偶然的相似性(例如,共享一个名字)可能会让人们对彼此产生好感,这可能导致偏袒性待遇。当这种偏袒出现在商业活动中,导致人们跨越法律或道德界限时,问题就出现了。
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Title: Sharing names and information: Incidental similarities between CEOs and analysts can lead to favoritism in information disclosure
共享姓名和信息:首席执行官和分析师之间的偶然相似性可能导致信息披露中的偏袒
Omri Even-Tov
加州大学伯克利分校
黄侃元
香港中文大学(深圳)
Brett Trueman
加州大学洛杉矶分校
Jonathan E. Bogard
圣路易斯华盛顿大学
Noah J. Goldstein
加州大学洛杉矶分校
When two people coincidentally have something in common (such as a name or birthday), they tend to like each other more and are thus more likely to offer help and comply with requests. This dynamic can have important legal and ethical consequences whenever these incidental similarities give rise to unfair favoritism. Using a large-scale, longitudinal natural experiment, covering nearly 200,000 annual earnings forecasts over more than 25 y, we show that when a CEO and a securities analyst share a first name, the analyst’s financial forecast is more accurate. We offer evidence that name matching improves forecast accuracy due to CEOs privately sharing pertinent information with name-matched analysts. Additionally, we show that this effect is especially pronounced among CEO−analyst pairs who share an uncommon first name. Our research thus demonstrates how incidental similarities can give way to special treatment. Whereas most investigations of the effects of similarity consider only one-shot interactions, we use a longitudinal dataset to show that the effect of name matching diminishes over time with more interactions between CEOs and analysts. We also point to the findings of an experiment suggesting that favoritism born of sharing a name may evade straightforward regulation in part due to people’s perception that name similarity would exert little influence on them. Taken together, our work offers insight into when private disclosures are likely to be made. Our results suggest that the effectiveness of regulatory policies can be significantly impacted by psychological factors shaping the context in which they are implemented.
当两个人碰巧有共同点(比如名字或生日)时,他们往往更喜欢对方,因此更有可能提供帮助并遵从请求。这种动态在这些偶然的相似性导致不公平偏袒时,可能产生重要的法律和道德后果。通过一个大规模的、纵向的自然实验,涵盖了超过25年的近20万个年度收入预测,我们展示了当一位首席执行官(CEO)和一位证券分析师共享一个名字时,分析师的财务预测会更加准确。我们提供的证据表明,名字匹配通过CEO私下与名字匹配的分析师分享相关信息,提高了预测的准确性。此外,我们展示了这种效应在共享不常见名字的CEO-分析师配对中尤为明显。因此,我们的研究展示了偶然相似性如何导致特殊待遇。尽管大多数关于相似性影响的研究只考虑一次性互动,我们使用纵向数据集展示了随着CEO和分析师之间互动次数的增加,名字匹配的效应会随时间减弱。我们还指出了一个实验的发现,即由于人们认为名字相似性对他们的影响很小,因此因共享名字而产生的偏袒可能部分逃避直接的监管。综合来看,我们的工作提供了何时可能进行私下披露的洞见。我们的结果表明,监管政策的有效性可能受到塑造其实施背景的心理因素的影响,这种影响可能非常显著。
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