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• Locked-in at home: The gender difference in analyst forecasts after the COVID-19 school closures AI翻译
  作者：Du, Mengqiao
  作者单位：National University of Singapore
  摘要：This paper explores the shock of school closures caused by the COVID-19 pandemic to study the effect of childcare responsibilities on analyst forecasts. With manually collected data on whether analysts have children, I find that female analysts with children (mother analysts) are less likely to issue timely forecasts after school closures, compared to male analysts with children (father analysts). Mother analysts' forecasts also become less accurate after school closures, but the negative effe...
• Accounting conservatism and relational contracting AI翻译
  作者：Glover, Jonathan; Xue, Hao
  作者单位：Columbia University; Duke University
  摘要：This paper develops a positive role for accounting conservatism in fostering relational contracts between two agents in a two-period model of moral hazard. Building on Kreps (1996), the principal in our model designs a conservative measurement system and optimal contracts to create multiple equilibria that foster a team-based corporate culture. Accruals introduced by conservatism increase each agent's stake in the future of the relationship when it matters most-when it is going badly. This mak...
• Contracting in the Dark: The rise of public-side lenders in the syndicated loan market AI翻译
  作者：Amiraslani, Hami; Donovan, John; Phillips, Matthew A.; Wittenberg-Moerman, Regina
  作者单位：INSEAD Business School; University of Notre Dame; Massachusetts Institute of Technology (MIT); University of Southern California
  摘要：We document a novel trend in syndicated lending where some participants voluntarily waive their rights to borrowers' private information. We posit that public-side lending emerged to facilitate broad lender participation in the syndicated loan market by miti-gating concerns about the leakage of borrowers' private information into public securities markets. In line with this proposition, we find that public-side lending facilitates the loan market participation of lenders for which maintaining ...
• Marijuana liberalization and public finance: A capital market perspective on the passage of medical use laws AI翻译
  作者：Cheng, Stephanie F.; De Franco, Gus; Lin, Pengkai
  作者单位：Tulane University; Singapore Management University
  摘要：We find that the staggered passage of state-level laws that legalize marijuana for medical use increases states' borrowing costs by 7e9 basis points. Consistent with economic theory on substance use suggesting that marijuana legalization increases local consumption of the drug (by expanding its availability and reducing its perceived risks), we predict and find that increased consumption represents an important mechanism that explains the higher state bond spreads. We also show that following ...
• Mandatory disclosure and learning from external market participants: Evidence from the JOBS act AI翻译
  作者：Pinto, Jedson
  作者单位：University of Texas System; University of Texas Dallas
  摘要：This paper examines whether mandatory disclosure affects the extent to which firms learn from external market participants. Conventional wisdom suggests that mandatory disclosure should increase the total amount of information in financial markets. However, disclosure can also reduce investors' incentives to acquire and produce information. Using the JOBS Act to identify variations in disclosure requirements, this paper finds that firms with reduced disclosure requirements attract more informe...