We compare the effect of a text message sent to mobile phones on the actions of minority groups versus the general population in Israel. Using proprietary data from a dedicated survey, we show that the text message had an overall positive effect, but a significantly smaller effect on minority groups. We provide insights into potential channels (low digital literacy, low financial literacy, and low trust) that contribute to the differential effect. This evidence suggests that policy interventions relying on voluntary take-up by participants may be disproportionately taken up by nonmarginalized groups, an unintended effect that can exacerbate rather than mitigate disparities.
{"title":"The Disparate Effect of Nudges on Minority Groups","authors":"Maya Haran Rosen, Orly Sade","doi":"10.1093/rcfs/cfac011","DOIUrl":"https://doi.org/10.1093/rcfs/cfac011","url":null,"abstract":"\u0000 We compare the effect of a text message sent to mobile phones on the actions of minority groups versus the general population in Israel. Using proprietary data from a dedicated survey, we show that the text message had an overall positive effect, but a significantly smaller effect on minority groups. We provide insights into potential channels (low digital literacy, low financial literacy, and low trust) that contribute to the differential effect. This evidence suggests that policy interventions relying on voluntary take-up by participants may be disproportionately taken up by nonmarginalized groups, an unintended effect that can exacerbate rather than mitigate disparities.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":" ","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44103420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A CEO proposes a strategic plan to a board of directors acting in an advisory role. Each director supports the plan, opposes it, or delays speaking until other directors act. The option to delay suppresses dissent from bad plans in equilibrium. Delay has a pronounced impact for important decisions and for firms with reputable CEOs who make few errors. I investigate the role of ordering, that is, when directors should be invited to speak as a function of their signal precision.
{"title":"Passivity on the Board of Directors","authors":"C. Yung","doi":"10.1093/rcfs/cfac012","DOIUrl":"https://doi.org/10.1093/rcfs/cfac012","url":null,"abstract":"\u0000 A CEO proposes a strategic plan to a board of directors acting in an advisory role. Each director supports the plan, opposes it, or delays speaking until other directors act. The option to delay suppresses dissent from bad plans in equilibrium. Delay has a pronounced impact for important decisions and for firms with reputable CEOs who make few errors. I investigate the role of ordering, that is, when directors should be invited to speak as a function of their signal precision.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":" ","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41906702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study investigates the notion that agency-driven information asymmetry may affect a firm’s stock liquidity. I postulate that less uncertainty about managerial agency problems may enhance liquidity provision by lowering dealers’ perceived adverse selection risk from trading with better-informed speculators. Consistent with my conjecture, I find that the staggered adoption of antitakeover provisions across U.S. states in the 1980s and 1990s — a plausibly exogenous shock unambiguously reducing the threat of (and speculators’ information advantage about) value-enhancing intervention — robustly improves the stock liquidity of affected firms relative to peer firms, especially at prior high fundamental or agency uncertainty and with poor governance.
{"title":"Agency Costs and Strategic Speculation in the U.S. Stock Market","authors":"Paolo Pasquariello","doi":"10.1093/rcfs/cfac009","DOIUrl":"https://doi.org/10.1093/rcfs/cfac009","url":null,"abstract":"This study investigates the notion that agency-driven information asymmetry may affect a firm’s stock liquidity. I postulate that less uncertainty about managerial agency problems may enhance liquidity provision by lowering dealers’ perceived adverse selection risk from trading with better-informed speculators. Consistent with my conjecture, I find that the staggered adoption of antitakeover provisions across U.S. states in the 1980s and 1990s — a plausibly exogenous shock unambiguously reducing the threat of (and speculators’ information advantage about) value-enhancing intervention — robustly improves the stock liquidity of affected firms relative to peer firms, especially at prior high fundamental or agency uncertainty and with poor governance.","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"57 2","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138509225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Diversity in Family Business: Where Social Goals Collide with Family Socioemotional Wealth","authors":"Jijun Gao, Mingzhi Liu, Yefeng Wang","doi":"10.1561/114.00000032","DOIUrl":"https://doi.org/10.1561/114.00000032","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"95 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81805845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Effect of Corporate Investment Efficiency on Cross-Border M&As","authors":"Feng Dong, John A. Doukas","doi":"10.1561/114.00000015","DOIUrl":"https://doi.org/10.1561/114.00000015","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"7 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89662042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"We Reddit in a Forum: The Influence of Message Boards on Firm Stability","authors":"S. Corbet, Y. Hou, Yang Hu, L. Oxley","doi":"10.1561/114.00000014","DOIUrl":"https://doi.org/10.1561/114.00000014","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"23 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77855003","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Asset Market Equilibrium and Family Firm Cost of Capital: Implications for Corporate Finance","authors":"Carlton Osakwe, J. Chua, James J. Chrisman","doi":"10.1561/114.00000030","DOIUrl":"https://doi.org/10.1561/114.00000030","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"8 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78615086","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Empirical Research on Private Equity Funds: A Review of the Past Decade and Future Research Opportunities","authors":"Na Dai","doi":"10.1561/114.00000020","DOIUrl":"https://doi.org/10.1561/114.00000020","url":null,"abstract":"","PeriodicalId":44656,"journal":{"name":"Review of Corporate Finance Studies","volume":"442 1","pages":""},"PeriodicalIF":11.3,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79563562","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：