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Uncovering the Hidden Effort Problem

We analyze minute-by-minute Bloomberg online status and study how the effort provision of executives in public corporations affects firm value. While executives spend most of their time doing other activities, patterns of Bloomberg usage allow us to characterize their work habits as measures of effort provision. We document a positive effect of effort on unexpected earnings and cumulative abnormal returns following earnings announcements, and a reduction in credit default swap spreads. This is robust to using exogenous weather patterns as an instrument. Long-short, calendar-time effort portfolios earn significant average daily returns. Finally, we revisit important agency issues from the literature.

Ketersediaan
Call NumberLocationAvailable
PSB lt.2 - Karya Akhir (Majalah)1
Informasi Detail
Judul Seri
The Journal of Finance
No. Panggil
-
Penerbit
United States : American Finance Association.,
Deskripsi Fisik
1327 p.
Bahasa
English
ISBN/ISSN
1540-6261
Klasifikasi
NONE
Tipe Isi
text
Tipe Media
-
Tipe Pembawa
-
Edisi
Vol. 80 Issue 2, Apr 2025
Subjek
Hidden Effort Problem
Info Detail Spesifik
The Journal of Finance
Pernyataan Tanggungjawab
Versi lain/terkait

Tidak tersedia versi lain

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