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作者：Donelson, Dain C.; Hutzler, Christian M.; Monsen, Brian R.; Yust, Christopher G.
作者单位：University of Iowa; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
摘要：Critics assert that securities class actions are economically burdensome and yield minimal recoveries, whereas proponents claim they deter wrongdoing. We examine key events in the recent Goldman Sachs Supreme Court case to test the net effect of securities litigation risk on shareholder value. We find that investors view securities class actions as value-increasing. However, the strength of this effect varies based on external monitoring. Investors view securities class actions as more value-e...
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作者：Pittman, Jeffrey; Yang, Zhifeng; Yu, Sijia; Zhu, Haoran
作者单位：Memorial University Newfoundland; Virginia Polytechnic Institute & State University; State University of New York (SUNY) System; Stony Brook University; Xi'an International Studies University; Southern University of Science & Technology
摘要：This study extends extant research on the determinants of financial analyst bias by examining the role that political incentives play. Using a series of scheduled provincial political events in China, we document that analysts are significantly more likely to issue favorable recommendations or revise their recommendations upward during political event periods, and the effect of political events on optimism is larger for analysts employed by brokerage firms affiliated with politicians. Cross-se...
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作者：Berger, Allen N.; Kim, Hugh Hoikwang; Ma, Xiaonan Flora
作者单位：University of South Carolina System; University of South Carolina Columbia; University of South Carolina System; University of South Carolina Columbia; Washington State University
摘要：We analyze how bank sentiment affects bank liquidity hoarding, distinguishing unexplained beliefs of bank managers from fundamental-based beliefs. We build a bank management sentiment measure from textual analysis of 10-Ks and utilize a comprehensive bank liquidity hoarding measure. We find that negative bank sentiment increases liquidity hoarding not warranted by a bank's fundamental conditions or external circumstances. Further analysis confirms that our findings reflect bank volition rather...
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作者：Jia, Yonghong; Gao, Xinghua
作者单位：Iowa State University; Washington State University; Iowa State University
摘要：Auditor changes are significant corporate events marking disruptions in the auditor-client relationship. Prior studies have primarily examined the impact of such changes on audit quality and investment decisions of market participants. We study the effect of auditor changes on the voluntary disclosure of forward-looking information. Managers may choose to reduce disclosure due to the possible adverse effect of the disruptions on disclosure credibility. Alternatively, shareholders may demand in...
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作者：Couchoux, Oriane
作者单位：Carleton University; Carleton University
摘要：Using data collected from 21 interviews with audit committee members (ACMs) of Canadian reporting issuers, this study examines the ways in which ACMs understand and enact the additional responsibilities placed on them by regulators in the post-Sarbanes-Oxley Act era. Adopting a social constructivist approach to knowledge and expertise, the study shows that despite the financial literacy requirements for ACMs, financial expertise is far from being uniformly understood by ACMs. Indeed, ACMs perc...
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作者：Crowley, Richard M.; Huang, Wenli; Lu, Hai
作者单位：Singapore Management University; Hong Kong Polytechnic University; University of Toronto; Peking University
摘要：The study provides large-scale descriptive evidence on the timing and nature of corporate financial tweeting. Using an unsupervised machine learning approach to analyze 24 million tweets posted by S&P 1500 firms from 2012 to 2020, we find that firms are more likely to tweet financial information around significantly negative or positive news events, such as earnings announcements and the filing of financial statements. This convex U-shaped relation between the likelihood of posting financial t...
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作者：Pappas, Kostas; Walker, Martin; Xu, Alice Liang; Zeng, Cheng (Colin)
作者单位：University of Liverpool; University of Manchester; Alliance Manchester Business School; Hong Kong Polytechnic University
摘要：This study examines the relationship between government subsidies and income smoothing using a sample of US-listed firms. We find that subsidized firms smooth their earnings more aggressively than their unsubsidized peers. This finding is consistent with the reasoning that subsidized firms bear higher political costs and have more incentives to smooth earnings to avoid public attention. In addition, smoothing by subsidized firms is more pronounced when the subsidies are granted through non-tax...
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作者：Chaigneau, Pierre; Chang, Woo-Jin; Hillegeist, Stephen A.
作者单位：Queens University - Canada; emlyon business school; Arizona State University; Arizona State University-Tempe
摘要：While research has analyzed how the structure of incentive pay relates to the dispersion of the performance measure distribution, as measured by its variance or volatility, we examine how it relates to the asymmetry of the distribution, as measured by its skewness. In contrast to the variance, skewness affects the relative informativeness of high and low performance about the agent's effort, which determines the relative efficiency of providing rewards and punishments for incentive purposes. T...
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作者：Liu, Nanqin; Zhang, Xiao-Jun
作者单位：University of Macau; University of California System; University of California Berkeley
摘要：This paper examines how relative timing affects the quality of financial reports in a staggered reporting system in which some firms report earlier than others. We show that the audit quality of the leading firm exceeds that of the lagger. Investment efficiency also differs systematically across firms, depending on the relative reporting timing as well as the audit market structure. Audit regulations mitigate the misalignment of interests between auditors and investors but limit the effect of ...
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作者：Jackson, Scott C.; Rennekamp, Kristina M.; Steenhoven, Blake A.
作者单位：Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Cornell University; Queens University - Canada
摘要：Recent literature finds that firms led by female CEOs are more likely to be targeted by activist shareholders and that female CEOs are more likely to cooperate with activist shareholders' requests. Our study complements this literature by using two controlled experiments and a series of semi-structured interviews with CEOs and CFOs to investigate how a CEO's response to shareholder activism influences investors' reactions and whether these reactions differ depending on the gender of the CEO or...
