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作者：Byzalov, Dmitri; Basu, Sudipta
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Researchers often use regression -based x -Scores (e.g., conservatism C -Score, misstatement F -Score) from a stage 1 model as a dependent variable in stage 2. We argue that this x -Score analysis can cause coefficient biases and interpretation problems because (1) x -Score does not capture new sources of variation, and (2) the estimates often hinge on unacknowledged technical assumptions. Instead, we recommend that researchers include the test variables and the relevant controls in stage 1, o...
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作者：Mkrtchyan, Anahit; Sandvik, Jason; Xu, Da
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of Arizona; Tsinghua University
摘要：We examine employee responses to CEO activism, the increasingly common practice of CEOs taking public stances on socio-political issues. CEO activism may bolster employees' identification with their organizations and strengthen shared beliefs among employees. Alternatively, CEO activism may alienate employees if CEO stances contrast with employees' ideologies. We find that employee satisfaction is higher when CEOs engage in activism that is aligned with employees' ideologies. Furthermore, firm...
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作者：Mayew, William J.
作者单位：Duke University
摘要：Guidance is an important and long-studied topic in the accounting literature. Call, Hribar, Skinner, and Volant (this issue) survey managers who provide guidance and those that do not to generate insights on the costs and benefits of providing guidance. For managers who do provide guidance, perceptions regarding guidance characteristics are elicited. Firm responses are connected to archival data sources, enabling cross-sectional analysis of survey responses and facilitating comparison of self-...
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作者：Dyer, Travis A.; Glaeser, Stephen; Lang, Mark H.; Sprecher, Caroline
作者单位：Brigham Young University; University of North Carolina; University of North Carolina Chapel Hill; Elon University
摘要：The patent system grants inventors temporary monopoly rights in exchange for a public disclosure detailing their innovation. These disclosures are meant to allow others to recreate and build on the patented innovation. We examine how the quality of these disclosures affects follow-on innovation. We use the plausibly exogenous assignment to patent applications of examiners who differ in their enforcement of disclosure requirements as a source of variation in disclosure quality. We find that som...
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作者：Birru, Justin; Gokkaya, Sinan; Liu, Xi; Markov, Stanimir
作者单位：University System of Ohio; Ohio State University; University System of Ohio; Ohio University; Ohio State University; University System of Ohio; Miami University; University of Texas System; University of Texas Dallas
摘要：Sell-side quantitative equity research analysts (Quants) conduct econometric analyses of stock returns to uncover market anomalies and assist equity analysts and institutional clients with stock selection. We present novel evidence that establishes their role in helping analysts and mutual fund clients discover market anomalies and capital markets evolve toward greater pricing efficiency. Specifically, we find that analysts and mutual fund clients with greater access to Quants make recommendat...
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作者：Glaeser, Stephen; Lang, Mark
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We review the accounting literature on innovation, focusing on the economic attributes of innovation that collectively differentiate innovation from other assets: novelty, nonrivalry, and partial excludability. These attributes help innovation drive economic growth but create unique information-based challenges that accounting information and researchers are well suited to address. We discuss the definition and measurement of innovation and highlight common mistakes researchers make when measu...
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作者：Holzman, Eric R.; Marshall, Nathan T.; Schmidt, Brent A.
作者单位：Indiana University System; Indiana University Bloomington; University of Colorado System; University of Colorado Boulder; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Little is known about how the SEC selects its targets for investigation. We study this subject using a new database of formal SEC investigations. We predict and find that case selection is associated with a firm's (i) likelihood of regulatory noncompliance, (ii) exposure to private sector scrutiny, and (iii) conspicuous public trigger events. The relationship between investigations and regulatory noncompliance and private sector scrutiny preferences is sensitive to SEC constraints, whereas the...
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作者：Choi, Jung Ho; Gipper, Brandon
作者单位：Stanford University
摘要：We combine U.S. Census data with SEC enforcement actions to examine employees' ' outcomes, such as wages and turnover, before, during, and after periods of fraudulent financial reporting. We find that fraud firms' ' employees lose about 50% of cumulative annual wages, compared to a matched sample, and the separation rate is much higher after fraud periods. Yet, employment growth at fraud firms is positive during fraud periods; these firms overbuild and hire new, lower- paid employees concurren...
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作者：Li, Qianqian; Watts, Edward M.; Zhu, Christina
作者单位：Stanford University; Yale University; University of Pennsylvania
摘要：An important debate exists around the extent to which retail investors make sustainable investments and, if they do, why. We contribute to this debate by investigating the aggregate trading patterns of retail investors around a comprehensive sample of key environmental, social, and governance (ESG) news events for U.S. firms. We show that ESG news events appear to be an important factor in retail investors' portfolio allocation decisions. Yet, inconsistent with arguments about retail investors...
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作者：Demerjian, Peter
作者单位：University System of Georgia; Georgia State University
摘要：Minnis, Sutherland, and Vetter (MSV) documents a sharp decline in lenders' collection of attested financial statements (including unqualified audits, reviews, and compilations) over the period 2002 to 2017. They attribute this change to lenders adopting new technology and new non-bank lenders entering the lending market. In this discussion, I explore several dimensions of their findings. First, I provide a framework for usefulness of financial statement information in debt contracting. Using t...
