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作者：Park, Min; Yoon, Aaron; Zach, Tzachi
作者单位：University of Kansas; Northwestern University; University System of Ohio; Ohio State University
摘要：We assess whether and how financial analysts incorporate information about downside ESG risk. Using a unique dataset on firm-day level negative ESG incidents, we find that analysts' outputs (i.e., stock recommendations, EPS forecasts, and target prices) are associated with negative future ESG risk events, especially those that are financially material. Further investigation suggests that analysts incorporate ESG risk not only through adjusting future cash flow expectations (i.e. the numerator)...
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作者：Wu, Yue Rio; Huang, Sterling; Tsang, Albert; Wang, Kun Tracy
作者单位：Xiamen University; New York University; NYU Shanghai; Southern University of Science & Technology; Australian National University
摘要：We examine how generalist CEOs influence innovation outcomes across 25 countries from 2001 to 2019. We assemble a novel, extended dataset of generalist CEOs and find that generalist CEOs positively affect innovation, particularly in countries with abundant innovation resources. This finding aligns with the notion that generalist CEOs leverage their broad knowledge and cross-industry experience to integrate resources across institutional environments, thereby fostering innovation activities. Ho...
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作者：Binz, Oliver; Schipper, Katherine; Standridge, Kevin R.
作者单位：European School of Management & Technology; Duke University; Utah System of Higher Education; University of Utah
摘要：We find that nonlinear estimation of profitability decomposition frameworks yields more accurate out-of-sample profitability forecasts than forecasts from both a random walk and linear estimation. The improvements derive from nonlinear estimation and synergies between nonlinear estimation and profitability decomposition frameworks. We analyze three essential financial statement analysis design choices to provide insights for the practice of fundamental analysis and find robust evidence that hi...
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作者：Sun, Stephen Teng; Wei, Shang-Jin; Xie, Jin
作者单位：City University of Hong Kong; Columbia University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：We uncover a new real effect of harmonizing accounting standards on international trade: following a mandatory adoption of International Financial Reporting Standards, exporters experiencing a greater change in reporting requirements become more successful in defending against foreign antidumping cases. The effect is also stronger with better reporting enforcement and is robust to excluding exporters from non-market economies. We discuss channels through which accounting-standards globalizatio...
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作者：Breuer, Matthias; Leuz, Christian; Vanhaverbeke, Steven
作者单位：Columbia University; University of Chicago; KU Leuven
摘要：We investigate the impact of reporting regulation on corporate innovation. Exploiting thresholds in Europe's regulation, we find that forcing firms to disclose financial statements reduces the number of innovating firms and the average firm's innovation spending, but it does not reduce industry-wide total innovation spending. Our results suggest that the regulation imposes proprietary costs on firms, which discourages innovation activity, especially by smaller firms. We also show that the regu...
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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：Donelson, Dain C.; Hutzler, Christian M.; Rhodes, Adrienne
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Texas System; University of Texas Austin; University of Iowa
摘要：This study examines how recent government antitrust enforcement against potentially illegal interlocking directorates (competitor interlocks) reshaped boards. After the first major enforcement announcement, competitor-interlocked directors were more likely than other directors to leave boards and were replaced by individuals with less industry experience. Further, newly appointed directors were less likely to form competitor interlocks. The resulting reduction in relevant board industry experi...
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作者：Zimmerman, Jerold L.
作者单位：University of Rochester
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作者：Granja, Joao; Nagel, Fabian
作者单位：University of Chicago; Northwestern University
摘要：We use data from TransUnion, a large U.S. credit bureau covering millions of individual consumer loans, to examine the transition to the Current Expected Credit Loss (CECL) accounting standard and to provide novel evidence about the impact that raising reserve requirements has on banks' pricing and lending decisions in the U.S. consumer lending market. We find that greater reserve requirements following the adoption of CECL induce a statistically significant but economically moderate increase ...
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作者：Bourveau, Thomas; Gao, Xingchao; Li, Rongchen; Zhou, Frank S.
作者单位：Columbia University; University of Toronto; University of Pennsylvania
摘要：We investigate a 2012 comply-or-explain regulation implemented by China's Shanghai Stock Exchange. The regulation requires eligible firms to pay 30% of their current-year profits as cash dividends or explain the reasons why they do not meet this requirement through a public conference call. Using firms listed on the Shenzhen Stock Exchange as a control group, our difference-in-differences estimates suggest that firms subject to the regulation decreased tunneling, irrespective of whether they c...
