In a market context, status effect occurs when actors are accorded differential recognition for their efforts depending on location in ordering, holding constant the quality of these efforts. practice, because it is very difficult to measure quality, this ceteris paribus proviso often precludes convincing empirical assessments magnitude effects. We address problem by examining impact major status-conferring prize that shifts actors' positions prestige ordering. Specifically, using precisely...

We find that CEOs release 20% more discretionary news items in months which they are expected to sell equity, predicted using scheduled vesting months. These determined by equity grants made several years prior and thus unlikely be driven the current information environment. The increase arises for positive news, but not neutral or negative nor nondiscretionary news. News releases fall month before after month. generates a temporary stock prices market liquidity, CEO exploits cashing out...

In this study, we examined China's Young Thousand Talents (YTT) program and evaluated its effectiveness in recruiting elite expatriate scientists nurturing the returnee scientists' productivity. We find that YTT are generally of high caliber research but, as a group, fall below top category pre-return further associated with post-return publication gain across journal-quality tiers. However, mainly takes place last-authored publications for high-caliber (albeit not top-caliber) recruits can...

Research summary: We document the extent of fraudulent reporting among 467 private Chinese technology companies. Comparing financial statements concurrently submitted to two different state agencies, we demonstrate a systematic gap in reported profit figures sets books. find: (1) more than half sampled companies report incentive‐compatible, materially discrepant numbers agencies; (2) politically connected are approximately 18 percent likely commit fraud and those with venture capital backing...

We show that fraudulent firms allocate resources differently than honest companies. Resources obtained through means are likely to be viewed as unearned gains and less invested in productive activities, such recruiting talent. posit companies also invest different types of innovation: pursue technically significant innovations, while make smaller investments challenging inventive opportunities contribute the appearance rather substance innovation. test these predictions a longitudinal...

Research summary Social networks are believed to help start‐ups access venture capital (VC). However, the causal mechanisms remain unclear because social ties probably influence both a start‐up's likelihood of being screened for evaluation and its funded. Whereas prior studies conceptualize financing as single‐moment event, in this article, it is theorized dynamic multistage process which screening decision precedes funding decision. Failure address selection effects at each stage could lead...

We study non-U.S. companies that have used reverse mergers as a means to adopt U.S. corporate law (and sometimes securities well). Early adopters of cross-border and those firms hired Big Four auditor exhibited superior governance outcomes. Later were likely strategically mimic the early entrants only gain access capital markets — is, they took some actions but not others are shown be worse outcomes over time. Firm-level origins in China initially appears significant negative determinant at...

There is often considerable anxiety and conflicting advice concerning the benefits of presenting/being evaluated first. We thus investigate how expert evaluators vary in their evaluations entrepreneurial proposals based upon order which they are evaluated. Our research setting a premiere innovation fund competition Beijing, China, where prize money at stake economically meaningful, quasi-randomly assigned to evaluate written grant without possibility peer influence. This enables us credibly...

Returnees—nationals of a developing country who have studied or worked in developed economy and later returned to their home countries—appear ideally positioned start new ventures. Yet growing body research suggests that they perform no better—or even worse—than home-grown entrepreneurs, phenomenon we refer as “returnee liability.” While previous has sought the solution this puzzle institutional conditions returnees’ countries, key contribution paper is propose novel mechanism accounts for...

Mentorship programs are increasingly on the agenda for policymakers and universities interested in fostering entrepreneurship. However, we have few studies examining causal effects of mentorship potential entrepreneurs. We investigate impact type likelihood that university students will become test whether being mentored by an entrepreneur has a different entrepreneurship education compared with mentoring from non-entrepreneur relevant industry experience. use longitudinal field experiment...

How do different sources of social influence impact the likelihood entrepreneurship? We examine this question in setting an entrepreneurship class which students were randomly assigned to receive mentorship from either entrepreneur or a non-entrepreneur. Using two longitudinal field experiments with pre-test/post-test design, we find that randomization mentor increases joining founding startup, particularly for whose parents not entrepreneurs. Performance data suggests is encouraging "worse"...

Fraudsters seem to possess many of the traits that are associated with innovators: they disrespect established ways doing things; think outside box create their own obtaining what want; and in process, embrace risks failure social sanctions. Nonetheless, there also good reasons expect fraudulent firms be less innovative than nonfraudulent peers, as cheating buffers from external pressures thus fosters managerial complacency. In this paper, we develop a theory links resource acquisition...

We document the extent of fraudulent reporting among 467 private Chinese technology companies. Comparing financial statements companies that concurrently apply for government-funded innovation grants and file with a second state agency, we demonstrate systematic gap in reported profit figures two sets books. find: (i) over half report materially different numbers to agencies; (ii) founded by individuals political connections those have received investments from venture capital firms are much...

Bladder urothelial carcinoma is the most common malignant tumor disease in urinary system, and its incidence rate ranks ninth world. In recent years, continuous development of hyperspectral imaging technology has provided a new tool for auxiliary diagnosis bladder cancer. this study, based on microscopic data, an automatic detection algorithm cells combining color features shape proposed. Support vector machine (SVM) used to build classification models compare performance spectral feature,...

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Abstract Research summary This study utilizes the administrative data of an innovation grant program in a major emerging economy to which firms are best positioned capture state and access resources beyond what their rule‐complying merits command. We trace allocation process directly observe occurrences rule‐violating funding. show that vary capability secure irregular awards, depending on factors such as geographic proximity social bureaucratic setting within entrepreneurs officials...

Can firms leverage public entrepreneurship investments to improve innovation and financial performance? Analysis of this question is frustrated by the difficulty distinguishing treatment from selection effects. We take advantage internal administrative data on applications China's Innofund program in order (a) identify which application features are associated with higher chances obtaining grants (b) evaluate causal impact receiving a grant firm performance using regression discontinuity...

Media news is a proxy for attention from the information supply side, and Google search demand side. I show that has biggest impact on financial markets when side move in same direction. A portfolio of buying stocks with both attentions up short-selling down generates 17% annual abnormal returns. The finding indicates media important to market only investors are willing be affected. Furthermore, measure less subject estimation bias.