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作者：Guiral, Andres; Moon, Doocheol; Tan, Hun-Tong; Yu, Yao
作者单位：Yonsei University; Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst
摘要：Recent research finds that investors' assessments of a stock's fundamental value are influenced by corporate social responsibility (CSR) performance through the affect-as-information heuristic. We extend prior research by examining two boundary conditions for the use of this heuristic: (i) whether the CSR performance relates to activities that are integrated in a firm's core business practices (material CSR issues) or not (immaterial CSR issues), and (ii) whether the CSR performance is positiv...
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作者：Choi, Jin Kyung; Hann, Rebecca N.; Subasi, Musa; Zheng, Yue
作者单位：University System of Maryland; University of Maryland Baltimore; Hong Kong University of Science & Technology
摘要：We examine whether the information conveyed in a relatively new analyst research output-capital expenditure (capex) forecasts-affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the forecasts are issued by analysts with higher ability or greater industry knowledge. Moreover, the effect of capex forecasts on investment efficiency varies with the signals they convey about future growth opportu...
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作者：Menon, Rahul
作者单位：Purdue University System; Purdue University
摘要：What incentives drive managers to disclose immediately when they have an option to delay disclosures? I examine this question in a two-period setting in which public news that is positively correlated with firm value arrives periodically. I show that, when the manager's likelihood of receiving information is independent of the public news, an informed manager is more likely to disclose immediately when the public news is good. This happens even as the disclosure threshold itself increases in t...
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作者：Demerjian, Peter; Donovan, John; Lewis-Western, Melissa F.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Notre Dame; Brigham Young University
摘要：We investigate whether income smoothing affects the usefulness of earnings for contracting through the monitoring role of earnings-based debt covenants. First, we examine initial contract design and predict that income smoothing will increase (decrease) the use of earnings-based covenants if income smoothing improves (reduces) the usefulness of earnings to monitor borrowers. We find that private debt contracts to borrowers with greater income smoothing are more likely to include earnings-based...
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作者：Carcello, Joseph V.; Neal, Terry L.; Reid, Lauren C.; Shipman, Jonathan E.
作者单位：University of Tennessee System; University of Tennessee Knoxville; Wake Forest University; University of Arkansas System; University of Arkansas Fayetteville
摘要：Inadequate testing of fair value accounting estimates, including goodwill, is often cited as an audit deficiency in PCAOB inspection reports, and, in some cases, these deficiencies have led to enforcement actions against the auditor. As a result of these issues, the PCAOB recently proposed a new auditing standard for fair value accounting. While these regulatory actions suggest that auditors are challenged by the fair value regime of accounting for goodwill, they also highlight an area where t...
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作者：Li, Zhi; Wang, Lingling; Wruck, Karen
作者单位：Chapman University System; Chapman University; University of Connecticut; University System of Ohio; Ohio State University
摘要：We examine how accounting-based compensation plans influence a firm's contracts with its creditors. After granting long-term accounting-based compensation plans (LTAPs) to CEOs, firms pay lower spreads and have fewer restrictive covenants in new bank loans. Mechanisms leading to lower borrowing cost include improvements in debt repayment ability, reduced shareholder-debtholder conflicts, and reduced risk-taking incentives. Creditors view LTAPs as a substitute for monitoring, adjust covenant de...
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作者：Hobson, Jessen L.; Stern, Matthew T.; Zimbelman, Aaron F.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; DePaul University; University of South Carolina System; University of South Carolina Columbia
摘要：Regulators and researchers have expressed concerns that social interaction leads auditors to unjustifiably trust managers, constituting a lack of sufficient professional skepticism. Using both an abstract laboratory experiment and a contextually rich experiment with practicing auditors we predict and find that higher Dark Triad auditors (those with higher levels of the shared core between psychopathy, narcissism, and Machiavellianism) are relatively more resistant to lapses in professional ske...
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作者：Crawford, Steven; Huang, Ying; Li, Ningzhong; Yang, Ziyun
作者单位：University of Houston System; University of Houston; University of Texas System; University of Texas Dallas; University of Houston System; University of Houston; University of Houston Victoria
摘要：This study examines the association between customer base concentration and corporate public disclosure policy. When the customer base is more concentrated, large customers face lower costs of accessing the supplier firm's private information, reducing customers' overall demand for the supplier's public information, suggesting a negative association between customer concentration and the amount of public disclosure. Alternatively, large customers have greater bargaining power and may demand th...
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作者：Gunny, Katherine A.; Hermis, Judith M.
作者单位：University of Colorado System; University of Colorado Denver; United States Department of Defense; United States Navy; Naval Postgraduate School
摘要：The SEC reviews firm filings and issues comment letters on those filings. These comment letters play an important role in the assessment of firm value. These activities are seasonally compressed because over 70 percent of registrants have a December fiscal year-end. Research in other settings finds that busyness leads to negative outcomes. We examine how busyness impacts the frequency, scope, and timeliness of comment letters. We find that the SEC issues fewer comment letters when busy, focuse...
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作者：Petrov, Evgeny
作者单位：Hong Kong University of Science & Technology
摘要：This study analyzes the impact of informed trading on voluntary corporate disclosure in the presence of two factors: the cost of disclosure and the value of a manager's informedness. In the absence of both factors, informed trading has no impact on disclosure even when traders are not certain whether the manager has information. When disclosure is costly, informed trading serves as a free substitute for the disclosure of favorable information, and reduces disclosure. Surprisingly, when the man...
