Uncovering the Hidden Effort Problem
通过分析高管每分钟的彭博终端在线状态来衡量其努力程度，发现努力能提升意外盈余和公告后累计异常回报，并降低信用违约互换利差，对研究代理问题的学者有参考价值。
ABSTRACT 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.