2018

最新文章

• Discussion of Managing reputation: Evidence from biographies of corporate directors AI翻译
  作者：Miller, Darius
  作者单位：Southern Methodist University
  摘要：Gow et al. (2018) (henceforth GWY) examine how directors' reputation concerns influence the proxy statement disclosure of their business experience. They find that reputation concerns combine with lax disclosure requirements to cause directors' employment at troubled firms to be omitted from proxy filings. Further, the evidence suggests that these misrepresentations succeed in misleading both the labor and capital markets. In this discussion, I review the literature to highlight the importance...
• Earnings notifications, investor attention, and the earnings announcement premium AI翻译
  作者：Chapman, Kimball
  作者单位：Washington University (WUSTL)
  摘要：This paper provides new evidence that investor attention explains positive returns around earnings announcements and reconciles the attention explanation with information-based explanations in the literature. I use earnings notifications, which are attention-grabbing announcements of the upcoming earnings date but otherwise provide little new information. I find positive returns, more EDGAR searches, and higher trading volumes on notification days. I also find that attention and returns around...
• GDP management to meet or beat growth targets AI翻译
  作者：Lyu, Changjiang; Wang, Kemin; Zhang, Frank; Zhang, Xin
  作者单位：Fudan University; Yale University
  摘要：We apply the discontinuity methodology from the accounting literature to a political economy setting of GDP reporting and examine whether Chinese local governments manage regional GDP numbers. We find strong evidence of discontinuities around zero in the distribution of actual minus target GDP growth rates. The frequencies of just meeting or beating GDP growth targets are about five (four) times the frequencies of just missing targets at the prefecture (province) level. The results are stronge...
• Theory, research design assumptions, and causal inferences AI翻译
  作者：Armstrong, Christopher S.; Kepler, John D.
  作者单位：University of Pennsylvania
  摘要：Ferri, Zheng, and Zou test Fischer and Verrecchia's (2000) prediction that a reduction in investors' uncertainty about managers' financial reporting objectives leads to an increase in the valuation-relevance of earnings reports. They use mandatory CD&A disclosures as an arguably exogenous shock that provided investors with more precise information about managers' contractual incentives and find that these enhanced disclosures increased the relation between firms' unexpected earnings and stock ...
• Corporate jets and private meetings with investors AI翻译
  作者：Bushee, Brian J.; Gerakos, Joseph; Lee, Lian Fen
  作者单位：University of Pennsylvania; Dartmouth College; Boston College
  摘要：We use corporate jet flight patterns to identify private meetings with investors that are ex ante unobservable to non-participants. Using approximately 400,000 flights, we proxy for private meetings with roadshows, defined as three-day windows that include flights to money centers and to non-money centers in which the firm has high institutional ownership. Roadshows exhibit greater abnormal stock reactions, analyst forecast activity, and absolute changes in local institutional ownership than o...
• Social networks in the global banking sector AI翻译
  作者：Houston, Joel F.; Lee, Jongsub; Suntheim, Felix
  作者单位：State University System of Florida; University of Florida
  摘要：We show that banks with shared social connections partner more often in the global syndicated loan market and that central banks in the network play dominant roles in various interbank transactions, indicating that social connections facilitate business connections. However, more centralized banks in the network also contribute significantly to the global systemic risk. Moreover, we find the soft information generated by social networks is particularly valuable when potential partners operate ...
• Bank CEO materialism: Risk controls, culture and tail risk AI翻译
  作者：Bushman, Robert M.; Davidson, Robert H.; Dey, Aiyesha; Smith, Abbie
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Georgetown University; University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; Virginia Polytechnic Institute & State University
  摘要：We investigate how the prevalence of materialistic bank CEOs has evolved over time, and how risk management policies, non-CEO executives' behavior and tail risk vary with CEO materialism. We document that the proportion of banks run by materialistic CEOs increased significantly from 1994 to 2004, that the strength of risk management functions is significantly lower for banks with materialistic CEOs, and that non-CEO executives in banks with materialistic CEOs insider trade more aggressively ar...
• Analysts' stock ownership and stock recommendations AI翻译
  作者：Chan, Jesse; Lin, Steve; Yu, Yong; Zhao, Wuyang
  作者单位：University of Texas System; University of Texas Austin; State University System of Florida; Florida International University
  摘要：Using hand-collected information, we find that analysts who own stock in a company they follow make more informative recommendations and exert more effort in covering the company. However, we also find that analysts with stock ownership issue more optimistic target price forecasts. These findings suggest that analysts' stock ownership enhances the credibility of their recommendations by conveying their superior information, but also induces analysts to bias upwards their target price forecasts...
• The effects of bank regulators and external auditors on loan loss provisions AI翻译
  作者：Nicoletti, Allison
  作者单位：University of Pennsylvania
  摘要：I examine whether bank regulators and external auditors have conflicting effects on loan loss provision timeliness, an accounting choice associated with important economic consequences and a potential conflict between regulators and auditors. In the absence of the other group, auditors and strict regulators are each positively associated with timeliness. However, audits are negatively associated with timeliness when strict regulators are present, consistent with a conflict for which auditors a...
• Firm performance, reporting goals, and language choices in narrative disclosures AI翻译
  作者：Asay, H. Scott; Libby, Robert; Rennekamp, Kristina
  作者单位：University of Iowa; Cornell University
  摘要：We use an experiment with experienced managers to provide more-direct evidence on how reporting goals and firm performance influence language choices. We find that bad news disclosures are less readable than good news, but only when managers have a stronger self-enhancement motive. Our results suggest that this difference is driven mainly by attempts to write more readable good news reports as opposed to intentional obfuscation of poor performance. In order to frame poor performance in a posit...