-
作者：Blann, James J.; Campbell, John L.; Shipman, Jonathan E.; Wiebe, Zac
作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; University of Georgia; University of Arkansas System; University of Arkansas Fayetteville
摘要：Statement of Financial Accounting Standards (SFAS) 141 (Accounting Standards Codification [ASC] 805) requires that firms record identifiable assets and liabilities acquired in business combinations at fair value. While the FASB argued that these fair values should provide users with incremental decision-useful information, opponents have continuously argued that they are too difficult to reliably estimate and could be subject to managerial discretion. Using hand-collected data from US mergers ...
-
作者：Zheng, Yuxiang
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden
摘要：This paper examines the role of patent texts in the stock market valuation of patents. Utilizing the large language model BERT (Bidirectional Encoder Representations from Transformers) to summarize contextual information within patent texts, I find that patent texts explain 31.5% of the variation in the stock market valuation of patents and provide large incremental explanatory power beyond other structured patent characteristics, firm characteristics, and technological trends. Additionally, p...
-
作者：Heater, John C.; Liu, Ye; Tan, Qin; Zhang, Frank
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Fudan University; City University of Hong Kong; Yale University
摘要：We document strikingly opposite time-series patterns of analyst forecast errors (FEs) and associated market reactions, illustrating that analyst forecasts have become a less useful benchmark of the market's earnings expectations in recent years. The mean FE has increased from negative one to two cents in the 1990s to positive one to two cents in the 2010s, whereas average earnings announcement returns have declined from 0.30% in the 1990s to -0.30% in the 2010s, turning negative in the past 17...
-
作者：Chen, Xia; Jia, Ning; Wang, Dan
作者单位：Singapore Management University; Tsinghua University; University of International Business & Economics
摘要：Given the importance of research resource allocation within brokerage firms, we examine key factors that influence the issuance of individual versus team analyst reports. Using a comprehensive sample of analyst reports from China for the 2008-2021 period, we find that this decision is influenced by (1) the brokerage firm's client interests, whereby firms held by the brokerage firm's mutual fund clients and firms that are the brokerage firm's underwriting clients receive more team than individu...
-
作者：Cowx, Mary; Glenn, Jennifer L.; Kielty, Patrick; Mcguire, Sean T.
作者单位：Arizona State University; Arizona State University-Tempe; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：This study uses valuation allowances (VAs) for deferred tax assets to examine whether hedge fund activists (HFAs) use and affect financial reporting of income taxes. Specifically, we investigate whether HFAs target firms with VAs and whether target firms are more likely to release VAs post-intervention. We find that the existence, magnitude, and increases in VAs increase the marginal probability that HFAs will target a firm by between 12% and 24%. We also find that target firms are 4.6% more l...
-
作者：Fu, Siwen; Wang, Ke; Zhang, Liandong; Zheng, Liu
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; University of Alberta; Singapore Management University; City University of Hong Kong
摘要：Securities litigation risk is a well-recognized yet underexplored source of financial reporting complexity or unreadability. This study examines the effect of litigation risk on the readability of corporate financial reports. The 1999 Silicon Graphics Inc. (SGI) court ruling unexpectedly reduced litigation risk for firms within the Ninth Circuit Court's jurisdiction. Using a difference-in-differences design centered on the SGI court ruling, we find that, while the readability of financial repo...
-
作者：Cheng, Lin; Cheng, Qiang; Weng, Liwei; Yan, Mark Yuzhi
作者单位：China Europe International Business School; Singapore Management University; Northeastern University; Hong Kong Baptist University
摘要：This study examines the impact of the presence of institutional dual-holders, whose portfolios hold both loans and equity securities of the same firms, on those firms' voluntary disclosures. Using mergers between institutional shareholders and lenders to the same firms as exogenous shocks to identify firms with institutional dual-holders that have high relative equity ownership, we document that such firms are less likely to provide management forecasts and disclose fewer voluntary 8-K items. ...
-
作者：Schedlinsky, Ivo; Schmidt, Maximilian; Sommer, Friedrich; Woehrmann, Arnt
作者单位：University of Munich; University of Bayreuth
摘要：Although it has always been important for firms that employees innovate predefined processes, the working environment in which employees implement these processes has significantly changed. Currently, the working environment is often characterized by employee surveillance; that is, the way in which employees conduct a process is monitored. In the current study, we present the results of an experiment examining the effect of process monitoring on process improvements by employees. Although prev...
-
作者：Ahrens, Thomas; Ferry, Laurence
作者单位：United Arab Emirates University; Durham University; Rutgers University System; Rutgers University New Brunswick
摘要：Recent research into the uses of accounting as a technology of government has used Foucault's notion of counter-conduct to shed light on various ways in which the governed can seek to alter the regimes to which they are subjected. This paper unpacks the notion of counter-conduct further in order to develop a clearer conceptualization of how regimes of government can change over time, with or without clearly identifiable attempts by the governed to influence such changes. We develop our argumen...
-
作者：Li, Xuanbo; Lou, Yun; Wang, Rencheng; Zhou, Kaitang
作者单位：City University of Hong Kong; Singapore Management University; Wuhan University
摘要：We examine how common institutional investors (CIIs) facilitate the financial reporting comparability (FRC) of US firms. Common ownership increases FRC of firms that are directly owned by CIIs (via a direct effect) and has positive spillover effects on other firms in the same industry. We find spillover effects in two types of firms: (1) those that are commonly owned by different institutional investors but are connected through common firms, and (2) those that do not have any common ownership...
