Senior Fellows/Fellows

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Senior Fellows/Fellows

What is the impact of successful cyberattacks on target firms?

Jun-Koo KANG, Shinichi KAMIYA, Jungmin KIM, Andreas MILIDONIS, René STULZ
We examine which firms are targets of cyberattacks and how they are affected. We find that cyberattacks cause firms to reassess the risks that they are exposed to and their consequences, so that they have real effects on firm policies even when targets are not financially constrained. Cyberattacks a...
Keywords: Cyber risk, Cyberattack, Hacking, Risk management, Firm Value, Leverage, Compensation policy
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Annual Conference

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Corporate Finance

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May 2018

Employee Satisfaction, Labor Market Flexibility, and Stock Returns Around The World

Alex EDMANS, Lucius LI, Chendi ZHANG
We study the relationship between employee satisfaction and stock returns across 30 countries. Employee satisfaction is associated with superior long-run returns in flexible labor markets, such as the US and UK, but not rigid labor markets, such as Germany. Similar results hold for current valuation...
Keywords: Employee Satisfaction, Labor Market Flexibility, Socially Responsible Investing, corporate social responsibility
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Annual Conference

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Corporate Finance

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May 2018

Creditor Rights, Threat of Liquidation, and Labor-Capital Choice of Firms

Shashwat ALOK, Ritam CHAUREY, Vasudha NUKALA
In 2002, a legal reform introduced in India allowed secured creditors to seize and liquidate the defaulter’s assets. We study firms’ choice between capital and labor in response to these strengthened creditor rights by exploiting variation in their pre-policy proportion of collateralizable asset...
Keywords: Labor and Finance, creditor rights, Employment, Labor-Capital Choice, Labor Intensity, SARFAESI
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Annual Conference

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Corporate Finance, Senior Fellows/Fellows

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May 2018

Workplace Flexibility and Entrepreneurship

Jian ZHANG , Sumit AGARWAL, Tien Foo SING, Changcheng SONG
Working at home benefits workers with low fixed costs and the ability to engage in joint market and household production. We evaluate a large-scale reform in Singapore that allows the possibility of business creation at one’s residential property and study whether the option of home-based entrepre...
Keywords: Entrepreneurship, Home-Base Work, Experimentation
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Annual Conference

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Corporate Finance

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May 2018

Panda Games: Corporate Disclosure in the Eclipse of Search

Kemin WANG, Xiaoyun YU, Bohui ZHANG
We show that firms strategically alter their disclosure behaviors when the channel to transmit information is severed. We conduct textual analysis and exploit an exogenous event—Google’s 2010 surprising withdrawal from mainland China, which significantly hampers domestic investors’ ability to ...
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