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作者：Karpoff, Jonathan M.
作者单位：University of Washington; University of Washington Seattle
摘要：Bloomfield, Marvao, and Spagnolo (2023) establish an interesting yet puzzling finding: Firms in concentrated industries that form cartels are more likely to use relative performance evaluation (RPE) compensation arrangements for their top managers. The paper interprets this as evidence that cartel members constrain managers' incentives to engage in costly sabotage when their compensation depends on their peer firms' performance. I argue that successful costly sabotage to gain an RPE advantage ...
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作者：Sani, Jalal; Shroff, Nemit; White, Hal
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Massachusetts Institute of Technology (MIT); University of Notre Dame
摘要：This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of the firms they own. We argue that mandatory portfolio disclosures reduce fund managers' incentive to collect and trade on private information, which reduces the stock price informativeness of their portfolio, and thus portfolio firm managers' ability to learn from their firms' stock prices. Using a difference-in-differences design around the May 2004 SEC regula...
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作者：Chy, Mahfuz; Kyung, Hoyoun
作者单位：University of Missouri System; University of Missouri Columbia
摘要：We find that bond issuers receive bank loans with 12% fewer covenants when the sec-ondary corporate bond market becomes more transparent. The treatment effect is more pronounced when bond trades are more informative, when stock prices are less infor-mative, and when the likelihood of future debt-equity agency conflicts is higher. The ev-idence suggests that bond prices reflect forward-looking information that mitigates banks' information risk in debt contracting. As such, banks impose fewer co...
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作者：Arikan, Mazhar; Kara, Mehmet; Masli, Adi; Xi, Yaoyi
作者单位：University of Kansas; California State University System; San Diego State University
摘要：We examine how the partisan alignment between chief executive officers (CEOs) and the United States president influences corporate disclosure outcomes. We predict and find evidence that more partisan-aligned CEOs display greater optimism in their corporate disclosures. CEO partisan alignment is positively associated with the likelihood of issuing a management earnings forecast and issuing overly optimistic forecasts. More partisan -aligned CEOs also use a more optimistic tone in the corporate ...
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作者：Hales, Jeffrey
作者单位：University of Texas System; University of Texas Austin
摘要：This paper summarizes and discusses Cohen et al. (2023), including how their results fit into a larger set of open questions about how sustainability-oriented information gets used in capital markets. Two key messages emerge. The first is that investors are not a monolith. The second message is that the information environment in which investors have been operating has changed dramatically over the past two decades and is likely to continue to evolve for the foreseeable future. Both messages h...
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作者：[Anonymous]
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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 ...
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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 ...
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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...
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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 ...
