2-3期

最新文章

• Generalist managers and firm innovation worldwide: The role of innovation-specific institutions☆ AI翻译
  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...
• Estimating profitability decomposition frameworks via machine learning: Implications for earnings forecasting and financial statement analysis AI翻译
  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...
• Accounting standards and antidumping investigations AI翻译
  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...
• Tax havens and reputational costs AI翻译
  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 ...
• Does antitrust enforcement against interlocking directorates impair corporate governance? AI翻译
  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...
• Reflections on the founding of The Journal of Accounting and Economics AI翻译
  作者：Zimmerman, Jerold L.
  作者单位：University of Rochester
• Comply-or-explain regulation and investor protection☆ AI翻译
  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...
• The role of accounting information in an era of fake news AI翻译
  作者：Liu, Betty; Moss, Austin
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Colorado System; University of Colorado Boulder
  摘要：We offer empirical evidence on the role of accounting information in shaping the incentives to produce fake news. We document that fake news authors strategically (1) publish their articles near earnings announcements, leveraging the widespread market attention these events attract, and (2) within the near-announcement window, avoid publishing post-announcement when investors are less susceptible to fake news due to the disclosure of accounting information. In extending our analyses to the bro...
• Do major corporate customers deter supplier misconduct? AI翻译
  作者：Chen, Jie; Su, Xunhua; Tian, Xuan; Xu, Bin; Zuo, Luo
  作者单位：University of Leeds; Norwegian School of Economics (NHH); Tsinghua University; University of Reading; National University of Singapore
  摘要：We examine whether major corporate customers can deter misconduct among their suppliers. Our findings indicate that firms with concentrated customer bases are less likely to commit misconduct and face lower penalties in equilibrium. We also observe a significant decline in supplier misconduct following the establishment of a major customer relationship. Furthermore, the deterrent effect of major customers is more pronounced when customer pressure to reduce supplier misconduct risk is higher. A...
• Does generative AI facilitate investor Trading? Early evidence from ChatGPT outages AI翻译
  作者：Cheng, Qiang; Lin, Pengkai; Zhao, Yue
  作者单位：Singapore Management University
  摘要：In this paper, we use ChatGPT outages to provide early evidence on whether investors rely on generative artificial intelligence (GenAI) to perform professional tasks and the associated impact on stock price informativeness. We document a significant decline in stock trading volume during ChatGPT outages. The effect is stronger for firms with corporate news released immediately before or during the outages and for firms with higher ownership held by transient institutional investors. We then do...