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作者：Gao, Ru (Tina); Shivakumar, Lakshmanan; Sidhu, Baljit K.
作者单位：University of Queensland; University of London; London Business School; University of New South Wales Sydney
摘要：Several major stock exchanges, including the NASDAQ and NYSE Euronext, have recently embarked on schemes to sponsor and promote analyst coverage for firms listed on their exchanges. We evaluate the efficacy of one such scheme pioneered by the Singapore Exchange (SGX). We find that sponsored analysts produce forecasts with similar bias, but lower accuracy than those issued by analysts voluntarily following a firm. In analyses that control for self-selection into the SGX Scheme, we find that spo...
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作者：Duan, Ying; Hotchkiss, Edith S.; Jiao, Yawen
作者单位：Simon Fraser University; Boston College
摘要：This article examines whether ties to portfolio firms' management via pension business relationships provide mutual funds with an informational advantage. Funds become related to portfolio companies when fund families serve as trustees for firms' employee pension plans. Selling by related funds is more likely to be motivated by an information advantage than their buying, because the latter is heavily influenced by the desire to secure pension inflows. We find that stocks with larger net sales ...
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作者：Bova, Francesco; Yang, Liyan
作者单位：University of Toronto; Peking University
摘要：We develop a mixed-duopoly model in which a private firm competes against a state-owned enterprise (SOE) who cares about social welfare and is privately informed about market demand. When the SOE's social concerns are sufficiently important and when the market competitiveness is sufficiently low, the SOE commits to fully disclose its private information. Otherwise, the SOE commits to withhold its private information. When the disclosure equilibrium prevails, the private firm can be more profit...
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作者：Chang, Hsihui; Chen, Jengfang; Hsu, Shu-Wei; Mashruwala, Raj
作者单位：Drexel University; Macquarie University; Tunghai University; University of Calgary
摘要：Recent work in the supply chain literature suggests that the variance in orders placed with suppliers will be larger than that of sales to buyers. This distortion in demand information increases as it is passed along the supply chain from customers to upstream suppliers and has been referred to as the bullwhip effect. In this paper, we argue that the bullwhip effect reduces the ability of order backlog to predict future sales and earnings for upstream suppliers. Results obtained from our empir...
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作者：Pownall, Grace; Wieczynska, Maria
作者单位：Emory University; Arizona State University; Arizona State University-Tempe
摘要：In this paper, we evaluate the common assumption that European Union (EU) firms began using international financial reporting standards (IFRS) in 2005 when the EU formally adopted IFRS. Although the incidence of firms using local (or some other) GAAP declined between 2005 and 2012, it is still non-trivial. By 2012 the incidence of non-IFRS financial statements was still in excess of 17 percent (87 percent of which were fully consolidated). We estimate a model of the non-adoption of IFRS as a f...
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作者：Zhang, Joseph H.
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作者：Zhang, Lijuan; Wilson, Mark
作者单位：Australian National University
摘要：Mashruwala and Mashruwala (2011) argue that inconsistent earlier findings regarding whether accruals quality (AQ) is priced in equity markets (Core, Guay, and Verdi 2008; Kim and Qi 2010) may be explained by seasonality in returns deriving from tax-loss selling. Finding no evidence of annual AQ premia for U.S. firms, Mashruwala and Mashruwala report that significant monthly premia concentrate in January, with the remainder of the year demonstrating negative or insignificant returns to AQ and a...
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作者：Deng, Saiying; Li, Yutao; Lobo, Gerald J.; Shao, Pei
作者单位：Southern Illinois University System; Southern Illinois University; University of Lethbridge; University of Houston System; University of Houston
摘要：We examine whether initial loan sales in the secondary loan market relate to borrowing firms' accounting conservatism. We find that borrowing firms exhibit a significant decline in accounting conservatism after the initial loan sales. We show that the decline in borrower conservatism is more pronounced for firms that borrow from lenders with lower monitoring incentives and for firms that have lower incentives to supply conservatism. The baseline results are robust to a battery of sensitivity t...
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作者：Zhang, Ivy Xiying; Zhangs, Yong
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Hong Kong Polytechnic University
摘要：We exploit the setting of first-time enforcement of insider trading laws to investigate the relationship between insider trading opportunities and insiders' supply of information. Insider trading opportunities motivate insiders to reduce their supply of information by concealing firm performance, thereby increasing their information advantage over outsiders, resulting in higher insider trading profits. Using data from 40 countries over the 1988-2004 period, we find that reporting opacity, as c...
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作者：Duellman, Scott; Guo, Jun; Zhang, Yan; Zhou, Nan
作者单位：Saint Louis University; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; State University of New York (SUNY) System; Binghamton University, SUNY; University System of Ohio; University of Cincinnati
摘要：We document the existence of expertise rents by finding that financial experts on audit committees obtain higher abnormal returns from insider purchases than do non-financial experts on audit committees. We further investigate whether information processing skills work alone or jointly with an information advantage to generate expertise rents. While financial experts on audit committees outperform financial experts on other committees, financial experts on compensation, executive, nominating, ...
