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    Time to acquire: Regulatory burden and M&A activity
    Balogh, A ; Creedy, U ; Wright, D (Elsevier BV, 2022-07)
    Firms go public to make acquisitions, but private firms benefit from lower regulatory cost. Investment by newly public firms may be limited if managers need to focus on compliance instead of growth. Exploiting a 2012 US policy reform, we show that when regulatory cost is lower, firms make more acquisitions, do so more quickly after listing, and also increase other forms of investment. Examining potential unintended consequences of reduced regulation, we find that opportunistic bidding arising from higher information asymmetry does not explain these results. We inform the ongoing policy debate on broadening the scale and scope of regulatory relief.
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    Evolution of a dealer trading network and its effects on art auction prices
    De Silva, DG ; Gertsberg, M ; Kosmopoulou, G ; Pownall, RAJ (ELSEVIER, 2022-05-01)
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    Do state visits affect cross-border mergers and acquisitions
    Aleksanyan, M ; Hao, Z ; Vagenas-Nanos, E ; Verwijmeren, P (ELSEVIER, 2021-02-01)
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    Measuring Financial Wellbeing with Self-Reported and Bank Record Data
    Comerton-Forde, C ; De New, J ; Salamanca, N ; Ribar, DC ; Nicastro, A ; Ross, J (WILEY, 2022-03-18)
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    Gendered Prices
    Adams, RB ; Kraussl, R ; Navone, M ; Verwijmeren, P ; Van Nieuwerburgh, S (OXFORD UNIV PRESS INC, 2021-08-01)
    Abstract We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality—even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women’s art may sell for less because it is made by women. However, the gender discount reduces over time as gender equality increases.
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    Two components of body-image disturbance are differentially associated with distinct eating disorder characteristics in healthy young women.
    Hamamoto, Y ; Suzuki, S ; Sugiura, M ; McLester, CN (Public Library of Science (PLoS), 2022)
    Body-image disturbance comprises two components. The first is perceptual in nature, and is measured by a discrepancy between one's actual body and perceived self-image ("perceived-actual discrepancy"). The other component is affective, and is measured by a discrepancy between one's perceived self-image and ideal body image ("perceived-ideal discrepancy"). The present study evaluated the relationships between body-image disturbance and characteristics of eating disorders such as symptoms and related personality traits. In a psychophysiological experiment, female university students (mean ± SD age = 21.0 ± 1.38 years) were presented with silhouette images of their own bodies that were distorted in terms of width. The participants were asked whether each silhouette image was more overweight than their actual or ideal body images. Eating-disorder characteristics were assessed using six factors from the Japanese version of the Eating Disorder Inventory 2 (EDI2). We found that perceived-actual discrepancies correlated with negative self-evaluation (i.e., factor 3 of the EDI2), whereas perceived-ideal discrepancies correlated with dissatisfaction with one's own body (i.e., factor 2 of EDI2). These results imply that distinct psychological mechanisms underlie the two components of body-image disturbance.
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    An empirical analysis of price differences for male and female artists in the global art market
    Bocart, FYRP ; Gertsberg, M ; Pownall, RAJ (SPRINGER, 2021-02-13)
    Abstract We study prices paid at auction for artworks created by male and female artists, based on birth-identified sex, and how these prices have evolved over time. Artworks produced by female artists comprise less than 4% of art auction sales; after controlling for artwork characteristics, we find that artworks by female artists are 4.4% more expensive than artworks by male artists. In the top echelon of the art market—for sales above $1 million—artworks by male artists sell for 18.4% more than by female artists. The top 40 artists represent 40% of total market share; no female artist makes the top 40 ranking of artists in terms of total sales value at auction in the period under study, 2000–2017. However, for contemporary artists, our empirical results show that works by male artists sell for 8.3% more than their female counterparts. Overall, this study highlights significant price differences across birth-identified sex in the secondary market for fine art.
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    How Do Options Add Value? Evidence from the Convertible Bond Market*
    Lee, I ; Renjie, RW ; Verwijmeren, P (OXFORD UNIV PRESS, 2022-01-18)
    Abstract This paper studies the value relevance of the options market by focusing on convertible bond pricing. Pricing convertible bonds requires essentially the same set of information necessary to price options. Using a regression discontinuity design based on minimum stock price requirements for option listings, we find that the availability of stock options helps issuers attract more convertible bond buyers and reduces convertible issuers’ cost of financing. Our results highlight that the availability of individual stock options can add value to security issuers.
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    Caloric Primary Rewards Systematically Alter Time Perception
    Fung, BJ ; Murawski, C ; Bode, S (American Psychological Association, 2017-11-01)
    Human time perception can be influenced by contextual factors, such as the presence of reward. Yet, the exact nature of the relationship between time perception and reward has not been conclusively characterized. We implemented a novel experimental paradigm to measure estimations of time across a range of suprasecond intervals, during the anticipation and after the consumption of fruit juice, a physiologically relevant primary reward. We show that average time estimations were systematically affected by the consumption of reward, but not by the anticipation of reward. Compared with baseline estimations of time, reward consumption was associated with subsequent overproductions of time, and this effect increased for larger magnitudes of reward. Additional experiments demonstrated that the effect of consumption did not extend to a secondary reward (money), a tasteless, noncaloric primary reward (water), or a sweet, noncaloric reward (aspartame). However, a tasteless caloric reward (maltodexrin) did induce overproductions of time, although this effect did not scale with reward magnitude. These results suggest that the consumption of caloric primary rewards can alter time perception, which may be a psychophysiological mechanism by which organisms regulate homeostatic balance.
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    Endogenous formation of preferences: Choices systematically change willingness-to-pay for goods
    Voigt, K ; Murawski, C ; Bode, S (American Psychological Association, 2017-12)
    Standard decision theory assumes that choices result from stable preferences. This position has been challenged by claims that the act of choosing between goods may alter preferences. To test this claim, we investigated in three experiments whether choices between equally valued snack food items can systematically shape preferences. We directly assessed changes in participants’ willingness-to-pay for these items, some of which could be bought at an auction after the experiment, while others could not. We found that chosen items were valued higher, and nonchosen items were valued lower; yet this postdecisional refinement of preferences was only observed for choices and valuations that were relevant, that is, incentive-compatible for items that were available for consumption. Supplementary analyses revealed that incentive-incompatible elicitations of preferences were unreliable and may have masked potential effects of choices on preferences. In conclusion, we propose that preferences can change endogenously, that is, in the absence of external feedback or information, but rather as a function of previous relevant choices.