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作者：Chen, Jason V.; Li, Feng
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Shanghai Jiao Tong University
摘要：Lang and Stice-Lawrence (2015) find that firms which have adopted IFRS exhibit higher quality textual characteristics in their annual reports. In addition, they find that the textual characteristics of these annual reports are associated with firm economic outcomes. In this discussion, we first examine different explanations for each of these findings. We then examine the association between the length of U.S. 10-K filings and institutional ownership in U.S. firms. In addition, we use a case s...
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作者：Dyreng, Scott D.; Lindsey, Bradley P.; Markle, Kevin S.; Shackelford, Douglas A.
作者单位：Duke University; North Carolina State University; University of Iowa; University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research
摘要：We examine the global equity supply chains of U.S. multinationals to explore how tax and nontax country characteristics affect whether firms use foreign holding companies and where they locate them. We find that U.S. multinationals supply equity from headquarters to their foreign operating companies through foreign holding companies located in countries that lightly tax equity distributions. We also find that foreign holding companies tend to be located in countries with less corruption and in...
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作者：Hayes, Rachel M.
作者单位：Utah System of Higher Education; University of Utah
摘要：The study by deHaan et al. (2015) provides an empirical analysis of the effects of revolving door incentives at the SEC. Using a sample of SEC lawyers prosecuting civil cases of accounting misrepresentation, the authors examine how three measures of enforcement outcomes are related to the lawyers' career paths. I discuss specific elements of the study's research design, including the measurement of the study's two key elements, revolving door incentives and regulatory oversight, and comment on...
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作者：Reed, Adam V.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：One key challenge for the short selling literature is to identify the incremental contribution of various measures of short sale constraints. Although variables such as loan fee, loan supply and short interest are determined simultaneously in the market for borrowing stock, new incremental information may be found in each variable examined. Papers such as Beneish et al. (2015) attempt to disentangle the effect of one particular variable, and attempt to shed light on the parallel challenge face...
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作者：Taylor, Daniel J.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：We extend a standard, rational expectation model of trade to incorporate the possibility of individual investors delegating their trades to an informed financial intermediary. In the presence of delegated trade, we show that a firm's risk premium is a function of both the firm's exposure to a common risk factor and idiosyncratic characteristics of the firm's information environment. We show that even in a large economy, priced risks can manifest in the form of both idiosyncratic firm character...
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作者：Bloomfield, Matthew J.; Bloomfield, Robert
作者单位：University of Chicago; Cornell University
摘要：Taylor and Verrecchia (2015) show that idiosyncratic risk can be priced in efficient but imperfectly competitive equity markets. We discuss how the model is structured, how it might apply to the pricing of financial reporting quality, and how empiricists might test its predictions. (C) 2015 Elsevier B.V. All rights reserved.
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作者：Gao, Huasheng; Luo, Juan; Tang, Tilan
作者单位：Nanyang Technological University; University of Adelaide; Clemson University
摘要：We find that companies dramatically raise their incumbent executives' pay, especially equity-based pay, after losing executives to other firms. The pay raise is larger when incumbent executives have greater employment mobility in the labor market, when companies lose senior executives, and when job-hopping executives receive favorable job offers in their new firms. A company's subsequent pay raise to incumbent executives after losing an executive diminishes its deficiency in executive compensa...
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作者：Healy, Paul M.
作者单位：Harvard University
摘要：Billings et al. (2015) hypothesize that managers issue guidance in response to increased market uncertainty about their firm's prospects, and that guidance is an effective way of reducing increased uncertainty. They test these hypotheses by examining changes in implied option volatility for a sample of firms that issue guidance in conjunction with earnings announcements. The findings support their hypotheses, but there are challenges in their interpretation given prior evidence that predictabl...
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作者：Billings, Mary Brooke; Jennings, Robert; Lev, Baruch
作者单位：New York University; Indiana University System; Indiana University Bloomington
摘要：In contrast to theoretical and empirical evidence linking disclosure to information environment benefits, recent research concludes that guidance increases volatility, but leaves open the question of whether volatility plays a role in prompting the issuance of guidance. Consistent with the notion that managers react to rising volatility by providing guidance, we document a link between abnormal run-ups in volatility and the decision to issue a forecast after controlling for the market's abilit...
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作者：Bertomeu, Jeremy; Magee, Robert P.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Northwestern University
摘要：This paper examines the demand for disclosure rules by informed managers interested in increasing the market price of their firms. Within a model of political influence, a majority of managers chooses disclosure rules with which all firms must comply. In equilibrium, disclosure rules are asymmetric with greater levels of disclosure over adverse events. This asymmetry is positively associated with the informativeness of the measurement and increasing in the level of verifiability and ex-ante un...
