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作者：Hillegeist, Stephen A.; Weng, Liwei
作者单位：Arizona State University; Arizona State University-Tempe; Hong Kong Polytechnic University
摘要：Understanding the association between quasi-indexer ownership and insider trading is important given the externalities that insider trading can impose on shareholders, the importance of quasi-indexers in the capital markets, and their mixed monitoring incentives. The prior literature has produced an inconsistent set of results regarding this association. These results are difficult to interpret because the association between them is likely endogenous, and prior studies have not employed effec...
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作者：Kubick, Thomas R.; Lockhart, G. Brandon; Robinson, John R.
作者单位：University of Nebraska System; University of Nebraska Lincoln; Clemson University; Texas A&M University System; Texas A&M University College Station
摘要：We use changes in mandatory pension funding to investigate the relation between internal financing constraints and incremental investment. Pension funding relief enacted in 2012 significantly reduced mandatory employer contributions to defined benefit pension plans. Prior to learning of the pension relief, firms disclosed their expected pension contributions under FAS 132R, which allows us to infer changes in investment plans in response to this unanticipated pension relief. Although our setti...
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作者：Grasser, Robert A.; Majerczyk, Michael; Staehle, Martin; Yang, Di
作者单位：University of South Carolina System; University of South Carolina Columbia; University System of Georgia; Georgia State University; University of New South Wales Sydney
摘要：This study examines the benefits of employee involvement in feedback system design for cooperation. Understanding how to enhance cooperation is important given the increasing use of team settings in practice. Control systems often provide feedback on cooperative actions of coworkers, which can help enable cooperation in teams and between organizational units. We predict that involvement in the design of feedback systems can be a source of trust between employees and enhances cooperation. This ...
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作者：Wang, Yan
作者单位：McMaster University
摘要：Using the relationship between institutional trades and sequential public information, this study provides a systematic way to identify institutional trades that are informative about future equity returns. By studying the US financial institutions from 1994 to 2016, I show that institutional trades initiated by managers responding proactively to upcoming informational signals strongly predict future stock returns. The predictability of informed institutions is more evident for stocks with hig...
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作者：Campbell, John L.; Goldman, Nathan C.; Li, Bin
作者单位：University System of Georgia; University of Georgia; North Carolina State University; University of Houston System; University of Houston
摘要：Over the past three decades, academic research has sought to understand how cash shortfalls impact a firm's ability to take all available value-increasing investment projects. We investigate whether firms facing greater financing constraints turn to tax strategies that generate lower cash effective tax rates (ETRs) to mitigate the adverse effect of these financing constraints. We use the Pension Protection Act of 2006 (PPA 2006) as an exogenous shock to financing constraints for pension firms,...
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作者：Frank, Michele; Maksymov, Eldar; Peecher, Mark; Reffett, Andrew
作者单位：University System of Ohio; Miami University; Arizona State University; Arizona State University-Tempe; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Regulators and researchers tend to focus primarily on the risk-shifting benefits of audit liability insurance. We obtain field data from the US audit insurance industry (16 interviews and 83 survey responses) to examine whether insurers also possess characteristics favorable to transferring their private risk management knowledge to the audit firms they insure. Possessing such characteristics would enable insurers to use their relative knowledge advantage to provide a benefit to audit firms be...
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作者：Rennekamp, Kristina M.; Witz, Patrick D.
作者单位：Cornell University; University of Wyoming
摘要：As firms increasingly use social media to provide disclosures to investors, it is important to understand whether the characteristics that are associated with these disclosures lead to different reactions from investors than disclosures provided via more traditional channels. In this paper, we use an experiment to examine whether linguistic formality in positive news disclosures, and engagement of social media users surrounding the disclosures (e.g., likes and retweets), affect investors' judg...
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作者：Wei, Chunyan
作者单位：Shanghai University of Finance & Economics
摘要：Prior research has examined target setting in market-driven companies but has not examined target setting in state-run companies that also have social and political objectives. I examine how Chinese state-owned enterprises (SOEs) set and revise performance targets to motivate a balanced effort allocation. Using data on financial performance (sales) targets set by SOEs and non-SOEs during the period 2006-2016, I predict and find that the financial targets of SOEs are easier to achieve than thos...
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作者：Campbell, John L.; D'Adduzio, Jenna; Downes, Jimmy F.; Utke, Steven
作者单位：University System of Georgia; University of Georgia; University of British Columbia; University of Nebraska System; University of Nebraska Lincoln; University of Connecticut
摘要：Cash flow hedge derivatives are an example of an economic transaction that is not fully portrayed in the financial statements in two key ways. First, while changes in the fair value of the derivative are recorded at each reporting date, changes in the value of the underlying purchase or sale commitment are not recorded or disclosed until that transaction occurs. Therefore, until the purchase or sale occurs, the financial statements only portray half of the economic transaction. Second, the gai...
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作者：Grabner, Isabella; Moers, Frank
作者单位：Maastricht University
摘要：We investigate the determinants and consequences of budget reallocations-that is, corrective changes to the budget made during the year. Using proprietary data from a large consumer goods manufacturer, we analyze the extent to which initial budgeting decisions drive reallocations. Examining this relationship is important because initial budget negotiations are often troubled by power struggles and politicking, which may give rise to the need for reallocations. We hypothesize that one important...
