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Publications

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  • All HBS Web  (106,245)
    • Faculty Publications  (18)

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    • All HBS Web  (106,245)
      • Faculty Publications  (18)

      Pacelli, Joseph Remove Pacelli, Joseph →

      Page 1 of 18 Results
      • July 2022
      • Case

      Call of Fiduciary Duty: Microsoft Acquires Activision

      By: Joseph Pacelli, Jonas Heese and James Barnett
      In January 2022, Microsoft announces its acquisition of the video game company Activision Blizzard, in a deal valued at $68.7 billion, which would make Microsoft the world’s third largest video game company. The deal came as Activision Blizzard faced gender pay...  View Details
      Keywords: Accounting; Goodwill Accounting; Analysis; Decision Making; Talent and Talent Management; Games, Gaming, and Gambling; Ethics; Leadership; Risk and Uncertainty; Mergers and Acquisitions; Entertainment and Recreation Industry; Video Game Industry; North America; California
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      Pacelli, Joseph, Jonas Heese, and James Barnett. "Call of Fiduciary Duty: Microsoft Acquires Activision." Harvard Business School Case 123-011, July 2022.
      • 2021
      • Working Paper

      Do Job Seekers Value Diversity Information? Evidence from a Field Experiment

      By: Joseph Pacelli, Jung Ho Choi, Kristina M. Rennekamp and Sorabh Tomar
      Keywords: Diversity
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      Pacelli, Joseph, Jung Ho Choi, Kristina M. Rennekamp, and Sorabh Tomar. "Do Job Seekers Value Diversity Information? Evidence from a Field Experiment." Working Paper, December 2021.
      • 2021
      • Working Paper

      Dirty Money: How Banks Influence Financial Crime

      By: Joseph Pacelli, Janet Gao, Jan Schneemeier and Yufeng Wu
      On September 21st, 2020, a consortium of international journalists leaked nearly 2,500 suspicious activity reports (SAR) obtained from the U.S. Financial Crimes Enforcement Network, exposing nearly $2 trillion of money laundering activity. The event raises important...  View Details
      Keywords: Financial Institutions; Crime and Corruption; Policy
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      Pacelli, Joseph, Janet Gao, Jan Schneemeier, and Yufeng Wu. "Dirty Money: How Banks Influence Financial Crime." Working Paper, July 2021.
      • June 2021
      • Article

      Does the Freedom of Information Act Foil the Securities and Exchange Commission's Intent to Keep Investigations Confidential?

      By: Braiden Coleman, Kenneth Merkley, Brian Miller and Joseph Pacelli
      The Securities and Exchange Commission (SEC) has a long-standing policy to keep formal investigations confidential. In this study, we examine the extent to which compliance with the Freedom of Information Act (FOIA) provides investors with information about ongoing SEC...  View Details
      Keywords: Securities And Exchange Commission (SEC) Investigations; Freedom Of Information Act (FOIA); Exemption Denials
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      Coleman, Braiden, Kenneth Merkley, Brian Miller, and Joseph Pacelli. "Does the Freedom of Information Act Foil the Securities and Exchange Commission's Intent to Keep Investigations Confidential?" Management Science 67, no. 6 (June 2021).
      • April–May 2021
      • Article

      The Influence of Loan Officers on Loan Contract Design and Performance

      By: Robert Bushman, Janet Gao, Xiumin Martin and Joseph Pacelli
      We investigate the extent to which loan officers generate independent, individual effects on the design and performance of syndicated loans. We construct a large database containing the identities of loan officers involved in structuring syndicated loan deals, allowing...  View Details
      Keywords: Loan Officers; Covenants; Interest Spreads; Syndicated Loans; Banks and Banking; Financing and Loans; Design; Performance
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      Bushman, Robert, Janet Gao, Xiumin Martin, and Joseph Pacelli. "The Influence of Loan Officers on Loan Contract Design and Performance." Journal of Accounting & Economics 71, nos. 2-3 (April–May 2021).
      • 2021
      • Working Paper

      Out of Balance: Do Analysts Issue Sell Recommendations to Manage their Recommendation Distributions?

