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作者：Chen, Qi; Vashishtha, Rahul
作者单位：Duke University
摘要：Applying a difference-in-differences approach to explore variations in the timing of bank mergers in the U.S. over the last two decades, we document an increase in borrowers' disclosure when their banks engage in mergers and acquisitions. The effect is stronger among borrowers more reliant on services from the merging banks and when mergers cause larger changes in banks' monitoring and financing of borrowers. These findings suggest an information spillover effect from bank mergers to the publi...
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作者：Heese, Jonas; Khan, Mozaffar; Ramanna, Karthik
作者单位：Harvard University; University of Minnesota System; University of Minnesota Twin Cities; University of Oxford
摘要：SEC oversight of publicly listed firms ranges from comment letter (CL) reviews of firms' reporting compliance to pursuing enforcement actions against violators. Prior literature finds that firm political connections (PC) negatively predict enforcement actions, inferring SEC capture. We present new evidence that firm PC positively predict CL reviews and substantive characteristics of such reviews, including the number of issues evaluated and the seniority of SEC staff involved. These results, r...
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作者：Caskey, Judson; Ozel, N. Bugra
作者单位：University of California System; University of California Los Angeles
摘要：We examine the relation between workplace safety and managers' attempts to meet earnings expectations. Using establishment-level data on workplace safety from the Occupational Safety and Health Administration, we document significantly higher injury/illness rates in firms that meet or just beat analyst forecasts compared to firms that miss or comfortably beat analyst forecasts. The higher injury/illness rates in firms that meet or just beat analyst forecasts are associated with both increases ...
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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：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...
