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作者：Schoenfeld, Jordan
作者单位：Utah System of Higher Education; University of Utah
摘要：This study tests whether voluntary disclosure affects stock liquidity. I argue that index funds fit the profile of nonstrategic traders who, according to theory, are unambiguously more likely than managers and strategic investors to prefer high stock liquidity and thus high disclosure. This suggests that I can use index funds' disclosure preferences to construct an empirical model of voluntary disclosure that abstracts away from managers' strategic disclosure motives. Accordingly, I use an ind...
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作者：Fung, Simon Yu Kit; Raman, K. K.; Zhu, Xindong (Kevin)
作者单位：Deakin University; University of Texas System; University of Texas at San Antonio; City University of Hong Kong
摘要：We examine whether the Public Company Accounting Oversight Board (PCAOB) international inspection program improves audit quality for a sample of non-US-listed foreign public client companies from 55 countries audited by foreign (i.e., non-US) auditors. For a sample of non-US-listed clients of PCAOB-registered foreign auditors, we find that initial PCAOB inspections improve audit quality, over and above the threat of such inspections, for foreign auditors' non-US-listed foreign clients. Our fin...
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作者：Shroff, Nemit; Verdi, Rodrigo S.; Yost, Benjamin P.
作者单位：Massachusetts Institute of Technology (MIT); Boston College
摘要：This paper examines whether and when the information environment of peer firms in an industry affects the cost of capital for other firms in the industry. We predict and find that the peer information environment is negatively associated with a firm's cost of capital when there is less publicly available firm-specific information and this negative association shrinks as the amount of firm-specific information increases. This paper provides evidence that information about peer-firms has externa...
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作者：Baylis, Richard M.; Burnap, Peter; Clatworthy, Mark A.; Gad, Mahmoud A.; Pong, Christopher K. M.
作者单位：Cardiff University; Cardiff University; University of Bristol; Tilburg University; Heriot Watt University
摘要：We study clauses in private lending agreements requiring auditors to assure lenders of borrowers' compliance with financial covenants. Auditors are required under general purpose financial reporting to review covenant compliance. However, by informing lenders directly that they have no knowledge of default, auditors may increase their litigation risk. We find that auditor covenant compliance assurance clauses are significantly associated with more complex contractual adjustments to .net income...
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作者：Strahan, Philip E.
作者单位：Boston College; National Bureau of Economic Research
摘要：This paper discusses evidence that large, diversified banks lend using 'hard' information measures, such as audited financial statements. Structural changes toward larger and more diversified banks may have left some segments of credit markets - those depending on investment in 'soft' information - under-served. These trends accelerated following the Financial Crisis. At the same time, bank lending to small businesses, which typically can only supply soft information, has been slow to recover ...
