-
作者：Cao, Sean; Li, Yinghua; Ma, Guang
作者单位：University System of Maryland; University of Maryland College Park; Arizona State University; Arizona State University-Tempe; McGill University
摘要：Asymmetric information is a fundamental friction that results in mismatches and efficiency losses in the labor market. In this study, we posit that more disaggregated financial disclosure by a CEO candidate's prior employer can help the hiring firm better assess the possible fit between its operational needs and the candidate's skill set. Using a mandatory segment reporting reform in the United States (SFAS 131) as an exogenous shock to disclosure disaggregation, we find a significant increase...
-
作者：Chen, Xia; Gong, Guojin; Luo, Shuqing
作者单位：Singapore Management University; University of Connecticut; University of Hong Kong
摘要：We investigate whether short interest affects supply chain partners' investments. This investigation is important for understanding the real effect of short sellers in facilitating stakeholders' investment decisions. Prior research suggests that short interest conveys negative news in a timely manner, which predicts future deterioration in firm fundamentals. We predict and find that a supplier's future investments decrease with its major customers' short interest. Consistent with predictions, ...
-
作者：Imdieke, Andrew J.
作者单位：University of Notre Dame
摘要：Prior research finds that signals of remediation of internal control weaknesses do not guarantee that all weaknesses are fully resolved. However, why certain remediation strategies fail is unclear. This study examines how remediation timing and actions affect the likelihood of a failed remediation. I predict and find that the likelihood of a failed remediation is decreasing in both the time a company takes to remediate and in the extent of remediation actions employed. Importantly, this study ...
-
作者：Gao, Yu; Smith, Abbie; Wang, Xue
作者单位：University of St Thomas Minnesota; University of Chicago; University System of Ohio; Ohio State University
摘要：We investigate whether hedge funds (HFs) undertake activism in the corporate bond market. Although there is a growing empirical literature investigating HF activism in the equity market, we know little about the role of HF activists in the corporate bond market. The empirical setting is the active enforcement of bondholders' rights during 2003-2007, triggered by issuers' violation of a standard bond covenant requiring timely financial reporting. Using HF holding data of convertible bonds in Fo...
-
作者：Couchoux, Oriane; Malsch, Bertrand
作者单位：Universite de Montreal; HEC Montreal; Queens University - Canada
摘要：In this study, we examine auditors' claims of professional disempowerment and strategic responses to Canadian Public Accountability Board (CPAB) inspections. Our research is based primarily on 27 semistructured interviews with audit partners (23) and managers (4) of large accounting firms. Drawing on key insights from institutional theory, we show that the tensions between inspectors and auditors reflect an intraprofessional tug-of-war between two competing but legitimate logics of professiona...
-
作者：Chang, Hsihui; Dai, Xin; Lohwasser, Eric; Qiu, Yue
作者单位：Drexel University; Colorado State University System; Colorado State University Fort Collins; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：This study examines how organized labor affects selling, general, and administrative (SG&A) cost behavior. Human capital is emerging as firms' most valuable asset, and we further the understanding of the interaction between employees and SG&A cost behavior. We predict and find that labor cost stickiness is higher for firms facing stronger unions, but the stickiness of SG&A costs is lower. This is consistent with our arguments that in firms with stronger unions, managers' discretionary decision...
-
作者：Baugh, Matthew; Kim, Kyonghee; Lee, Kwang J.
作者单位：Arizona State University; Arizona State University-Tempe; Michigan State University
摘要：Prior research suggests that even for the same decision task there will be variation in decision outcomes across decision makers due to idiosyncrasies in their styles. This variation brings up a fundamental challenge in the realm of regulations, where consistency of application is of great importance. This study examines whether the idiosyncrasies of individual employees of the SEC contribute to inconsistent regulatory outcomes. Using a sample of SEC comment letters, we show that SEC reviewers...
