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作者：Rennekamp, Kristina M.; Sethuraman, Mani; Steenhoven, Blake A.
作者单位：Cornell University; Queens University - Canada
摘要：Research on conference calls documents that the question and answer (Q&A) portion is informative to markets. However, prior studies focus on the attributes of the participating individuals, primarily managers and analysts. We instead use the conversation as our unit of analysis, and examine whether conversational engagement between managers and ana-lysts in earnings calls is informative to market participants. Using an experiment, we first demonstrate that linguistic style matching (LSM), a fo...
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作者：Kang, Jung Koo; Lennox, Clive; Pandey, Vivek
作者单位：Harvard University; University of Southern California
摘要：We hypothesize that companies in the same product market avoid sharing the same audit partner when they are concerned about possible information spillovers. Consistent with our hypothesis, we find that product market rivals are less likely to share the same partner when they perceive that information spillovers are more costly. While concerns about information spillovers significantly reduce the likelihood of product market rivals sharing the same audit partner, we find that such concerns do n...
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作者：Neilson, Jed J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Information gathering is an instinctive response to uncertainty, but such efforts may not fully resolve the uncertainty that prompted them. This implies that proxies for investor information gathering may endogenously reflect investor uncertainty, not only before but also after information collection. I find evidence consistent with this pattern using data on public internet access of SEC filings around firms' earnings announcements. My findings suggest that proxies for investor search and inf...
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作者：Truc Do; Zhang, Huai; Zuo, Luo
作者单位：University of Queensland; Nanyang Technological University; Cornell University
摘要：We argue that relative performance evaluation (RPE) contracts introduce a tournament among the focal firm and peer firms. We test whether a firm's riskiness is altered by its CEO's incentive to win the tournament. We find that a firm that performed poorly relative to its peers during an interim period takes more risk in the remainder of the evaluation period than a firm with better interim performance. This effect is stronger when the interim assessment date is closer to the end of the evaluat...
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作者：Lowry, Michelle
作者单位：Drexel University
摘要：Maffett et al. (2022) [Importing Activists: Determinants and Consequences of Increased Cross-border shareholder activism. Journal of Accounting and Economics, forthcoming] find that regulations on shareholder engagement and board structure lead to increased shareholder activism. How generalizable is this conclusion: can we conclude more generally that shareholder empowering regulations contribute to increased shareholder engagement? I discuss three areas along which future research can increas...
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作者：Dordzhieva, Aysa; Laux, Volker; Zheng, Ronghuo
作者单位：University of Texas System; University of Texas Austin
摘要：Firms that wish to raise capital from external investors can signal favorable private in-formation about their long-term prospects by publicly adopting a liberal accounting sys-tem that increases the probability of an overstated financial report. All else equal, the liberal bias deteriorates investors' ability to make efficient investment decisions, which increases the firm's cost of raising capital as investors price protect. But the fact that the firm is willing to adopt such a bias signals ...
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作者：Laurion, Henry; Sloan, Richard
作者单位：University of Colorado System; University of Colorado Boulder; University of Southern California
摘要：SEC rules require managers to reconcile their non-GAAP earnings forecasts with the most directly comparable GAAP forecasts unless doing so would entail 'unreasonable effort.' A significant number of managers rely on the unreasonable efforts exception to justify the omission of comparable GAAP forecasts. We analyze firms that rely on the unreasonable efforts exception and find that their non-GAAP earnings forecasts are more likely to exclude significant recurring expenses that are not excluded ...
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作者：Blankespoor, Elizabeth
作者单位：University of Washington; University of Washington Seattle
摘要：Investors are central to the incorporation of firm information in capital markets, yet it is challenging to observe the particular information they use and struggle with. Lee and Zhong (2022) use online investor interactions with Chinese public firms to document evidence that investors face significant processing costs. They find that when investor interactions occur, capital markets behave as if the information environment has improved, with increased trading activity, liquidity, and timely p...
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作者：Lennox, Clive; Wu, Joanna Shuang
作者单位：University of Southern California; University of Rochester
摘要：The past 25 years have seen an exponential growth in the number of China studies in the leading accounting journals. The rise in China-related research mirrors the country's increased importance on the global stage and a growing appreciation of the economic importance of Chinese institutions. We organize our review of the China literature around three central themes: 1) political and regulatory institutions, 2) China's relationships with foreign investors, and 3) the availability of novel data...
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作者：Leuz, Christian
作者单位：University of Chicago; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research
摘要：Armstrong et al. (2022) review the empirical methods used in the accounting literature to draw causal inferences. They document a growing number of studies using quasiexperimental methods and provide a critical perspective on this trend as well as the use of these methods in the accounting literature. In this discussion, I complement their review by broadening the perspective. I argue for a design-based approach to accounting research that shifts attention from methods to the entire research d...
