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• Broker-hosted investor conferences AI翻译
  作者：Green, T. Clifton; Jame, Russell; Markov, Stanimir; Subasi, Musa
  作者单位：Emory University; University of Kentucky; Southern Methodist University; University of Missouri System; University of Missouri Columbia
  摘要：We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value firms. Younger firms and those that issue equity in the future attend more conferences, suggesting firms view conference participation as a means to enhance investor recognition. Hosting brokers are rew...
• Accounting earnings and gross domestic product AI翻译
  作者：Konchitchki, Yaniv; Patatoukas, Panos N.
  作者单位：University of California System; University of California Berkeley
  摘要：We document that aggregate accounting earnings growth is an incrementally significant leading indicator of growth in nominal Gross Domestic Product (GDP). Professional macro forecasters, however, do not fully incorporate the predictive content embedded in publicly available accounting earnings data. As a result, future nominal GDP growth forecast errors are predictable based on accounting earnings data that are available to professional macro forecasters in real time. (C) 2013 The Authors. Pub...
• The turn-of-the-year effect and tax-loss-selling by institutional investors AI翻译
  作者：Sikes, Stephanie A.
  作者单位：University of Pennsylvania
  摘要：Prior studies attribute the turn-of-the-year effect whereby small capitalization stocks earn unusually high returns in early January to tax-loss-selling by individual investors and window-dressing by institutional investors. My results suggest that a significant portion of the effect on turn-of-the-year returns that prior studies attribute to window-dressing is actually attributable to tax-loss-selling by institutional investors. Among small capitalization stocks, I find that institutional inv...
• Macro to micro: Country exposures, firm fundamentals and stock returns AI翻译
  作者：Li, Ningzhong; Richardson, Scott; Tuna, Irem
  作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School
  摘要：We outline a systematic approach to incorporate macroeconomic information into firm level forecasting from the perspective of an equity investor. Using a global sample of 198,315 firm-years over the 1998-2010 time period, we find that combining firm level exposures to countries (via geographic segment data) with forecasts of country level performance, is able to generate superior forecasts for firm fundamentals. This result is particularly evident for purely domestic firms. We further find tha...
• Large shareholders and disclosure strategies: Evidence from IPO lockup expirations AI翻译
  作者：Ertimur, Yonca; Sletten, Ewa; Sunder, Jayanthi
  作者单位：University of Colorado System; University of Colorado Boulder; Boston College; University of Arizona
  摘要：We examine the effect of large shareholders' ex ante selling incentives on firms' voluntary disclosure choices in the setting of IPO lockup expirations. We find evidence that managers delay disclosures of bad news, not for their own benefit, but to enable influential pre-IPO shareholders to sell their shares at more favorable prices. Delays are more pronounced when aggregate selling incentives are greater, when uncertainty is high, and when venture capitalists, influential investors with stron...
• Accounting misstatements following lawsuits against auditors AI翻译
  作者：Lennox, Clive; Li, Bing
  作者单位：Nanyang Technological University; City University of Hong Kong
  摘要：This study investigates whether an auditor's experience of litigation in the recent past affects subsequent financial reporting quality. At the audit firm level, we find accounting misstatements occur significantly less (more) often after audit firms are sued (not sued). At the audit office level, the negative association between past litigation and future misstatements is stronger for offices who were directly implicated in the litigation than for the non-accused offices of sued audit firms. ...
• Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation AI翻译
  作者：Clinton, Sarah B.; White, Joshua T.; Woidtke, Tracie
  作者单位：University of Tennessee System; University of Tennessee Knoxville; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville
  摘要：The SEC promulgated the Securities Offering Reform (SOR) in 2005 to ease disclosure restrictions prior to seasoned equity offerings (SEOs). The SEC argued that SOR would improve the information environment, but critics claimed it would allow firms to hype their stock. This paper is the first to examine the information environment at the time of capital formation under SOR. We find more frequent and accurate management earnings forecasts, more 8-K filings, greater absolute market-adjusted retur...
• Does freezing a defined benefit pension plan affect firm risk? AI翻译
  作者：Choy, Helen; Lin, Juichia; Officer, Micah S.
  作者单位：Drexel University; National Taiwan University; Loyola Marymount University
  摘要：This paper examines the impact of a defined benefit (DB) pension plan freeze on the sponsoring firm's risk and risk-taking activities. Using a sample of firms declaring a hard freeze on their DB plans between 2002 and 2007, we observe an increase in total risk (proxied by the standard deviation of EBITDA and asset beta), equity risk (standard deviation of returns), and credit risk following a DB-plan freeze. The increase in credit risk is reflected in a decline in credit ratings and an increas...
• Have capital market anomalies attenuated in the recent era of high liquidity and trading activity? AI翻译
  作者：Chordia, Tarun; Subrahmanyam, Avanidhar; Tong, Qing
  作者单位：Emory University; University of California System; University of California Los Angeles; Singapore Management University
  摘要：We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in ano...
• Knowledge, compensation, and firm value: An empirical analysis of firm communication AI翻译
  作者：Li, Feng; Minnis, Michael; Nagar, Venky; Rajan, Madhav
  作者单位：University of Michigan System; University of Michigan; University of Chicago; Stanford University
  摘要：Knowledge is central to managing an organization, but its presence in employees is difficult to measure directly. We hypothesize that external communication patterns reveal the location of knowledge within the management team. Using a large database of firm conference call transcripts, we find that CEOs speak less in settings where they are likely to be relatively less knowledgeable. CEOs who speak more are also paid more, and firms whose CEO pay is not commensurate with CEO speaking have a lo...