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作者：Beneish, M. D.; Lee, C. M. C.; Nichols, D. C.
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Stanford University; Syracuse University
摘要：We examine the economic determinants of short-sale supply, and its consequences for future stock returns. Lendable supply increases with expected borrowing costs and decreases with financial statement constructs that indicate overvaluation. Although rising loan fees help ease supply constraints, we find shares are still least available when they are most attractive to short sellers. Using a number of firm characteristics, we derive useful instruments for real-time loan supply and demand condit...
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作者：Billings, Mary Brooke; Cedergren, Matthew C.
作者单位：New York University
摘要：Prior work finds that managers beneficially time their purchases, but not sales, prior to forecasts. Focusing on if (as opposed to when) a forecast is given, we link insider selling to silence in advance of earnings disappointments. This raises the question of whether the absence of incriminating trading drives reductions in litigation risk potentially attributed to warnings. We find that the absence of a warning combined with the presence of selling exacerbates the consequences associated wit...
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作者：Naughton, James; Petacchi, Reining; Weber, Joseph
作者单位：Northwestern University; Massachusetts Institute of Technology (MIT)
摘要：We find a negative association between a state's fiscal condition and the use of discretion in applying Governmental Accounting Standards Board (GASB) rules to understate pension funding gaps. We also find that the use of discretion is negatively associated with states' decisions to increase taxes and cut spending. In addition, we find that the funding gap understatement is positively associated with higher future labor costs. Importantly, this association is primarily attributable to the GASB...
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作者：Li, Kevin K.; You, Haifeng
作者单位：University of California System; University of California Riverside; Hong Kong University of Science & Technology
摘要：We investigate three potential channels of analyst value creation: improving fundamental performance through monitoring, reducing information asymmetry, and increasing investor recognition. We show that changes in investor recognition have consistent explanatory power for the market reaction to coverage initiations and terminations but find mixed evidence for changes in information asymmetry and no evidence for changes in fundamental performance as determinants of the market reaction. These re...
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作者：Kraft, Pepa
作者单位：New York University
摘要：I examine whether rating agencies cater to borrowers with rating-based performance-priced loan contracts (PPrating firms). I use data from Moody's Financial Metrics on its quantitative adjustments for off-balance-sheet debt and qualitative adjustments for soft factors. In the cross-section and for borrowers experiencing adverse economic shocks, I find that these adjustments are more favorable for PPrating firms than for other firms, consistent with rating agencies catering to the PPrating borr...
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作者：Lang, Mark; Stice-Lawrence, Lorien
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine annual report text for over 15,000 non-US companies from 42 countries over the period 1998-2011, focusing on the length of disclosure, presence of boilerplate, comparability with US and non-US firms, and complexity. We find that textual attributes are predictably associated with regulation and incentives for more transparent disclosure and are correlated with economic outcomes such as liquidity, institutional ownership, and analyst following. Using mandatory IFRS adoption as an exog...
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作者：Cassar, Gavin; Ittner, Christopher D.; Cavalluzzo, Ken S.
作者单位：INSEAD Business School; University of Pennsylvania
摘要：We examine whether more sophisticated accounting Methods (in the form of accrual accounting) interact with other information sources to reduce information asymmetries between small business borrowers and lenders, thereby lowering borrowers' probability of loan denial and cost of debt. We find that higher third party credit scores, but not the use of accrual accounting, decrease the likelihood of loan denial. However, firms using accrual accounting exhibit statistically lower interest rates aft...
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作者：Yezegel, Ari
作者单位：Bentley University
摘要：Recent research finds that many analyst recommendation revisions take place shortly after earnings announcements. Altinkilic and Hansen (2009) attribute the clustering of recommendations to analysts strategically piggybacking on earnings information to improve the perceived performance of their recommendations. This study proposes an alternative view: I find that analysts issue recommendations when they face greater demand from investors, when the relative supply of information available on ea...
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作者：Hansen, Robert S.
作者单位：Tulane University
摘要：Li and You (this volume) study public firms' common stock return reactions to two events: when analysts' initiate coverage of the firm and when they terminate coverage. They test the returns for evidence of three sources of value added by analysts: (1) more monitoring of the firm, (2) reduced information asymmetry about the firm, and (3) greater demand for the firm's common stock. They find consistent support for analysts adding value by increasing demand, but not monitoring or by reducing inf...
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作者：Petacchi, Reining
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This study uses Regulation Fair Disclosure (FD) as a plausibly exogenous shock to the information environment to identify the causal effect of information asymmetry on corporate financing behavior. Although Regulation FD prevents firms from selectively disclosing material information to market professionals in the equity market, firms can still do so to banks and rating agencies in the debt market. The standard's differential disclosure requirements lead to differential changes in the informat...
