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作者：DePaul, Adrienne; Murphy, Frank; Vernon, Mary E.
作者单位：University of Connecticut; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In 2017, the European Commission (EC) published a list of non-cooperative tax havens. We study whether country-level tourism and foreign direct investment (FDI) change as a result of this list. Consistent with a reputational cost of the EC's name and shame campaign, there is a modest reduction in EU tourism among listed countries compared to unlisted ones. This relative reduction is concentrated among tourists from countries that view cheating on taxes as less justifiable. In contrast, listed ...
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作者：Bertomeu, Jeremy; Lin, Yupeng; Liu, Yibin; Ni, Zhenghui
作者单位：Washington University (WUSTL); National University of Singapore; Renmin University of China
摘要：This paper explores how the emergence of generative artificial intelligence is reshaping the information environment in capital markets. Leveraging an unexpected ban on ChatGPT in Italy, we examine its impact on the information processing capabilities of market participants. We employ metrics for AI-generated text detection to show that the ban coincides with decreased AI usage by domestic financial analysts and fewer earnings forecasts issued relative to foreign analysts covering the same fir...
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作者：Cuny, Christine; Li, Ken; Nakhmurina, Anya; Watts, Edward M.
作者单位：New York University; McMaster University; Yale University
摘要：This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the weeks following a disclosure. However, some disclosures do provide enough new information to increase trading. Investors trade more on credit-relevant disclosures, such as adverse credit event disclosures, and less on required annual financial statements. Trad...
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作者：Albuquerque, Ana; Carter, Mary Ellen; Guo, Zhe (Michael); Lynch, Luann J.
作者单位：Boston University; Boston College; Fordham University; University of Virginia
摘要：This paper examines complexity in CEO compensation contracts. We develop a measure of compensation complexity and provide empirical evidence that complexity has increased substantially over time. We document that complexity results not only from factors reflecting efficient contracting, but also from external pressures from compensation consultants, institutional investors, proxy advisors, and attempts to benchmark to peers, with these external factors having greater impact in more recent year...
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作者：Hagenberg, Thomas C.
作者单位：Northwestern University
摘要：This study examines whether an increase in the transparency of investment transactions facilitates portfolio mimicking. While there are reported benefits of transparency in enhancing regulatory monitoring and discipline, an increase in the transparency of investment transactions can also facilitate mimicking of peer firms' investment strategies. I exploit an exogenous increase in the broad dissemination of transaction-level investment disclosures of U.S.-based insurers and find a significant i...
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作者：Tantri, Prasanna; Vishen, Nitin
作者单位：Indian School of Business (ISB); Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：We study the impact of transparency about banks' costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks' cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms' total borrowings and investments. We hypothesize that increased cost transpare...
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作者：N'Gatta, Donald; Ormazabal, Gaizka; Raney, Robert
作者单位：University of Navarra; IESE Business School
摘要：This paper examines the role of reporting incentives on the trading of emission allowances. Our tests are based on a wide international sample of firms and data from the European Union Emission Trading System (EU ETS), which is the most liquid and developed in the world. We find evidence consistent with the notion that excess allowances combined with historical cost accounting for emission rights provide firms the opportunity to obtain a reporting benefit from selling emission allowances. We o...
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作者：Dyer, Travis; Guest, Nicholas; Yu, Elisha
作者单位：Brigham Young University; Cornell University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We examine quantitative investors' ability to navigate a common and occasionally material change to the financial data generating process: new accounting standards. Returns of quantitative mutual funds temporarily decrease relative to funds that rely more heavily on human discretion following the implementation of a few standards that significantly change key financial statement variables; however, other standards do not appear to have a differential effect. Our result is stronger for quantita...
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作者：Golez, Benjamin; Kelly, Peter; Matthies, Ben
作者单位：University of Notre Dame; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：A growing body of evidence suggests that Federal Open Market Committee (FOMC) announcements can affect private sector beliefs about near-term macroeconomic conditions. We measure the impact of central bank policy on index option trader beliefs about near-term economic conditions using the return of short-term dividend strips around each FOMC announcement (we term this short-term dividend strip return, SDR). Consistent with the idea that these announcements contain valuable information about ma...
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作者：Ahn, Minkwan; Christensen, Theodore E.; Johnson, Ryan G.; Lewis-Western, Melissa F.
作者单位：Sungkyunkwan University (SKKU); University System of Georgia; University of Georgia; Indiana University System; Indiana University Bloomington; Brigham Young University
摘要：We investigate whether consistent non-GAAP reporting is associated with investment efficiency. Prior research finds a positive association between non-GAAP reporting and investment levels, concluding that it represents overinvestment. We corroborate this positive association, but additional tests are not consistent with the conclusion of inefficient overinvestment. Specifically, we explore the relation between investment and future cash flows as a proxy for the realization of investments in po...
