using market prices of publicly traded funds of funds holding unlisted private equity funds and of publicly traded private equity funds participating directly in private equity transactions. We find that the market expects unlisted private equity funds to earn abnormal returns between –0.5% and 2% per year. In addition, private equity has a market beta close to one and a positive beta on the SMB factor. These listed funds exhibit greater systematic risk than an index based on the self-reported net asset value of unlisted private equity funds.
Journal Article
Adolescent Depression and Adult Labor Market Outcomes
This article uses recently released data from a national longitudinal sample to present new evidence of the longer term effects of adolescent depression on labor market outcomes. Results suggest reductions in labor force attachment of approximately 5% and earnings reductions of approximately 15% for individuals with depressive symptoms as an adolescent. These effects are only partially reduced when controlling for channels operating through educational attainment, adult depressive symptoms, or co-occurring illnesses. Further, the unique structure of the data allows for high-school fixed effects as well as suggestive evidence using sibling comparisons, which allows controls for potentially important unobserved heterogeneity. Overall, the results suggest that the links between adolescent depression and labor market outcomes are quite robust and important in magnitude, suggesting the need for further investments in treatment options and opportunities during adolescence, which will likely result in long term returns.
Journal Article
The Girl Next Door: The Effect of Opposite Gender Friends on High School Achievement
This paper finds that a student's share of opposite gender school friends negatively affects high school GPA. It uses the gender composition of schoolmates in an individual's neighborhood as an instrument for the gender composition of an individual's self-reported friendship network. The effect occurs across all subjects for students older than 16, but only in mathematics and science for younger students. Additional results indicate effects may operate inside the classroom through difficulties getting along with the teacher and paying attention, and outside the classroom through romantic relationships.
Journal Article
Suspicious Patterns in Hedge Fund Returns and the Risk of Fraud
Recent cases of hedge fund fraud have caused large losses for investors and have fueled the debate regarding the ability of regulators to oversee the industry. This article proposes a set of performance flags, based on suspicious patterns in returns, as indicators of a heightened risk of fraud. We collect a sample of hedge funds charged with legal or regulatory violations and find that funds charged with misappropriation, overvaluation, misrepresentation, or Ponzi schemes trigger the performance flags at a higher frequency than other funds.
Journal Article
A critical analysis of supply chain management content in empirical research
Purpose - The purpose of this paper is to carry out a critical assessment of empirical research content in supply chain management (SCM). The assessment involved 569 empirical research articles published in 21 selected journals between 1994 and 2008.Design methodology approach - The methodology of critical assessment involved selection and classification of 569 empirical research articles in SCM. A systematic classification and a critical analysis is carried out so as to identify research gaps in content of SCM in empirical research, as well as to recommend directions for future research.Findings - Critical analysis of selected articles led to conclusion that SCM content in empirical research is very much based on analysis of focal firms and most of the authors prefer to perform empirical studies for combination of various entities of analysis considering possible elements of exchange. Performance measurement is on the rise and will continue to be but should be used at higher levels of analysis as well. The principal component bodies of SCM need further development to stage SCM at maturity level. Overall, it is highlighted that there is still a need for better frameworks that can overcome the shortcomings in extant empirical research literature of SCM.Originality value - Many literature reviews that aim at critical examination of SCM literature are reported but none of them focused exclusively on content of empirical research in SCM. Another unique feature of this paper is that the sample size of articles with respect to number of papers (569 papers) as well as number of journals (21 journals) is larger then ever considered for literature review in SCM. The paper spans a longer time span of 15 years (1994-2008) as well.
Journal Article