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最新文章

• When are firms on the hot seat? An analysis of SEC investigation preferences AI翻译
  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...
• Fraudulent financial reporting and the consequences for employees AI翻译
  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...
• Community membership and reciprocity in lending: Evidence from informal markets AI翻译
  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...
• Who really matters in corporate tax?* AI翻译
  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...
• MiFID II unbundling and sell-side analyst research* AI翻译
  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...
• Calling for transparency: Evidence from a field experiment* AI翻译
  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...
• Distinguishing between recurring and nonrecurring components of earnings using unobserved components modeling AI翻译
  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...
• Litigation risk and strategic M&A & A valuations AI翻译
  作者：Imperatore, Claudia; Pundrich, Gabriel; Verdi, Rodrigo S.; Yost, Benjamin P.
  作者单位：Bocconi University; State University System of Florida; University of Florida; Massachusetts Institute of Technology (MIT); Boston College
  摘要：We study the role of litigation risk in M&A &A valuations. Specifically, we hypothesize that litigation risk leads to strategic valuations in fairness opinions (FOs) obtained in M&A &A transactions. Employing a regulatory shock to merger litigation risk and focusing on the most common valuation techniques - peer firm comparables and DCF analysis - we find that target-sought FOs exhibit lower valuations when litigation risk is high. The effect is concentrated in deals with greater agency confli...
• The managerial perception of uncertainty and cost elasticity AI翻译
  作者：Chen, Jason V.; Kama, Itay; Lehavy, Reuven
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan
  摘要：Theoretical research demonstrates the important role of uncertainty in shaping a firm's cost elasticity. We contribute to this literature by analyzing the inherent tension between the effects of uncertainty about unit contribution margin (CM) and sales volume on cost elasticity. We identify the occurrence of words implying uncertainty in managerial forward -looking statements and employ a novel methodology to construct distinct measures of the managerial perceptions of overall, unit CM, and vo...
• Rank-and-file accounting employee compensation and financial reporting quality AI翻译
  作者：Armstrong, Christopher S.; Kepler, John D.; Larcker, David F.; Shi, Shawn X.
  作者单位：Stanford University; University of Washington
  摘要：We use a proprietary database with detailed, employee-specific compensation contract information for rank-and-file corporate accountants who are directly involved in the financial reporting process to assess their influence on their firms' financial reporting quality. Theory predicts that paying above-market wages can both attract employees with more human capital and subsequently encourage better performance. Consistent with audit committees structuring accountants' compensation to mitigate f...