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作者：Wasserman, Melissa F.
作者单位：University of Texas System; University of Texas Austin
摘要：The paper by Kim, Shi, and Verdi (2025) examines how judicial efficiency-as defined by the court's ability to resolve patent cases quickly and in a manner that is mutually agreeable to both parties in the lawsuit-affects the incentives of corporations to innovate. The authors utilize the Patent Pilot Program (PPP), which routed patent cases to PPP-designated judges in select districts to facilitate efficient rulings, as a shock to judicial efficiency. The authors find that firms headquartered ...
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作者：Basu, Riddha; Roychowdhury, Sugata; Sinha, Kirti
作者单位：George Washington University; Northwestern University; University of Texas System; University of Texas Dallas
摘要：We examine the impact of lagged guidance from prudential regulators on new accounting standards in the context of the Current Expected Credit Loss (CECL) standard. We refer to the period following CECL's 2016 pronouncement but prior to the 2018 guidance from prudential banking regulators on the standard as the lagged guidance (LG) period. We find that during the LG period, banks reduce loan amounts and increase loan spreads for affected loans (Term Loan As, or TLAs) relative to unaffected loan...
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作者：Hui, Kai Wai; Oh, Jun; She, Guoman; Yeung, P. Eric
作者单位：University of Hong Kong; Purdue University System; Purdue University; Cornell University
摘要：We study contingencies written in firms' material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms' public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovat...
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作者：Cen, Xiao; Li, Nan; Tang, Chao; Wang, Juanting
作者单位：Texas A&M University System; Texas A&M University College Station; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
摘要：This study explores the relationship between executive compensation and the preference dynamics of managers and shareholders. Our analysis centers on the theoretical prediction that changes in firms' asset value can differentially affect the risk-taking preferences of the two groups, potentially influencing the optimal compensation policy. Utilizing local real estate price changes to identify variations in firms' asset value, we find that a decrease in asset value leads to more risk-taking inc...
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作者：Aobdia, Daniel; Liu, Xuejiao; Na, Ke; Wu, Hong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of International Business & Economics; Fudan University; Shanghai Institute of International Finance & Economics
摘要：This paper examines audit offices' human capital investment in response to client restatement announcements and the resulting effects on audit quality and audit office client base. We find that audit offices attempt to acquire human capital and talent by posting more audit-related job positions just after a client announces a restatement. The increase in job postings follows restatements with more negative announcement returns and restatements of annual financial statements, and is concentrate...
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作者：Carter, Mary Ellen
作者单位：Boston College
摘要：Donelson, Hutzler, and Rhodes (this issue) examine the impact on firms' corporate governance of increased government antitrust enforcement against competitor interlocking directors. While these directors could facilitate collusion among firms, raising antitrust concerns, they also bring crucial industry expertise that enhances corporate governance. The authors find enhanced enforcement led to voluntary reductions in these directors. Given that these directors are associated with improved firm ...
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作者：Rauter, Thomas
作者单位：University of Chicago
摘要：Amberger, Wilde, and Wu (2025, AWW) examine the impact of EU beneficial ownership transparency (BOT) regulation on cross-border investment. They find that BOT is associated with reductions in investments from non-EU financial havens into the EU and that BOT unintentionally discourages legitimate investments without deterring illicit actors. My discussion evaluates AWW's evidence, positions the paper within the existing literature, and discusses its contributions. I particularly focus on challe...
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作者：Delis, Fotis; Delis, Manthos D.; Laeven, Luc; Ongena, Steven
作者单位：Audencia; European Central Bank; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Norwegian University of Science & Technology (NTNU); Centre for Economic Policy Research - UK
摘要：We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009-2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensi...
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作者：Amiraslani, Hami; Deller, Carolyn; Ittner, Christopher D.; Keusch, Thomas
作者单位：INSEAD Business School; University of Pennsylvania; University of Pennsylvania; INSEAD Business School
摘要：We examine the relation between board risk oversight and environmental and social (E&S) performance. Our study is motivated by heightened awareness of E&S risks and growing calls for their inclusion in the purview of board risk oversight. Using a novel proprietary dataset on board risk oversight for an international sample, we find that firms with more extensive board risk oversight are more likely to institute E&S compensation, set environmental (but not social) targets, adopt policies that a...
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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)...