      By: Joseph Pacelli, Charles Chao Kang, Kenneth J. Merkley and Roni Michaely
      The lack of objectivity and positive bias in sell-side equity recommendations is an ongoing concern for security regulators and investors. We examine whether analysts attempt to alleviate this concern by maintaining a more balanced distribution of investment...  View Details
      Keywords: Investment Banking; Analysis; Operations; Stocks
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      Pacelli, Joseph, Charles Chao Kang, Kenneth J. Merkley, and Roni Michaely. "Out of Balance: Do Analysts Issue Sell Recommendations to Manage their Recommendation Distributions?" Working Paper, February 2021.
      • 2021
      • Working Paper

      The Monitoring Role of Social Media: Evidence from the Introduction of 3G Internet

      By: Joseph Pacelli and Jonas Heese
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      Pacelli, Joseph, and Jonas Heese. "The Monitoring Role of Social Media: Evidence from the Introduction of 3G Internet." Working Paper, January 2021.
      • Article

      Credit and Punishment: Are Corporate Bankers Disciplined for Risk-Taking?

      By: Janet Gao, Kristoph Kleiner and Joseph Pacelli
      We examine whether bankers face disciplining consequences for structuring poorly performing corporate loans. We construct a novel data set containing the employment histories and loan portfolios of a large sample of corporate bankers and find that corporate credit...  View Details
      Keywords: Syndicated Loans; Credit Events; Career Outcomes; Loan Officers; Banks and Banking; Financing and Loans; Risk Management; Corporate Finance; Personal Development and Career
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      Gao, Janet, Kristoph Kleiner, and Joseph Pacelli. "Credit and Punishment: Are Corporate Bankers Disciplined for Risk-Taking?" Review of Financial Studies 33, no. 12 (December 2020): 5706–5749.
      • September 2020
      • Article

      Analyst Forecast Bundling

      By: Michael Drake, Peter Joos, Joseph Pacelli and Brady Twedt
      Changing economic conditions over the past two decades have created incentives for sell-side analysts to both provide their institutional clients tiered services and to streamline their written research process. One manifestation of these changes is an increased...  View Details
      Keywords: Analysts; Earnings Forecasts; Forecast Accuracy; Forecast Bundling; Business Earnings; Forecasting and Prediction
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      Drake, Michael, Peter Joos, Joseph Pacelli, and Brady Twedt. "Analyst Forecast Bundling." Management Science 66, no. 9 (September 2020): 4024–4046.
      • Article

      Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts

      By: Kenneth Merkley, Roni Michaely and Joseph Pacelli
      We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively...  View Details
      Keywords: Culture; Forecasting; Sell-side Analysts; Information Aggregation; Diversity; Forecasting and Prediction; Information; Performance Improvement
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      Merkley, Kenneth, Roni Michaely, and Joseph Pacelli. "Cultural Diversity on Wall Street: Evidence from Consensus Earnings Forecasts." Journal of Accounting & Economics 70, no. 1 (August 2020).
      • 2020
      • Working Paper

      Internal Control Weaknesses and the Demand for Financial Skills: Evidence from U.S. Job Postings

      By: Joseph Pacelli, Janet Gao, Kenneth J. Merkley and Joseph H. Schroeder
      Ineffective internal controls over financial reporting often relates to a lack of qualified personnel with sufficient accounting and technical expertise. In this study, we examine whether firms respond to internal control failures by increasing their demand for...  View Details
      Keywords: Competency and Skills; Jobs and Positions; Talent and Talent Management; Job Design and Levels
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      Pacelli, Joseph, Janet Gao, Kenneth J. Merkley, and Joseph H. Schroeder. "Internal Control Weaknesses and the Demand for Financial Skills: Evidence from U.S. Job Postings." Working Paper, April 2020.
      • Article

      Corporate Culture and Analyst Catering

      By: Joseph Pacelli
      This study examines the relation between financial institutions’ corporate culture and the quality of analysts’ research services. Using data collected from the Financial Industry Regulatory Authority, I measure the weakness of financial institutions’ corporate culture...  View Details
      Keywords: Analysts; Corporate Culture; Global Settlement; Financial Institutions; Organizational Culture; Conflict of Interests; Performance; Quality
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      Pacelli, Joseph. "Corporate Culture and Analyst Catering." Journal of Accounting & Economics 67, no. 1 (February 2019): 120–143.
      • Article

