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作者：Gong, Guojin; Jiang, Xin Daniel; Xie, Biqin
作者单位：University of Connecticut; University of Waterloo; United States Department of the Treasury; Office of Financial Research
摘要：This study examines whether using cash-flow-based performance metrics (CFM) in CEO compensation contracts affects the design of loan contracts. Cash-flow-based performance evaluation explicitly motivates the CEO to improve the firm's cash flows, which may enhance debt repayment ability and reduce credit risk. We thus hypothesize that lenders, anticipating this incentive effect, offer lower loan spreads and reduce cash-flow-based performance covenants when firms use CFM in CEO compensation cont...
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作者：Brown, Stephen V.; Hinson, Lisa A.; Tucker, Jennifer Wu
作者单位：University of Connecticut; State University System of Florida; University of Florida
摘要：Firms are required to provide financial information via the financial statements and the management discussion and analysis (MD&A), a narrative explanation of the financial statements. Our study examines how firms use the MD&A channel when their financial statement channel is inadequate. We focus on two textual attributes of the MD&A: non-GAAP disclosure and forward-looking statements. We find that firms with less adequate financial statements discuss non-GAAP measures more and provide a large...
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作者：Elliott, W. Brooke; Loftus, Serena; Winn, Amanda
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University of Kansas
摘要：We examine how disclosure delivery mode-oral versus written-influences investors' reactions to managers' tone language. We hypothesize that listening to disclosures, relative to reading them, causes managers' qualitative word choices to have a greater impact on investors' judgments. We theorize that this effect occurs because oral delivery mode promotes heuristic processing and qualitative tone language is an easy-to-process disclosure element. The results from an experiment in a conference ca...
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作者：Nan, Lin; Tang, Chao; Wang, Xin; Zhang, Gaoqing
作者单位：Purdue University System; Purdue University; Hong Kong University of Science & Technology; University of Minnesota System; University of Minnesota Twin Cities; Carnegie Mellon University
摘要：In this paper, we investigate the real effects of information transparency in crowdfunding markets. Our analysis shows that the crowdfunding market features an under-implementation inefficiency, driven by two types of uncertainty that consumers face: fundamental uncertainty about the entrepreneur's implementation cost, and strategic uncertainty due to potential coordination failures among consumers. We find that when both fundamental and strategic uncertainties are present, eliminating the fun...
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作者：Bargeron, Leonce; Bonaime, Alice; Docimo, William; Feng, Mei; Thomas, Shawn
作者单位：University of Kentucky; University of Arizona; University of Connecticut; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper studies voluntary disclosures that firms have suspended, resumed, or completed their open market repurchase programs. Voluntary disclosures of repurchase status updates are common and value-relevant. They also inform subsequent repurchase activities: voluntary disclosers are more likely to complete their repurchase programs and to initiate new repurchase programs than firms with undisclosed repurchase status changes. Moreover, firms that disclose repurchase suspensions experience la...
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作者：Eugster, Florian; Kallunki, Jenni; Kallunki, Juha-Pekka; Nilsson, Henrik
作者单位：University of St Gallen; Swiss Finance Institute (SFI); University of Oulu; Aalto University; Stockholm School of Economics; University of St Gallen
摘要：This article examines the effect of managers' personality trait of extraversion on the voluntary disclosure of their firms. Our results from analyzing archival data from Sweden show that the extraversion scores of CEOs and CFOs obtained from psychological tests are positively associated with the voluntary disclosure scores of their firms. The effect of managerial extraversion on disclosure is, moreover, stronger when managerial discretion or managerial job demands are higher. We also find that...
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作者：Drake, Katharine D.; Goldman, Nathan C.; Lusch, Stephen J.; Schmidt, Jaime J.
作者单位：University of Arizona; North Carolina State University; Texas Christian University; University of Texas System; University of Texas Austin; North Carolina State University
摘要：Given that tax-related critical audit matters (tax CAMs) were prevalent among accelerated filers (18.5% of observations) during the initial year of CAM disclosures, we examine whether an auditor's disclosure of tax CAMs is associated with variation in tax-related financial reporting quality, tax avoidance, and tax-related earnings management. Finding an association between tax CAMs and one of these tax outcomes would indicate that the new auditor reporting standard has indirectly affected inve...
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作者：Wiegmann, Leona; Petrikowski, Lukas; Goretzki, Lukas
作者单位：Monash University; WHU - Otto Beisheim School of Management; Stockholm School of Economics
摘要：Focusing on multidivisional companies, this paper analyzes the hardening of local forecasts at the intersection of business units (BUs) and the corporate finance function. It investigates how BU controllers, accountable to both local management and the corporate finance function, seek to establish themselves as competent and trustworthy forecasters vis-a-vis their functional superiors. Drawing on Goffman's dramaturgical sociology, we demonstrate how these encounters constitute episodes in a mu...
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作者：Chen, Clara Xiaoling; Wang, Laura W.; Wu, Anne; Wu, Steve Yuching
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Chengchi University; Western University (University of Western Ontario)
摘要：Penalty contracts are commonly utilized in developing countries. Such contracts may be perceived as unfair, potentially reducing employee motivation and performance. We predict that adding a second-chance provision, an opportunity to reverse a penalty for poor performance if subsequent performance improves, could improve the effectiveness of penalty contracts. In a quasi field experiment at a company with two manufacturing facilities in Taiwan, we treated one facility with a traditional-penalt...
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作者：Huang, Yuqin; Li, Feng; Li, Tong; Lin, Tse-Chun
作者单位：Central University of Finance & Economics; Peking University; Xiamen University; Xiamen University; University of Hong Kong; National Taiwan University
摘要：We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as those of peer firms in the same city. Sentiment analysis shows that posting activities primarily reflect good n...
