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The Effect of Community Managers on Online Idea Crowdsourcing Activities

Lars Hornuf, Sabrina Jeworrek
Journal of the Association for Information Systems, Nr. 1, 2022
Abstract
In this study, we investigate whether and to what extent community managers in online collaborative communities can stimulate community activities through their engagement. Using a novel data set of 22 large online idea crowdsourcing campaigns, we find that moderate but steady manager activities are adequate to enhance community participation. Moreover, we show that appreciation, motivation, and intellectual stimulation by community managers are positively associated with community participation but that the effectiveness of these communication strategies depends on the form of participation managers wish to encourage. Finally, the data reveal that community manager activities requiring more effort, such as media file uploads vs. simple written comments, have a stronger effect on community participation.
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Uncovered Workers in Plants Covered by Collective Bargaining: Who Are They and How Do They Fare?

Boris Hirsch, Philipp Lentge, Claus Schnabel
British Journal of Industrial Relations, Nr. 4, 2022
Abstract
Abstract In Germany, employers used to pay union members and non-members in a plant the same union wage in order to prevent workers from joining unions. Using recent administrative data, we investigate which workers in firms covered by collective bargaining agreements still individually benefit from these union agreements, which workers are not covered anymore and what this means for their wages. We show that about 9 per cent of workers in plants with collective agreements do not enjoy individual coverage (and thus the union wage) anymore. Econometric analyses with unconditional quantile regressions and firm-fixed-effects estimations demonstrate that not being individually covered by a collective agreement has serious wage implications for most workers. Low-wage non-union workers and those at low hierarchy levels particularly suffer since employers abstain from extending union wages to them in order to pay lower wages. This jeopardizes unions' goal of protecting all disadvantaged workers.
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Financial Linkages and Sectoral Business Cycle Synchronization: Evidence from Europe

Hannes Böhm, Julia Schaumburg, Lena Tonzer
IMF Economic Review, December 2022
Abstract
We analyze whether financial integration leads to converging or diverging business cycles using a dynamic spatial model. Our model allows for contemporaneous spillovers of shocks to GDP growth between countries that are financially integrated and delivers a scalar measure of the spillover intensity at each point in time. For a financial network of ten European countries from 1996 to 2017, we find that the spillover effects are positive on average and much larger during periods of financial stress, pointing towards stronger business cycle synchronization. Dismantling GDP growth into value added growth of ten major industries, we observe that spillover intensities vary significantly. The findings are robust to a variety of alternative model specifications.
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Physical Climate Change and the Sovereign Risk of Emerging Economies

Hannes Böhm
Journal of Economic Structures, 2022
Abstract

I show that rising temperatures can detrimentally affect the sovereign creditworthiness of emerging economies. To this end, I collect long-term monthly temperature data of 54 emerging markets. I calculate a country’s temperature deviation from its historical average, which approximates present-day climate change trends. Running regressions from 1994m1 to 2018m12, I find that higher temperature anomalies lower sovereign bond performances (i.e., increase sovereign risk) significantly for countries that are warmer on average and have lower seasonality. The estimated magnitudes suggest that affected countries likely face significant increases in their sovereign borrowing costs if temperatures continue to rise due to climate change. However, results indicate that stronger institutions can make a country more resilient towards temperature shocks, which holds independent of a country’s climate.

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Trust and Contracting with Foreign Banks: Evidence from China

Desheng Yin, Iftekhar Hasan, Liuling Liu, Haizhi Wang
Journal of Asian Economics, December 2022
Abstract
We empirically investigate whether firms doing business in regions characterized as having high social trust receive preferential treatment on loan contractual terms by foreign banks. Tracing cross-border syndicated lending activities in China, we document that firms located in provinces with higher social trust scores obtain significantly low costs of bank loans and experience less stringent collateral requirement. To address the potential endogeneity issues, we adopt an instrumental variable approach and a two-sided matching model, and report consistent results. We also estimate a system of three equations through three-stage-least square estimator to accommodate the joint determination of price and non-price terms in loan contracts. In addition, we find that the effect of social trust on cost of bank loans is more prominent for firms located in provinces with relatively less developed formal institutions.
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Environmental Reputational Risk, Negative Media Attention and Financial Performance

