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作者：Khurana, Inder K.; Zhong, Rong (Irene)
作者单位：University of Missouri System; University of Missouri Columbia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The rise of stakeholder governance has triggered a wave of legal initiatives to strengthen the employee voice in firms. However, how managers trade off the competing objectives between shareholders and employees when making financial reporting decisions is not well understood. Exploiting staggered employment protection laws (EPLs) across 26 countries, we find that managers facing strong EPLs report more opaque earnings. Exploring the mechanism, we show that EPLs induce manager-employee allianc...
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作者：Hoang, Hien; Phang, Soon-Yeow
作者单位：Monash University
摘要：We examine whether the benefits and consequences of building trust through corporate social responsibility (CSR) vary when the company engages in material or immaterial CSR, and the conditions under which these benefits hold. Our study informs companies about the relative benefits and consequences of engaging in particular types of CSR activities. Prior archival research finds that CSR performance can buffer companies against negative stock reactions caused by subsequent adverse events, such a...
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作者：Ali, Ashiq; Amiram, Dan; Kalay, Alon; Sadka, Gil
作者单位：University of Texas System; University of Texas Dallas; Tel Aviv University; Michigan State University
摘要：This study examines whether analysts have an industry-level information advantage over managers when forecasting earnings. While analysts are often viewed as industry experts, prior research fails to document such an advantage. We predict that analysts' industry-level information advantage is more likely to exist in industries where firm performance is more sensitive to industry-level external economic forces. We find that for such firms, analysts provide relatively more accurate earnings fore...
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作者：Marshall, Nathan T.; Rogers, Jonathan L.; Zechman, Sarah L. C.
作者单位：University of Colorado System; University of Colorado Boulder
摘要：Stock exchanges are important intermediaries in how firm information enters price. Trading halts are a key tool, often exercised at the exchanges' discretion, to prevent extraordinary price volatility when new information arrives. We investigate how exchanges use discretion and whether the discretion alters the effectiveness of the halts. We provide evidence consistent with halts reflecting the preferences of listed firms rather than the stated exchange objectives (i.e., minimizing excess vola...
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作者：Pittman, Jeffrey; Stein, Sarah E.; Valentine, Delia F.
作者单位：Memorial University Newfoundland; Virginia Polytechnic Institute & State University; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：Relying on their history of legal infractions to measure individuals' risk tolerance, we examine the association between engagement partners' risk appetites and audit quality in the United States. Criminology and economics research links infraction activity with enduring personality traits that capture an individual's risk tolerance. Our evidence supports the prediction that partners known to engage in risky off-the-job behaviors conduct lower quality audits. Specifically, we find that clients...
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作者：Cassar, Gavin; Ko, Taeho
作者单位：INSEAD Business School; Hanyang University
摘要：We investigate the influence of peer quality on subjective performance evaluation using 75,413 ratings of 130 employees from 6,908 raters in a business school setting. We find that subjective performance ratings are lower for employees with higher quality peer groups in both randomized and nonrandomized settings. Using a novel long-window setting, we observe peer effects persisting, but slowly decaying, for several months even when priming raters with the employees' previous performance inform...
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作者：Amberger, Harald J.
作者单位：Vienna University of Economics & Business
摘要：Dividends are a key mechanism for shareholders to discipline managers and mitigate agency conflicts. This study examines whether the volatility of tax payments is associated with dividend payouts. Consistent with the predictions, results suggest that firms with more volatile tax payments are less likely to pay dividends overall and their dividends are lower in magnitude when doing so. These effects are economically significant and incremental to a firm's operating risk. The link between volati...
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作者：Palmon, Dan; Peng, Xuan; Yezegel, Ari
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Southwestern University of Finance & Economics - China; Bentley University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：We examine the relation between voluntary disclosure and the value of analysts' research by studying the change in the informativeness of analysts' research after managers stop providing quarterly guidance to investors. We find that the market reaction to analysts' recommendation revisions increases significantly after guidance stoppage, controlling for confounding factors as well as for firm and time fixed effects. The increase in market reaction is greater for firms with more opaque informat...
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作者：Lourie, Ben; Shanthikumar, Devin; Yoo, Il Sun
作者单位：University of California System; University of California Irvine; University of Hawaii System; University of Hawaii Manoa
摘要：The revised Markets in Financial Instruments Directive (MiFID II) requires the unbundling of research payments from trading execution, fundamentally changing the way in which investors typically pay for analyst research in Europe. We examine the effectiveness of the regulation in changing the link between analyst research and trading, the research-trading link, and the analyst response to this potential change in incentives. Using a difference-in-differences research design, we find that forec...
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作者：Bochkay, Khrystyna; Brown, Stephen V.; Leone, Andrew J.; Tucker, Jennifer Wu
作者单位：Northwestern University; University of Connecticut; State University System of Florida; University of Florida; University of Miami
摘要：Natural language is a key form of business communication. Textual analysis is the application of natural language processing (NLP) to textual data for automated information extraction or measurement. We survey publications in top accounting journals and describe the trend and current state of textual analysis in accounting. We organize available NLP methods in a unified framework. Accounting researchers have often used textual analysis to measure disclosure sentiment, readability, and disclosu...
