2022

最新文章

• Redact to protect? Customers' incentive to protect information and suppliers' disclosure strategies AI翻译
  作者：Chen, Gary; Tian, Xiaoli (Shaolee); Yu, Miaomiao
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Georgetown University; Louisiana State University System; Louisiana State University; Georgetown University
  摘要：We find that suppliers are more likely to redact mandated disclosures when major cus-tomers have proprietary information to protect (in the form of R&D intensity, trade secrets, and nondisclosure agreements), controlling for suppliers' own proprietary cost concerns. Furthermore, the effect on suppliers' redactions is concentrated in subsamples for which customers have greater power, measured by customer size, industry leadership, and the number of suppliers. Additionally, suppliers also curtai...
• Meet the press: Survey evidence on financial journalists as information intermediaries AI翻译
  作者：Call, Andrew C.; Emett, Scott A.; Maksymov, Eldar; Sharp, Nathan Y.
  作者单位：Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station
  摘要：We survey 462 financial journalists and conduct 18 interviews to obtain insights on the inputs to their reporting, the incentives they face, and the factors that influence their coverage decisions. We report many findings relevant to the accounting literature and identify multiple avenues for future research. For example, financial journalists say the likelihood they write about a specific company or CEO increases when the company is controversial or the CEO has a colorful personality, suggest...
• Are auditors rewarded for low audit quality? The case of auditor lenience in the insurance industry AI翻译
  作者：Ege, Matthew S.; Stuber, Sarah B.
  作者单位：Texas A&M University System; Texas A&M University College Station
  摘要：Using unique disclosures from the insurance industry, we identify instances where auditors plausibly allow clients to opportunistically utilize discretion in accounting estimates to manipulate losses to reported profits (i.e., auditor lenience). Auditing standards and SEC guidance state that auditors should consider whether a misstatement shifts a loss to a profit as a qualitative factor when evaluating the materiality of misstatements. We find that audit office lenience is positively associat...
• Does tax enforcement deter managers' self-dealing? AI翻译
  作者：Yost, Benjamin P.; Shu, Susan
  作者单位：Boston College
  摘要：This study examines the effect of corporate tax enforcement on managerial self-dealing, with a focus on manipulated gifts of insider stock. Prior work suggests that managers employ a variety of manipulative techniques to maximize their personal tax benefits from donating corporate stock, such as strategically timing gifts based on private information and fraudulently backdating gifts to the date with the highest price. Building on prior literature suggesting that the tax authority can discipli...
• Market power and credit rating standards: Global evidence AI翻译
  作者：Hung, Mingyi; Kraft, Pepa; Wang, Shiheng; Yu, Gwen
  作者单位：Hong Kong University of Science & Technology; Hautes Etudes Commerciales (HEC) Paris; University of Michigan System; University of Michigan
  摘要：We examine how the market power of credit rating agencies (CRAs) affects their rating standards. Using a global sample across 26 countries from 1994 to 2019, we find that greater market power of global CRAs, measured by their country-level market shares, is associated with stricter corporate ratings. In addition, the increase in global CRAs' market shares contributes to the tightening trend in their credit ratings worldwide. Exploiting the NRSRO designation of local CRAs in Japan, we find that...
• Small innovators: No risk, No return AI翻译
  作者：Stoffman, Noah; Woeppel, Michael; Yavuz, M. Deniz
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Purdue University System; Purdue University
  摘要：We show that small innovators (i.e., small firms with recent patent grants) earn higher future returns than small non-innovators. However, we find no such innovation premium among large firms. The higher returns are driven by risk, not underreaction to an-nouncements of recent patent grants. We find that being small and innovative interacts with financial constraints to explain the higher returns. These interactions are more important in the presence of greater information asymmetry. The highe...
• Financial shocks to lenders and the composition of financial AI翻译
  作者：Christensen, Hans B.; Macciocchi, Daniele; Morris, Arthur; Nikolaev, Valeri V.
  作者单位：University of Chicago; University of Miami; Hong Kong University of Science & Technology
  摘要：We provide evidence that financial shocks to lenders influence the composition of financial covenants in debt contracts. Using two distinct measures of lender-specific shocks-defaults in a lender's corporate loan portfolio that occur outside the borrower's region and industry, and non-corporate loan delinquencies-we show that lenders respond to financial shocks by increasing the number and strictness of performance-based but not of capital-based covenants in debt contracts. We examine two poss...
• Complexity aversion when Seeking Alpha* AI翻译
  作者：Umar, Tarik
  作者单位：Rice University
  摘要：A global field experiment with Seeking Alpha shows that textual complexity affects investor attention to news and market outcomes. Investors were randomly assigned different titles for the same news article. Holding the article fixed, a one-standard-deviation increase in complexity leads to 6.1% fewer views. Complexity is more off-putting for less-sophisticated investors, when attention is more limited, and when the news is likely less important. Exploiting an arbitrary rule for breaking ties ...
• Internal governance and outside directors' connections to non-director executives AI翻译
  作者：Hoitash, Udi; Mkrtchyan, Anahit
  作者单位：Northeastern University; University of Calgary
  摘要：The monitoring effectiveness of outside directors is curtailed by information asymmetry between boards and management. Connections between outside directors and executives who do not serve on the board (internal ties) may help overcome this challenge by facilitating information sharing between the connected parties. Internal ties can also empower connected executives to withstand pressure from CEOs to take actions that might endanger their reputation in the long term. Alternatively, internal t...
• Is corporate transparency the solution to political failure on our greatest problems? A discussion of Darendeli, Fiechter, Hitz, and Lehmann (2022) AI翻译
  作者：Christensen, Hans B.
  作者单位：University of Chicago
  摘要：Advocacy groups have responded to the lack of political solutions to some of the greatest problems we face-from climate change to armed conflicts-by lobbying for securities regulation that increases corporate transparency. They aim to incentivize corporations to address problems that lack other political solutions. I discuss what we can (and cannot) learn about the efficacy of reporting mandates from the findings in Darendeli et al. (2022) and related papers that stakeholders respond to greate...