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作者：Khurana, Inder K.; Raman, K. K.; Yun, Byongwook (Brian)
作者单位：University of Missouri System; University of Missouri Columbia; University of Texas System; University of Texas at San Antonio
摘要：We examine the implications of the PCAOB international inspection program for US companies' exports. Our difference-in-differences analyses suggest that, following the release of the initial PCAOB inspection report in a country abroad, (1) US companies' exports to that country increased, and (2) US companies' major customers in that country reported higher accounts payable. Probing further, the effect on US exports is stronger for companies requiring more relationship-specific investments and ...
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作者：Jia, Ning; Qian, Jiaqi; Tian, Xuan; Yu, Jinxin
作者单位：Tsinghua University; Tsinghua University; Central University of Finance & Economics
摘要：We examine the effect of product market competitors' listing delays on incumbent firms' defensive strategies, including efforts in customer retention and acquisition as well as merger and acquisition (M&A) activities. To establish causality, we use four regulation-induced IPO suspensions in China that expose firms already approved for an IPO to indeterminate listing delays. Using a difference-in-differences design, we find that incumbent firms reduce efforts in customer retention and acquisiti...
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作者：Zheng, Yuxiang
作者单位：Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
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...
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作者：Filosa, Jessica R.; Huang, Jingjing (Jing); Lei, Lijun (Gillian); Stein, Sarah E.
作者单位：University of Alabama System; University of Alabama Tuscaloosa; Virginia Polytechnic Institute & State University; University of North Carolina; University of North Carolina Greensboro
摘要：International standards encourage auditors to consider regulatory factors and external parties during the risk assessment process. One such external party is the taxation authority, which monitors corporate conduct and uses the threat of tax audits to constrain managerial opportunism. This study examines whether tax enforcement influences auditors' perception of the risk of material misstatement on their engagements. Using a sample of companies listed on European exchanges, we assess the stren...
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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...
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作者：D'Lima, Rohan; Rava, Ariel; Subasi, Musa
作者单位：NEOMA Business School; Yeshiva University; University System of Maryland; University of Maryland College Park
摘要：We examine whether foreign national directors (FNDs) on US corporate boards help their firms mitigate the adverse effects of economic policy uncertainty (EPU) shocks originating from the directors' home countries. Using a comprehensive data set of US manufacturing firms' international supply chain relationships from 2003 to 2019, we find that EPU spikes in supplier countries lead to significant declines in aggregate US imports as well as in buyer firms' inventory purchases, sales, and market v...
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作者：Samet, Jordan; Schuhmacher, Karl; Towry, Kristy L.; Zureich, Jacob
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Emory University; Lehigh University
摘要：Reciprocity plays a critical role in the way employees respond to managerial control decisions. The current consensus is that employees punish managers for implementing unkind controls (negative reciprocity) more than they reward managers for implementing kind controls (positive reciprocity). We challenge this consensus. Prior research focuses on settings that emphasize employees' immediate reciprocal responses. However, in the workplace, employees often respond over long periods of time to st...
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作者：Charnock, Robert J.
摘要：As early as 2015, financial regulators were developing disclosure frameworks aimed at enabling capital markets to price climate risks. Yet the literature on sustainability disclosure offers little insight into how regulatory agendas change, instead focusing on how nongovernmental organizations drive voluntary disclosure. To address this deficiency, this paper charts how financial regulators came to embrace climate risk, analyzing how an array of non-state initiatives became coordinated in high...
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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. ...
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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...
