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作者：Maffett, Mark
作者单位：University of Chicago
摘要：Using cross-country data on trading by international mutual funds, I find that firms with more opaque information environments, as captured by firm- and country-level measures of the availability of financial reporting information, experience more privately informed trading by institutional investors. The association between firm-level opacity and informed trading is most pronounced where country-level disclosure infrastructures are less developed and for those investors for whom the incentive...
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作者：Lennox, Clive; Li, Bing
作者单位：Nanyang Technological University; City University of Hong Kong
摘要：This study investigates the audit firm's decision to protect its partners' personal assets by becoming a limited liability partnership (LLP). We find that the likelihood of an audit firm switching from unlimited to limited liability is increasing in its size and exposure to litigation risk. We find no evidence that audit firms supply lower audit quality, lose market share, or charge lower audit fees after they become LLPs. However, the mix of public and private clients in audit firms' portfoli...
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作者：Kadan, Ohad; Madureira, Leonardo; Wang, Rong; Zach, Tzachi
作者单位：University System of Ohio; Ohio State University; Washington University (WUSTL); University System of Ohio; Case Western Reserve University; Singapore Management University
摘要：Industry expertise is an important aspect of sell-side research. We explore this aspect using a novel dataset of industry recommendations, which are often issued by strategy analysts. We study sell-side analysts' ability to rank industries relative to each other (across-industry expertise), and how it relates to analysts' ability to rank firms in a particular industry (within-industry expertise). We find that analysts express more optimism towards industries with higher levels of investment, p...
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作者：Bradshaw, Mark T.
作者单位：Boston College
摘要：Kadan et al. (this issue) examine whether financial analysts exhibit industry expertise. It is not obvious from the title, but the study actually examines two different types of analysts: firm-specific analysts that have been examined extensively in prior research, and the rarer industry analysts who provide outlooks on whole industries. This study is the first to examine a large sample of explicit industry recommendations, and provides a fresh insight into an important aspect of financial res...
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作者：Bushee, Brian J.
作者单位：University of Pennsylvania
摘要：Maffett (this issue) finds that the opacity of a firm's information environment affects the degree of informed trade by institutional investors. In this discussion, I address the key research design choices involved in studies of opacity and informed trading and I relate the results to the literature on institutional investor performance and stock selection. I suggest that future work investigate the role of discretionary opacity in facilitating informed trade as part of the cost benefit trade...
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作者：Denis, Diane K.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Chan et al. (2012) find that voluntary adoption of compensation clawback provisions is followed by fewer financial restatements and fewer auditor reports of material internal control weaknesses, higher earnings response coefficients, and reduced auditing fees and lags. They conclude that voluntary adoption of clawback provisions leads to increased financial integrity. Based on these findings they suggest that U.S. government mandated clawback provisions will be effective in reducing material f...
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作者：Fu, Renhui; Kraft, Arthur; Zhang, Huai
作者单位：City St Georges, University of London; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Nanyang Technological University
摘要：Using hand-collected data on firms' interim reporting frequency from 1951 to 1973, we examine the impact of financial reporting frequency on information asymmetry and the cost of equity. Our results show that higher reporting frequency reduces information asymmetry and the cost of equity, and they are robust towards considerations of the endogenous nature of firms' reporting frequency choice. We obtain similar results when we focus on mandatory changes in reporting frequency. Our results sugge...
