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作者：Dou, Yiwei; Xu, Zhaoxia
作者单位：New York University
摘要：Understanding the role of bank lending in corporate innovation is important to policymakers, practitioners, and academics. We provide new evidence on such a role by exploiting the implementation of SFAS 166/167, which removed the off-balance sheet status of certain securitized assets of banks. The regulation affects bank lending and thus represents a credit supply shock to borrowing firms. We find that affected banks raise spreads and cut loan amounts after the regulation. Firms that borrow fr...
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作者：Gopalan, Radhakrishnan; Huang, Sheng; Maharaja, Johan
作者单位：Washington University (WUSTL); China Europe International Business School; Rensselaer Polytechnic Institute
摘要：We examine the extent to which deferred vesting of stock and option grants (deferred pay) helps firms retain executives. To the extent an executive forfeits all deferred pay if they leave the firm, deferred vesting will increase the cost (to the executive) of an early exit. The impact of deferred pay on executive retention, a key ingredient for firms to create shareholder value is hence an important empirical issue. Using pay duration proposed in Gopalan et al. (2014) as a measure of the exten...
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作者：Choudhary, Preeti; Merkley, Kenneth; Schipper, Katherine
作者单位：University of Arizona; Indiana University System; Indiana University Bloomington; Duke University
摘要：We provide large-sample archival evidence on the nature and consequences of errors deemed immaterial to the previously issued financial statements containing the errors (immaterial errors). The incidence of immaterial error corrections has been increasing since about 2004, and these corrections are associated with modestly and discernibly negative share returns that are more negative for income-decreasing corrections and corrections that involve multiple issues. We find that immaterial errors ...
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作者：Lewellen, Christina M.; Mauler, Landon; Watson, Luke
作者单位：North Carolina State University; State University System of Florida; Florida State University; Villanova University
摘要：Incorporating the firm's corporate parent in a tax haven is a major decision that receives significant attention from many stakeholders, yet certain implications of this corporate strategy remain unclear. While tax haven incorporation offers tax savings, it also imposes risks that are potentially costly and hence important to consider. We predict and find a higher cost of equity capital in firms with parent companies that are incorporated in tax havens but that are primarily based in nonhaven ...
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作者：Yeo, Feng
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：I conduct an experiment with senior executives (CEOs, CFOs, controllers) to examine how their risk disclosure quality, with respect to disclosure volume and specificity, is influenced by three factors: first, whether the disclosure behavior is framed internally by the firm as obtaining a gain or avoiding a loss from disclosure; second, whether the external disclosure regime mandates risk mitigation disclosures that explain how a risk is handled; and third, whether the risk under consideration ...
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作者：Kim, Mark P.; Pierce, Spencer R.; Yeung, Ira
作者单位：University of California System; University of California Los Angeles; State University System of Florida; Florida State University; University of British Columbia
摘要：Prior studies find that delayed earnings announcements tend to communicate unfavorable news, and investors react negatively when firms delay earnings announcements. However, these findings do not explain why investors discount delayed earnings, even after controlling for the earnings news, and why firms sometimes announce good news late. Motivated by theory from Trueman (1990) that attempts to explain these phenomena, we examine whether announcement delays indicate earnings management. We pred...
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作者：Chen, Gary; Judd, J. Scott; Pandit, Shailendra (Shail)
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Relationships with major customers may be advantageous to suppliers due to economies of scale and reputational benefits. In this study, we investigate whether unionization leads to disruptions in a firm's relationships with its customers. Our goal is to provide insights regarding the impact unionization has on a firm's sales relationships with its major customers. We predict that major customers will shift purchases away from suppliers that unionize to avoid potential disruptions. Using a diff...
