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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...
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作者：Laux, Volker; Stocken, Phillip C.
作者单位：University of Texas System; University of Texas Austin; Dartmouth College
摘要：We examine the effects of accounting standards and regulatory enforcement on entrepreneurial innovation and social welfare. When the entrepreneur issues a financial report that violates the accounting standards, a regulatory agency may detect the violation and bring charges. We find that when regulatory penalties are relatively insensitive to the magnitude of the violation, optimal standards are sufficiently low that they induce full compliance, and increase as the intensity of enforcement inc...
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作者：Aobdia, Daniel; Cheng, Lin
作者单位：Northwestern University; University of Arizona
摘要：We examine the disclosure policies of non-unionized firms operating in unionized industries. We test the hypothesis that non-unionized firms have an incentive to disclose more information when their unionized rivals are engaged in labor renegotiations; that is, to weaken them. We find that non-unionized firms disclose more information and more good news when renegotiations are ongoing. This behavior is stronger for larger firms, firms with fewer peers in the industry, and firms more similar to...
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作者：Engelberg, Joseph
作者单位：University of California System; University of California San Diego
摘要：Lawrence et al. run a field experiment on Yahoo Finance which randomly promotes some earnings stories. They find that firms in promoted stories have higher contemporaneous returns. I begin by reviewing the media and finance literature and discuss the difficulty in solving the identification problem Lawrence et al. wish to solve. I then discuss how their results fit with existing theories of attention and suggest some changes that could help pin down which theory best explains the results. Fina...
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作者：Lawrence, Alastair; Ryans, James; Sun, Estelle; Laptev, Nikolay
作者单位：University of London; London Business School; Boston University; Facebook Inc
摘要：This study presents a field experiment in which media articles for a random sample of firms with earnings announcements are promoted to a one percent subset of Yahoo Finance users. Promoted firms have higher abnormal returns and some evidence of lower bid-ask spreads on the day of the earnings announcement. These results are more pronounced for less visible firms, negative earnings news, and on days with fewer promoted firms. These findings suggest that investor attention affects the pricing o...
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作者：Erel, Isil
作者单位：University System of Ohio; Ohio State University
摘要：Financing Acquisitions with Eamouts by Thomas Bates, Jordan Neyland, and Yolanda Wang broadly focuses on an important topic: how firms finance their acquisitions. Specifically, authors study the role of earnout agreements in financing acquisitions and show that they could be substantial both for financially constrained firms and at times when external capital is more expensive. My discussion focuses on the economic significance of the results presented, questioning the importance of earnouts i...
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作者：Nikolaev, Valeri V.
作者单位：University of Chicago
摘要：I study whether the demand for monitoring explains the scope for renegotiation in private debt contracts. Theory suggests that renegotiation trades off the benefits of enhanced monitoring with the costs of creditor intervention. Consistent with this tradeoff, I show that monitoring demand proxies bear a positive association with renegotiation intensity. In contrast, the costs of creditor intervention are associated with less frequent renegotiations. I also find that contractual monitoring mech...
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作者：Gow, Ian D.; Wahid, Aida Sijamic; Yu, Gwen
作者单位：University of Melbourne; University of Toronto; University of Michigan System; University of Michigan
摘要：We examine how directors' reputations are managed through disclosure choices. We focus on disclosures in the director biographies filed with the SEC. We find that a directorship on another board is more likely to be undisclosed when the other firm experienced an adverse event-such as an accounting restatement, securities litigation, or bankruptcy-during the director's tenure. Withholding such information is associated with a more favorable stock price reaction to the director's appointment and...
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作者：Chen, Novia X.; Shevlin, Terry
作者单位：University of Houston System; University of Houston; University of California System; University of California Irvine
摘要：Harris and O'Brien (2018) investigate whether U.S. tax policy distorts U.S. multinationals' (MNCs) investment. They find that MNCs facing higher repatriation tax costs engage in fewer domestic acquisitions. The study re-examines the results in two prior studies that found no effect (Hanlon et al. 2015) and a positive effect (Martin et al. 2015) by introducing a new proxy for repatriation tax costs: A binary variable for whether the MNC uses the Double Irish structure. We critique the theory un...
