2023

最新文章

• The effect of tick size on managerial learning from stock prices AI翻译
  作者：Ye, Mao; Zheng, Miles Y.; Zhu, Wei
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We investigate the effect of tick size, a key feature of market microstructure, on managerial learning from stock prices. Using a randomized controlled tick-size experiment, the 2016 Tick Size Pilot Program, we find that a larger tick size increases a firm's investment sensitivity to stock prices, suggesting that managers glean more new information from stock prices to guide their investment decisions as the tick size increases. Consistently, we also find that changes in managerial beliefs, as...
• Tax-loss harvesting with cryptocurrencies* AI翻译
  作者：Cong, Lin William; Landsman, Wayne; Maydew, Edward; Rabetti, Daniel
  作者单位：Cornell University; National Bureau of Economic Research; University of North Carolina; University of North Carolina Chapel Hill; National University of Singapore
  摘要：We describe the taxation landscape in the cryptocurrency markets, especially concerning U.S. taxpayers, and examine how recent increases in tax scrutiny have led to changes in crypto investors' trading behavior. We argue conceptually and then empirically document that increased tax scrutiny leads crypto investors to utilize conventional tax planning with tax-loss harvesting as an alternative to non-compliance. In particular, domestic traders increase tax-loss harvesting following the increase ...
• Assurance level choice, CPA fees, and financial reporting benefits: Inferences from US private firms AI翻译
  作者：Badertscher, Brad A.; Kim, Jaewoo; Kinney Jr, William R.; Owens, Edward
  作者单位：University of Notre Dame; University of Oregon; University of Texas System; University of Texas Austin; Utah System of Higher Education; University of Utah
  摘要：Many U.S. private firms choose either a financial statement compilation or review rather than the higher assurance provided by an audit, yet little is known about these choices. We explore economic aspects of private firm choice of less-than-audit levels of assurance applied to GAAP-based financial statements. We find that CPA fees more than double for each increment in assurance. Commonly used financial reporting quality proxies are higher for both reviews and audits relative to compilations ...
• How does shareholder governance affect the cost of borrowing? Evidence from the passage of anti-takeover provisions AI翻译
  作者：Liu, Yukun; Wu, Xi
  作者单位：University of Rochester; University of California System; University of California Berkeley
  摘要：This paper examines the effect of shareholder governance on firms' cost of borrowing using the voting outcomes of shareholder-sponsored anti-takeover governance proposals. Implementing a regression discontinuity design centered around the proposals' passing thresholds, we show that firms' public debt prices fall significantly upon the proposals' passage, and that banks demand higher interest rates and more general covenants on new loans issued to those firms. We find that these effects are mor...
• Institutional investors, climate disclosure, and carbon emissions AI翻译
  作者：Cohen, Shira; Kadach, Igor; Ormazabal, Gaizka
  作者单位：California State University System; San Diego State University; University of Navarra; IESE Business School; University of Navarra; IESE Business School
  摘要：Exploiting the unique features of the CDP, the world-leading platform of corporate climate risk disclosures, we study the relationship between institutional investors' demand for climate-related information (as reflected in their CDP signatory status), firms' decision to disclose this information, and corporate carbon emissions. We provide systematic international evidence that ownership by CDP signatories is positively associated with the probability of disclosing information to the CDP, and ...
• The economic consequences of GASB financial statement disclosure AI翻译
  作者：Dambra, Michael; Even-Tov, Omri; Naughton, James P.
  作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of California System; University of California Berkeley; University of Virginia
  摘要：We examine whether Governmental Accounting Standards Board (GASB) financial statement disclosure alters local governments' economic decision-making. To do so, we exploit a recent GASB standard that eliminated differences in the disclosure requirements for county governments' pension obligations. The standard, GASB 68, had no effect on pension economics or the annual budget-it affected only whether and how information was presented on GASB financial statements. Using a broad hand-collected data...
• Economic consequences of operating lease recognition AI翻译
  作者：Ma, Mark (Shuai); Thomas, Wayne B.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Oklahoma System; University of Oklahoma - Norman
  摘要：Accounting Standards Update No. 2016-02 (ASU 2016-02) generated considerable debate between managers and standard setters. We find evidence that after issuance of ASU 2016-02, lessee firms decreased their use of long-term operating leases, increased their use of short-term operating leases, and increased their use of capital expenditures. The shift from long-term operating leases to capital expenditures is more pronounced for firms that had greater reporting incentives to use operating leases ...
• Investment, inflation, and the role of internal information systems as a transmission channel AI翻译
  作者：Binz, Oliver; Ferracuti, Elia; Joos, Peter
  作者单位：INSEAD Business School; Duke University
  摘要：We examine whether the quality of firms' internal information systems influences the relation between inflation shocks and corporate investment, as posited by imperfect information models. Inconsistent with RBC models' prediction that nominal variables (e.g., inflation) do not affect real variables (e.g., corporate investment) but consistent with the presence of information frictions, we first document a positive relation between inflation shocks and firm-level investment. Next, we show that h...
• Fixed income conference calls AI翻译
  作者：De Franco, Gus; Shohfi, Thomas; Xu, Da; Zhu, Zhiwei (Vivi)
  作者单位：Tulane University; Rensselaer Polytechnic Institute
  摘要：We study the determinants and the informational role of firms' fixed income conference calls, a unique form of voluntary disclosure that deviates from the traditional multi-purpose firm disclosures intended for all stakeholders. We find that fixed income calls are more likely to be held by firms that have more debt, lack credit ratings or have publicly traded equity, are foreign, or are experiencing losses. In a content analysis using a sample of public firms, we find that these calls discuss ...
• Accounting comparability and relative performance evaluation by capital markets AI翻译
  作者：Wu, Sang; Xue, Wenjie
  作者单位：Columbia University; National University of Singapore
  摘要：This paper examines how accounting comparability affects the monitoring role and the risk allocation role of capital markets. We develop the statistical and informational properties of accounting reports under varying degrees of comparability. A perfectly comparable accounting information system enables investors to perfectly infer the dif-ference between any two firms' future cash flows although investors remain uncertain about either firm's cash flow. Comparability alleviates entrepreneurs' ...