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作者：Du, Kai; Huddart, Steven; Jiang, Xin Daniel
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Waterloo
摘要：SEC-mandated, machine-readable structured filings are an alternative source to Compustat for companies' accounting data. Discrepancies between as-filed and Compustat data, potentially a result of Compustat's standardizations, are more pronounced for firms with complex financial reporting. We show that these data discrepancies affect inferences in four research settings: (i) properties of accrual accounting, including accruals-cash flow relationships and abnormal accruals; (ii) real earnings ma...
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作者：Lennox, Clive; Wang, Chunfei; Wu, Xi
作者单位：University of Southern California; Central University of Finance & Economics
摘要：Public accounting firms are owned by all equity partners, but day-to-day management is generally delegated to a team of leaders. Using data from China, this study examines which equity partners are selected to the firm's national leadership team, and whether firmwide audit quality is related to leadership attributes. We find that a partner is more likely to be selected as a leader if the partner is more experienced in public company auditing and has attracted more new clients to the firm. Firm...
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作者：Lu, Hai; Shin, Jee-Eun; Zhang, Mingyue
作者单位：University of Toronto; Peking University; University of Waterloo
摘要：We study financial reporting and disclosure practices in China using survey methods similar to prior studies of U.S. firms (i.e., Graham et al., 2005; Dichev et al., 2013). Comparing earnings features, motives to manage and smooth earnings, and voluntary disclosure practices between the two countries, we reveal three major differences. First, Chinese firms exhibit a stronger preference for predictive, relative to verifiable, attributes of earnings that can signal stable firm performance to the...
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作者：Campbell, Brett; Drake, Michael; Thornock, Jacob; Twedt, Brady
作者单位：Yale University; Brigham Young University; University of Oregon
摘要：We examine the determinants and market consequences associated with earnings announcements going viral on social media, a phenomenon we label earnings virality. Using a comprehensive panel of historical Twitter data, we find that the typical earnings announcement receives relatively little social media coverage, but others go viral on social media, quickly reaching the feeds of millions of people. We find that viral earnings announcements generally have Twitter content that is more extreme in ...
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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...
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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 ...
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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' ...
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作者：Belnap, Andrew
作者单位：University of Texas System; University of Texas Austin
摘要：Intermediaries play a significant role in capital markets by reducing disclosure processing costs to market participants. Yet, due to selection and other empirical challenges, the extent and mechanisms through which intermediaries influence firm disclosure are largely unknown. To address these challenges, I conduct a field experiment that randomizes coverage of a mandatory disclosure by two key intermediariesdnon-governmental or-ganizations and the media. I show that this coverage causes nonco...
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作者：Core, John E.; deHaan, Ed; Guay, Wayne; Hanlon, Michelle; Lang, Mark; Wu, Joanna
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作者：Goldman, Nathan C.; Ozel, Naim Bugra
作者单位：North Carolina State University; University of Texas System; University of Texas Dallas
摘要：We examine whether individual-level taxes affect executives' propensity to use nonpublic information in insider trades. We predict and find a positive relation between abnormal insider trading profitability and income tax rates. Using plausibly exogenous variation in state income tax rates, we estimate that the average executive uses insider trading profits to offset between 12.2% and 19.6% of the effect that income taxes have on their net compensation. We show that the sensitivity of these pr...
