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作者：Tomy, Rimmy E.; Wittenberg-Moerman, Regina
作者单位：University of Chicago; Northwestern University
摘要：We study credit access in informal economies where market institutions, such as financial reporting systems, auditing, and courts, are nonexistent or function poorly. Using the setting of a large bazaar in India, we find that community membership plays a vital role in access to credit. Wholesalers are more likely to provide credit and offer greater amounts of credit to within- community retailers, and are more lenient when these retailers are delinquent. Furthermore, wholesalers who lent prefe...
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作者：Dou, Yiwei; Hung, Mingyi; She, Guoman; Wang, Lynn Linghuan
作者单位：New York University; Hong Kong University of Science & Technology; University of Hong Kong
摘要：In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision ( CFPB banks ). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive mortgage complaints about CFPB banks. The effect is weaker when rivals have more expertise in the local market, are less concerned about credit risk due to mortgage sales, and locate in areas with more alternat...
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作者：Belnap, Andrew; Hoopes, Jeffrey L.; Wilde, Jaron H.
作者单位：University of Texas System; University of Texas Austin; University of North Carolina; University of North Carolina Chapel Hill; University of Iowa
摘要：Internal and external parties meaningfully shape corporate tax outcomes. However, we lack a holistic understanding of the major parties involved and their comparative effects. Using proprietary IRS data for public and private firms, we identify the top executives, corporate accountants, external accounting firms, and individual tax preparers and examine the comparative importance of these parties on corporate tax outcomes. We find that external individual tax preparers matter much more than th...
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作者：Lang, Mark; Pinto, Jedson; Sul, Edward
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Texas System; University of Texas Dallas; George Washington University
摘要：We examine broad effects of MiFID II, which mandated unbundled pricing of analyst research in the European Union beginning in 2018. We find significant reductions in sellside analyst following, particularly for firms for which the marginal analyst was less important (larger, older, less volatile firms with greater coverage and more accurate forecasts). High quality analysts (more accurate, experienced, and in positions of seniority) were more likely to leave the sell-side and move to the buy-s...
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作者：Wong, T. J.; Yu, Gwen; Zhang, Shubo; Zhang, Tianyu
作者单位：University of Southern California; University of Michigan System; University of Michigan; Shanghai Jiao Tong University; The Chinese University of Hong Kong, Shenzhen
摘要：We examine how firms respond to requests for enhanced disclosure that we make on an online investor platform. Exploiting variation in firms' customer and supplier disclosures, we ask a randomized set of non -disclosing firms to provide information on their customers' and suppliers' identities. We find that the firms' probability of disclosure depends on the basis we give for the demanddrequests appealing to disclosure's usefulness to investors lead to more frequent disclosure, while those appe...
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作者：Bertomeu, Jeremy
作者单位：Washington University (WUSTL)
摘要：This study presents a model in which behavioral investors shape their current expectations based on statistical analysis of historical non -disclosure events. Investors may hold overly optimistic expectations following a non -disclosure event, thereby disrupting unraveling toward forthcoming disclosures. While a regulator can mandate disclosure, this protective intervention has its drawbacks. Overprotection prevents investors from learning from losses and leads to cycles of high compliance fol...
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作者：Kelley, Stacie O.; Lewellen, Christina M.; Lynch, Daniel P.; Samuel, David M. P.
作者单位：University of Wisconsin System; University of Wisconsin Madison; North Carolina State University; Singapore Management University
摘要：This study empirically examines whether firms reclassify related-party payments to avoid the base erosion and anti-abuse tax (BEAT) of the Tax Cuts and Jobs Act (TCJA). We leverage the BEAT filing threshold and use both a difference-in-differences design among U.S. firms and a tripledifference design utilizing the parent company's location to provide evidence that firms reclassify related-party payments to avoid the BEAT. This effect is stronger in firms with greater preTCJA income shifting in...
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作者：Baldenius, Tim; Deng, Mingcherng; Li, Jing
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Hong Kong
摘要：This paper explores the effects of public information such as accounting earnings in a competitive lending setting with risk shifting. Debt financing creates incentives for borrowers to take on excessive risks, in particular in bad states of the world. If a privately informed inside creditor bids against outside creditors to extend a loan, public information levels the playing field, which affects the bidding and risk shifting. Nonetheless, a perfect public signal would yield the least efficie...
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作者：Gardner, Jesse; Sloan, Richard G.; Yoon, Joon Sang
作者单位：Clemson University; University of Southern California; The Chinese University of Hong Kong, Shenzhen
摘要：Distinguishing between recurring and nonrecurring components of earnings is a critical task in financial analysis and valuation. Academics and quantitative investors often rely on measures of recurring and nonrecurring components derived from standardized financial databases. We use unobserved components modeling and the Kalman smoother to obtain efficient ex-post estimates of the recurring and nonrecurring components of annual earnings. We then show that popular measures are significantly mis...
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作者：[Anonymous]
