ORCID Profile
0000-0003-0579-8915
Current Organisation
University of New South Wales
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Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
Date: 09-2016
Abstract: Although a sizable literature suggests that firms benefit from vulnerability to takeovers because it reduces agency problems, the threat of takeovers can also impose ex ante costs on firms by adversely affecting relationships with important stakeholders, such as major customers. We find that when firms have corporate customers as important stakeholders, an exogenous reduction in the threat of takeovers increases their ability to attract new customers and strengthens their relationships with existing customers, resulting in improvement in operating performance. The positive effect on operating performance is greater for suppliers that are likely to offer unique and durable products to their customers. Our results suggest a beneficial aspect of protection from takeovers when stakeholder relationships are important. Data, as supplemental material, are available at 0.1287/mnsc.2015.2252 . This paper was accepted by Wei Jiang, finance.
Publisher: Oxford University Press (OUP)
Date: 08-2014
DOI: 10.1093/RFS/HHU050
Publisher: Elsevier BV
Date: 2021
DOI: 10.2139/SSRN.3777576
Publisher: American Association for the Advancement of Science (AAAS)
Date: 06-05-2022
Abstract: Despite an urgent need, authorities in many countries are struggling to track COVID vaccine effectiveness (VE) because standard VE measures cannot be calculated from their public health data. Here, we use regression discontinuity design (RDD) to estimate VE, motivated by such limitations in public health records from West Bengal, India. These data cover 8,755,414 COVID vaccinations (90% ChAdOx1 NCov-19, almost all first doses, until May 2021), 8,179,635 tests, and 141,800 hospitalizations. The standard RDD exploits age-based vaccine eligibility we also introduce a new RDD-based VE measure that improves on the standard one when better data are available. Applying these measures, we find a VE of 55.2% (95% confidence interval: 44.5 to 65.0%) against symptomatic disease, 80.1% (63.3 to 88.8%) against hospitalizations, and 85.5% (24.8 to 99.2%) against intensive care/critical care/high dependency admissions or deaths. Other data-deficient countries with age-based eligibility for any vaccine—and not just COVID vaccines—can also use these easy-to-implement measures to inform their own immunization policies.
Publisher: Cambridge University Press (CUP)
Date: 26-08-2022
DOI: 10.1017/S0022109021000570
Abstract: We investigate whether external industry tournament incentives influence the design of executive-compensation contracts. Using staggered negative mobility shocks as exogenous disruptions to tournament incentives, we show that firms treated by these shocks act to restore their executives’ diminished implicit risk-taking incentives by increasing compensation vega. On average, post-shock compensation vegas increase by approximately 10%. These effects are considerably larger for treated executives with strong tournament incentives and high ex ante mobility. Mobility shocks have no impact on compensation delta or total pay. Our results shed light on how explicit risk-taking incentives are optimized with respect to executive career concerns.
Publisher: Institute for Operations Research and the Management Sciences (INFORMS)
Date: 07-2016
Abstract: Using novel data on employee stock purchase plans (ESPPs), we show that aggregate purchases of company stock by lower-level employees predict future stock returns. Firms in the top quartile of ESPP purchases outperform those in the bottom quartile by 10% in the year after purchase. The relation between ESPP purchases and future stock returns is stronger for firms with high information asymmetry. Furthermore, we find that high ESPP purchases are associated with a lower likelihood of breaks in strings of consecutive earnings increases, as well as higher future sales growth and more innovation. These findings support the hypothesis that lower-level employees have information about future firm performance. We examine and reject a number of alternative explanations. Our results have implications for firms using employees as a source of capital, accounting issues related to expensing of equity-based compensation, and disclosure policy. Data, as supplemental material, are available at 0.1287/mnsc.2015.2226 . This paper was accepted by Wei Jiang, finance.
No related grants have been discovered for Rik Sen.