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作者：Gad, Mahmoud; Nikolaev, Valeri; Tahoun, Ahmed; van Lent, Laurence
作者单位：Lancaster University; University of Chicago; University of London; London Business School
摘要：We take advantage of a new composite measure of political risk (Hassan et al., 2019) to study the effects of firm-level political risk on private debt markets. First, we use panel data tests and exploit the redrawing of US congressional districts to uncover plausibly exogenous variation in firm-level political risk. We show that borrowers' political risk is linked to interest rates set by lenders. Second, we test for the transmission of political risk from lenders to borrowers. We predict and ...
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作者：Dekeyser, Simon; He, Xianjie; Xiao, Tusheng; Zuo, Luo
作者单位：KU Leuven; Shanghai University of Finance & Economics; Central University of Finance & Economics; National University of Singapore; Cornell University
摘要：We develop the concept of auditor industry range as the extent to which an auditor has experiences in auditing clients from different industries, and we link this construct to auditor performance, drawing on prior research in psychology and cognitive science. We find that auditors with a wide range of industry experiences are more likely to require audit adjustments than auditors with a narrow range. We conduct an extensive set of analyses to mitigate the concern that our results are driven by...
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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：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：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：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...
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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：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...
