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最新文章

• Market uncertainty and the importance of media coverage at earnings announcements AI翻译
  作者：Bonsall, Samuel B.; Green, Jeremiah; Muller, Karl A., III
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Texas A&M University System; Texas A&M University College Station
  摘要：We investigate whether increased investor demand for financial information arising from higher market uncertainty leads to greater media coverage of earnings announcements. We also investigate whether greater coverage during times of higher uncertainty further destabilizes financial markets because of greater attention-based trading or, alternatively, improves trading and pricing by lowering investor acquisition and interpretation costs. When uncertainty is higher, we find evidence of greater ...
• Effects of accounting conservatism on investment efficiency and innovation AI翻译
  作者：Laux, Volker; Ray, Korok
  作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
  摘要：We study how biases in financial reporting affect managers' incentives to develop innovative projects and to make appropriate investment decisions. Conservative reporting practices impose stricter verification standards for recognizing good news, and reduce the chance that risky innovations will lead to favorable future earnings reports. Holding all else constant, more conservative reporting therefore weakens the manager's incentive to work on innovative ideas, consistent with informal argumen...
• EDITORIAL DATA AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• The spillover effects of MD&A disclosures for real investment: The role of industry competition AI翻译
  作者：Durnev, Art; Mangen, Claudine
  作者单位：University of Iowa; Concordia University - Canada
  摘要：We explore whether disclosures in the Management Discussion & Analysis (MD&A) have spillover effects for investment and investment efficiency, and whether spillover effects vary with competition. We focus on the tone of MD&A disclosures and document that the association between a company's investments and the tone of its rivals' MD&A disclosures is positive. Moreover, this association is moderated by competition; it is stronger when firms operate in industries that have lower entry costs, are ...
• Can social media distort price discovery? Evidence from merger rumors AI翻译
  作者：Jia, Weishi; Redigolo, Giulia; Shu, Susan; Zhao, Jingran
  作者单位：University System of Ohio; Cleveland State University; Universitat Ramon Llull; Escuela Superior de Administracion y Direccion de Empresas (ESADE); Boston College; Hong Kong Polytechnic University
  摘要：We study whether social media can play a negative information role by impeding price discovery in the presence of highly speculative rumors. We focus on merger rumors, where most do not materialize. We find that merger rumors accompanied by greater Twitter activity elicit greater immediate market reaction even though rumor-related Twitter activity is unrelated to the probability of merger realization. The price distortion associated with tweet volume persists weeks after a rumor and reverses o...
• EDITORIAL DATA AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• Auditors are known by the companies they keep AI翻译
  作者：Cook, Jonathan; Kowaleski, Zachary T.; Minnis, Michael; Sutherland, Andrew; Zehms, Karla M.
  作者单位：University of Notre Dame; University of Chicago; Massachusetts Institute of Technology (MIT); University of Wisconsin System; University of Wisconsin Madison
  摘要：We study the role of reputation in auditor-client matching. Using 1.2 million employment records from US broker-dealers, we find that broker-dealer clients of the same auditor have similar financial adviser misconduct profiles. Our estimates indicate that variation in client misconduct behavior is nearly half as important as variation in client size in explaining matches. Auditors adjust their portfolios when presented with new information about client behavior, and those with the most signifi...
• Are declining effective tax rates indicative of tax avoidance? Insight from effective tax rate reconciliations AI翻译
  作者：Drake, Katharine D.; Hamilton, Russ; Lusch, Stephen J.
  作者单位：University of Arizona; Southern Methodist University; Texas Christian University
  摘要：Effective tax rates (ETRs) are often used to compare tax avoidance across firms and time. Using firms' detailed tax footnote data, we find that the effect of valuation allowances (VA) related to prior-period losses biases GAAP ETRs. This downward bias explains almost all of the downward trend in domestic firms' ETRs over the last 20 years. We also find that VAs explain cross-sectional differences in ETRs for both domestic and multinational firms. We show this bias extends to cash ETRs and the ...
• Cultural diversity on Wall Street: Evidence from consensus earnings forecasts AI翻译
  作者：Merkley, Kenneth; Michaely, Roni; Pacelli, Joseph
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Geneva
  摘要：We examine how cultural differences among agents influence the aggregate outcome of a common forecasting task. Using both exogenous shocks to sell-side analyst diversity and panel regression methods, we find that increases in analyst cultural diversity positively affect the quality of the consensus earnings forecast. We further provide evidence on the potential mechanisms underlying this result by showing that cultural diversity is associated with improvements in individual analyst forecasts, ...
• Seeing is believing? Executives' facial trustworthiness, auditor tenure, and audit fees AI翻译
  作者：Hsieh, Tien-Shih; Kim, Jeong-Bon; Wang, Ray R.; Wang, Zhihong
  作者单位：University of Massachusetts System; University Massachusetts Dartmouth; City University of Hong Kong; Hong Kong Baptist University; Clark University
  摘要：Psychology and neuroscience studies document that facial trustworthiness perceptions may affect observers' decision-making process. Our study examines whether auditors' perceptions of client executives' facial trustworthiness are associated with their audit fee decisions. We employ a machine-learning-based face-detection algorithm to measure executives' facial trustworthiness. We find that auditors charge 5.6% less audit fee to firms with trustworthy-looking CFOs than to those with untrustwort...