Leonardo Becchetti, Rocco Ciciretti, Iftekhar Hasan, Gabriele La Licata
Financial Markets, Institutions and Instruments, Nr. 4, 2022
Abstract
Tracing negative media attention, this paper investigates the effect of reputational risk on firm value. Decomposing reputational damage into environmental, social and corporate-governance dimensions, it reports that environmental reputational risk has the most significant negative effect on price earnings, i.e., firms exposed to environmental risk are likely to be priced at a discount or charged a higher risk premium when discounting future earnings.
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Hedge Fund Activism and Internal Control Weaknesses

David Folsom, Iftekhar Hasan, Yinjie (Victor) Shen, Fuzhao Zhou
China Accounting and Finance Review, Nr. 4, 2022
Abstract
Purpose: The aim of the paper is to investigate the associations between hedge fund activism and corporate internal control weaknesses. Design/methodology/approach: In this paper, the authors identify hedge fund activism events using 13D filings and news search. After matching with internal control related information from Audit Analytics, the authors utilize ordinary least square (OLS) and propensity score matching (PSM) to analyze the data. Findings: The authors find that after hedge fund activism, target firms report additional internal control weaknesses, and these identified internal control weaknesses are remediated in subsequent years, leading to better financial-reporting quality. Originality/value: The findings indicate that both managers and activists have incentives to develop a stronger internal control environment after targeting.
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Total Factor Productivity Growth at the Firm-level: The Effects of Capital Account Liberalization

Xiang Li, Dan Su
Journal of International Economics, November 2022
Abstract
This study provides firm-level evidence on the effect of capital account liberalization on total factor productivity (TFP) growth. We find that a one standard deviation increase in the capital account openness indicator constructed by Fernández et al. (2016) is significantly associated with a 0.18 standard deviation increase in firms’ TFP growth rates. The productivity-enhancing effects are stronger for sectors with higher external finance dependence and capital-skill complementarity, and are persistent five years after liberalization. Moreover, we show that potential transmission mechanisms include improved financing conditions, greater skilled labor utilization, and technology upgrades. Finally, we document heterogeneous effects across firm size and tradability, and threshold effects with respect to the country's institutional quality.
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Surges and Instability: The Maturity Shortening Channel

Xiang Li, Dan Su
Journal of International Economics, November 2022
Abstract
Capital inflow surges destabilize the economy through a maturity shortening mechanism. The underlying reason is that firms have incentives to redeem their debt on demand to accommodate the potential liquidity needs of global investors, which makes international borrowing endogenously fragile. Based on a theoretical model and empirical evidence at both the firm and macro levels, our main findings are twofold. First, a significant association exists between surges and shortened corporate debt maturity, especially for firms with foreign bank relationships and higher redeployability. Second, the probability of a crisis following surges with a flattened yield curve is significantly higher than that following surges without one. Our study suggests that debt maturity is the key to understand the financial instability consequences of capital inflow bonanzas.
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The Effects of Public and Private Equity Markets on Firm Behavior

Shai B. Bernstein
Annual Review of Financial Economics, November 2022
Abstract

In this article, I review the theoretical and empirical literature on the effects of public and private equity markets on firm behavior, emphasizing the consequences that emerge from disclosure requirements, ownership concentration, and degree of firm standardization. While publicly listed firms benefit from a lower cost of capital, enabling increased focus on commercialization and profitability, they are less suited to pursue long-term risky investments. Privately held firms are better equipped to pursue innovative projects but face a higher cost of capital, which limits their growth. Complementarities between public and private equity markets can mitigate their respective limitations. Innovation in private equity markets supplements commercialization efforts of public firms, and demand for innovation by public firms accelerates entrepreneurial activity in private equity markets. I conclude by discussing directions for future research.

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