Entry and capital structure mimicking in concentrated markets: The role of incumbents’ financial disclosures

We examine whether the public availability of product market incumbents' financial disclosures leads to greater capital structure mimicking of incumbents by entrants. Exploiting a change in disclosure enforcement for German private firms in the mid-2000s, we find entrant-incumbent mimicking rises substantially in concentrated markets once incumbents' financial statements are publicly available. Additional tests exploring potential mechanisms are more consistent with interfirm learning underlying the effect than alternative channels. Our findings shed light on the effects of competitor financial statement disclosure on private firms’ initial financing decisions and highlight how capital structure dependencies among peer firms arise.     

The Credit Crisis and De Nova Mimicking in Security Analysis

The failure of the investment community in 2007 to foresee the systematic collapse of the credit default swap market significantly increased the complexity of security analysis and damaged the reputation of the security analyst community in general. submit that in response to the credit crisis, security analysts may have engaged in a de nova form of mimicking by increasing emphasis on general market factors and reducing emphasis on idiosyncratic factors in their valuations, driven by behavioral motives to achieve increased cost efficiency and avoid higher penalties for unfavorable outlier valuations. The result would be increased correlation among security valuations and therefore returns, and diminished benefits of diversification. We test this hypothesis by examining the patterns of security and portfolio returns surrounding the onset of the credit crisis in early 2007 and observe a significant postcrisis increase in the proportion of security and portfolio returns explained by market factors. The findings support the hypothesized shift in emphasis in security analyst valuation techniques, and provide results consistent with the hypothesized behavioral explanations.     

基于均值-方差相交的定价因子研究——兼论GMM中估计Block—Bootstrap模拟的区组选择

根据最优投资组合理论，本文证明可以采用均值一方差相交的方法确定模拟资产组合作为因素模型的定价因子。为了得到稳健的实证结论，文中对GMM估计的Wald统计量进行了Block—Bootstrap模拟．同时研究了模拟过程中区组（Block）长度的选择问题。实证结果表明，本文构造的大、中、小三个规模组合可以作为中国股市的定价因子；当区组长度选定时，GMM—Wald统计量的Block—Bootstrap模拟不会随着模拟次数的变化发生显著变化，但当区组长度超过10时，它与其它区组长度对应的模拟结果会有显著差异。     

Mimicking menu choices: Menu choice failure and blame attribution of Korean customer

Although behavioral mimicry occurs when customers make decisions, researchers have paid little attention to how behavioral mimicry might affect food choices and subsequent behavioral intentions, especially in social networking. Therefore, this study examined how menu choice failure after using menu referrals from online social networks affect blame attribution and subsequent behavioral intention. This study considered how uncertainty about menu, task importance and tie-strength with an online social network referral affects blame attribution and behavioral intention (customer satisfaction and revisit intention). 2 (Uncertainty; high versus low) × 2 (Task importance; high versus low) × 2 (Tie-strength; strong versus weak) between-subjects experimental design was utilized. This research provided evidence that people are less likely to blame a social media friend for the failure of menu choice when the consumers have low uncertainty about the menu, when the menu choice is less important to them, and when they have strong ties.     

分税制、转移支付与地方政府财政努力

本文实证检验了分税制和转移支付对地方政府财政努力的影响,通过引入空间效应,将总效应分解为直接效应和间接效应。我们发现,地方财政收入分成比例的提高会提高地方政府财政努力程度,财政转移支付依赖越高则地方政府财政努力程度越低,并且地方政府会依据过去的分成比例和财政转移支付来决定其财政努力水平。利用空间计量模型,我们还发现,地方政府之间存在横向模仿行为,横向政府间财政策略存在空间外溢性。     

Peer effects in financial economics: A literature survey

The paper reviews the growing literature on peer effects in finance from theoretical and empirical viewpoints. In particular, we assess the importance of peer behavior on firms’ financial policies, analyze the channels through which they operate, and gauge their magnitude. We particularly review empirical works on herding and peer effects in two subfields of finance: corporate finance and the financial markets. We also discuss the results of many relevant peer-reviewed academic studies and provide research and policy implications. The main conclusion is that peer effects are important in shaping investor and firm decisions. The most critical problem in the peer effect literature is employing an identification strategy to ensure that results are not driven by endogeneity. The paper also discusses ways to address this identification issue and provides a future research agenda.