      Audit Personnel Salaries and Audit Quality

      By: Jeffrey L. Hoopes, Kenneth J. Merkley, Joseph Pacelli and Joseph H. Schroeder
      This study examines the relation between audit personnel salaries and office-level audit quality. We measure audit personnel salaries at the associate, senior, and manager ranks for Big 4 audit offices from 2004 to 2013, using unique individual-auditor-level data...  View Details
      Keywords: Audit Personnel Salary; Audit Quality; Salary Determinants; Audit Fees; Accounting Audits; Quality; Wages
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      Hoopes, Jeffrey L., Kenneth J. Merkley, Joseph Pacelli, and Joseph H. Schroeder. "Audit Personnel Salaries and Audit Quality." Review of Accounting Studies 23, no. 3 (September 2018): 1096–1136.
      • Article

      Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports

      By: Kenneth Merkley, Roni Michaely and Joseph Pacelli
      We examine changes in the scope of the sell-side analyst industry and whether these changes impact information dissemination and the quality of analysts’ reports. Our findings suggest that changes in the number of analysts covering an industry impact analyst...  View Details
      Keywords: Analyst Industry; Sell-side Analysts; Analyst Reports; Finance; Analysis; Information; Reports; Quality; Financial Services Industry
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      Merkley, Kenneth, Roni Michaely, and Joseph Pacelli. "Does the Scope of the Sell-Side Analyst Industry Matter? An Examination of Bias, Accuracy, and Information Content of Analyst Reports." Journal of Finance 72, no. 3 (June 2017): 1285–1334.
      • Forthcoming
      • Article

      Brokerage House IPOs and Analyst Forecast Quality?

      By: Joseph Pacelli, Mark Bradshaw, Michael Drake and Brady Twedt
      We provide new evidence on how initial public offerings (IPOs) influence employee behavior using the brokerage industry as an empirical setting. We examine whether IPOs influence the objectivity of equity research analysts. Contrary to conventional wisdom suggesting...  View Details
      Keywords: IPOs; Research Analysts; "Brokerage Industry; Initial Public Offering; Employees; Behavior; Outcome or Result
      Citation
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      Pacelli, Joseph, Mark Bradshaw, Michael Drake, and Brady Twedt. "Brokerage House IPOs and Analyst Forecast Quality?" Management Science (forthcoming).
      • Forthcoming
      • Article

      Brokerage Incentives and Analyst Forecast Optimism: Evidence from the Protocol for Broker Recruiting

      By: Braiden Coleman, Michael Drake, Joseph Pacelli and Brady Twedt
      In this study, we offer novel evidence on how the nature of brokerage-client relationships can influence the quality of equity research. We exploit a unique setting provided by the Protocol for Broker Recruiting to examine whether relaxed broker non-compete agreement...  View Details
      Keywords: Brokers; Analysts; Forecasts; Bias; Protocol; Investment; Research; Forecasting and Prediction
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      Coleman, Braiden, Michael Drake, Joseph Pacelli, and Brady Twedt. "Brokerage Incentives and Analyst Forecast Optimism: Evidence from the Protocol for Broker Recruiting." Review of Accounting Studies (forthcoming).
      • Forthcoming
      • Article

      Countercyclical Prudential Buffers and Bank Risk-taking

      By: Joseph Pacelli, Manuel Illueca Muñoz, Lars Norden and Gregory F. Udell
      We investigate the effects of countercyclical prudential buffers on bank risk-taking. We exploit the introduction of dynamic loan loss provisioning in Spain, mandating that banks use historical average loss rates in their estimation of loan loss provisions. We find...  View Details
      Keywords: Banks; Bank Regulation; Macroprudential Policies; Bank Lending; Loan Loss Provisioning; Risk Taking; Banks and Banking; Financing and Loans; Governing Rules, Regulations, and Reforms; Risk and Uncertainty
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      Pacelli, Joseph, Manuel Illueca Muñoz, Lars Norden, and Gregory F. Udell. "Countercyclical Prudential Buffers and Bank Risk-taking." Journal of Financial Intermediation (forthcoming).
      • Forthcoming
      • Article

      Man Versus Machine: Do Robo-Analysts Outperform Traditional Research Analysts

      By: Braiden Coleman, Kenneth J. Merkley and Joseph Pacelli
      We provide the first comprehensive analysis of the properties of investment recommendations generated by “Robo-Analysts,” which are human-analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations...  View Details
      Keywords: Fintech; Analysts; Robo-analysts; Investment Recommendations; Investment; Information Technology; Performance
      Citation
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      Coleman, Braiden, Kenneth J. Merkley, and Joseph Pacelli. "Man Versus Machine: Do Robo-Analysts Outperform Traditional Research Analysts." Accounting Review (forthcoming).
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