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作者：Park, Jihwon; Sani, Jalal; Shroff, Nemit; White, Hal
作者单位：Harvard University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Massachusetts Institute of Technology (MIT)
摘要：This paper examines whether common ownership - i.e., instances where investors simultaneously own significant stakes in competing firms - affects voluntary disclosure. We argue that common ownership (i) reduces proprietary cost concerns of disclosure, and (ii) incentivizes firms to internalize the externality benefits of their disclosure for co-owned peer firms. Accordingly, we find a positive relation between common ownership and disclosure. Evidence from cross-sectional tests and a quasi-nat...
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作者：Campbell, Dennis; Loumioti, Maria; Wittenberg-Moerman, Regina
作者单位：Harvard University; University of Texas System; University of Texas Dallas; University of Southern California
摘要：We explore whether cognitive constraints and behavioral biases impede the processing and interpretation of soft information in private lending. Using data from a credit union's internal reporting system, we delineate three constraints and biases likely to affect lending decisions: limited attention, task-specific human capital and common identity. We find that soft information leads to worse loan quality when loan officers are busy or before weekends and around national holidays; when they hav...
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作者：Richardson, S. A.; Sloan, R. G.; Soliman, M. T.; Tuna, I
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作者：Burgstahler, David
作者单位：University of Washington; University of Washington Seattle
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作者：Aobdia, Daniel
作者单位：Northwestern University
摘要：This study investigates the degree of concordance between fifteen measures of audit quality used in academia and two measures of audit process quality determined either by audit firms' internal inspections or by Public Company Accounting Oversight Board inspections of individual engagements. Using two confidential datasets of these assessments of audit process quality, I find that three of the measures of audit quality used by academics have significant associations with both measures of audit...
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作者：Balakrishnan, Karthik; Vashishtha, Rahul; Verrecchia, Robert E.
作者单位：University of London; London Business School; Duke University; University of Pennsylvania
摘要：Using the equity market liberalization of 23 emerging market countries between 1996 and 2006, we examine how the degree of competition for a firm's shares affects the price of information asymmetry. We find evidence of a significant decline in the pricing of information asymmetry as countries remove regulatory restrictions on foreign ownership. Our study provides novel evidence on the link between the degree of competitiveness of equity markets and the price of information asymmetry. The work ...
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作者：Nagar, Venky; Schoenfeld, Jordan; Wellman, Laura
作者单位：University of Michigan System; University of Michigan; Georgetown University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Investor uncertainty about firm value drives investors' information collection and trading activities, as well as managers' disclosure choices. This study examines an important source of uncertainty that likely cannot be influenced by most managers and investors: uncertainty about government economic policy. We find that this uncertainty is associated with increased bid-ask spreads and decreased stock price reactions to earnings surprises. Managers respond to this uncertainty by increasing the...
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作者：Chychyla, Roman; Leone, Andrew J.; Minutti-Meza, Miguel
作者单位：University of Miami; Northwestern University
摘要：This study tests whether firms seek to mitigate the adverse effects of Financial Reporting Complexity (FRC) by investing in accounting expertise. We develop a measure of FRC based on the complexity of accounting standards that govern annual disclosures. We find that FRC is positively related to the accounting expertise on a firm's board of directors and audit committee. We also find that accounting expertise mitigates the relation between FRC and negative reporting outcomes. Collectively, this...
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作者：Armstrong, Christopher S.; Glaeser, Stephen; Kepler, John D.
作者单位：University of Pennsylvania; University of North Carolina; University of North Carolina Chapel Hill; Stanford University
摘要：We find that firms' tax planning exhibits strategic reactions: firms respond to changes in their industry-competitors' tax planning by changing their own tax planning in the same direction. We document evidence of these strategic reactions in two distinct research settings that entail an exogenous increase and decrease in competitors' tax planning. We also find evidence that strategic reactions stem from concerns about appearing more tax aggressive than industry competitors, some evidence that...
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作者：Loumioti, Maria; Vasvari, Florin P.
作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School
摘要：We examine the discretionary activities that CLO managers engage in to pass monthly over-collateralization (OC) tests. These tests require a CLO's loan portfolio value, scaled by the CLO notes' principal balance, to be above a certain threshold. Using CLOs' granular disclosures, we develop model-free estimates for discretionary loan fair valuation and transaction-based proxies for strategic loan trading. We find a positive association between these discretionary activities and the probability ...
