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作者：Cabezon, Felipe
作者单位：Virginia Polytechnic Institute & State University
摘要：I report and analyze a recent one-size-fits-alltrend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components - salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites - disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogeno...
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作者：Hepfer, Bradford F.; Judd, Hannah W.; Rice, Sarah C.
作者单位：Texas A&M University System; Texas A&M University College Station; Brigham Young University
摘要：Using the IPO setting, we test whether firms signal the quality of their investments in innovation activities by claiming R&D tax credits. We find the presence and amount of the R&D credit are each associated with lower information asymmetry and with higher investor demand at IPO. Conservatively, we estimate that sample firms realize additional IPO proceeds of 32-45 percent of their creditable R&D expenditures, indicating economically significant non-tax benefits associated with the R&D credit...
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作者：Armstrong, Daphne M.; Glaeser, Stephen; Hoopes, Jeffrey L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We use textual analysis of mandatory accounting filings to develop firm-level, time-varying measures of exposure to individual government agencies including the Securities Exchange Commission (SEC) and Internal Revenue Service (IRS). The measures vary predictably across industries and with agency-specific events such as the Sarbanes Oxley Act at the SEC and budget cuts at the IRS. The measures positively relate to undisclosed agency investigations and financial statement downloads. Firms' tota...
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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：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...
