2-3期

最新文章

• How does private firm disclosure affect demand for public firm equity? Evidence from the global equity market AI翻译
  作者：Kim, Jinhwan; Olbert, Marcel
  作者单位：Stanford University; University of London; London Business School
  摘要：We investigate the relationship between private firms' disclosures and the demand for the equity of their publicly traded peers. Using data on the global movement of portfolio in-vestments in public equity, we find that a 10% increase in private firm disclosure trans-parency -proxied by the number of disclosed private firms' financial statement line items -reduces global investors' demand for public equity by 4.3% or $358 million per investee country-industry. These findings are consistent wit...
• 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...
• 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...
• 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 ...
• 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...