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作者：Chen, Cai; Dube, Svenja; Froymovich, Shiran
作者单位：The Chinese University of Hong Kong, Shenzhen; City University of New York (CUNY) System; Baruch College (CUNY); State University of New York (SUNY) System; Binghamton University, SUNY
摘要：This paper examines how increased competition among environmental, social, and governance (ESG) rating agencies relates to ESG rating quality. We exploit the entry of Sustainalytics as a new ESG rating agency in 2010. We conduct a difference-in-differences analysis and provide three main findings. First, we find that higher competition decreases incumbents' ESG rating disagreements of the same scope. The negative relation between competition and ESG rating disagreement persists for same-scope ...
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作者：Frankel, Richard; Godigbe, Bright Gershion; Rabier, Maryjane
作者单位：Washington University (WUSTL); Oregon State University
摘要：Research documents price co-movements, or spillovers, between focal firms and their peers at focal firms' earnings announcements. We find that both signed and absolute co-movements between focal- and peer-firm returns are significantly lower at earnings-announcement dates compared to other dates. Analytically, we demonstrate that co-movements do not necessarily indicate common information; instead, co-movements measure the relative proportion of focal firm-specific information to common inform...
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作者：Nessa, Michelle l.; Persson, Anh v.; Song, Jane z.; Towery, Erin m.; Vernon, Mary e.
作者单位：Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; University of Missouri System; University of Missouri Columbia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The Organization for Economic Cooperation and Development introduced country-by-country reporting (CbCR) for multinational enterprises (MNEs) to help tax authorities combat tax-motivated income shifting. This study uses confidential U.S. tax administrative data from 2011 to 2018 to examine the effect of U.S. CbCR adoption on the tax-motivated income shifting and real activities of U.S. MNEs. We first document that while U.S. CbCR provides the Internal Revenue Service with incremental informati...
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作者：Boot, Arnoud; Vladimirov, Vladimir
作者单位：University of Amsterdam; Centre for Economic Policy Research - UK
摘要：Patent applications often reveal proprietary information to competitors, but does such disclosure harm firms or also benefit them? We develop and empirically support a theory showing that when firms patent enhancements to incumbent, nondisruptive technologies, they can cooperate more easily on these technologies, increasing their profitability. The downside of cooperating on nondisruptive technologies is that the investment in and commitment to disruptive technologies decline. To improve their...
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作者：Cade, Nicole L.; Gunn, Joshua L.; Vandenberg, Alex J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We provide prevalence estimates for five forms of earnings manipulation based on executives' reports about their firms' actual reporting practices. After preregistering our methods and analyses via the Journal of Accounting Research's registration-based editorial process, we recruit nearly a thousand executives from firms listed in the Russell 3000 Index to participate in either a survey or a list experiment; the hallmark of the latter being additional privacy protections designed to promote h...
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作者：Croom, Joe
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：I use the setting of generative AI (GenAI) to examine how processing tool interactivity affects investors' self-assessments of ability and willingness to invest. Although GenAI can help investors process financial information, I theorize that the interactive nature of GenAI blurs the boundaries between investors' own abilities and those of GenAI, prompting investors to discount their reliance on GenAI and misattribute its abilities to themselves. I rely on the advantages of a laboratory settin...
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作者：Grieder, Manuel; Schuhmacher, Karl
作者单位：Zurich University of Applied Sciences; Emory University
摘要：We conduct an experiment to investigate the use of peer evaluations for compensation purposes. Although organizations often rely on peer evaluations for incentive compensation, it is not well understood how peer feedback should be used and designed to ensure non-distorted evaluations and motivate effort provision. We study peer evaluations in form of bonus allocation proposals, thereby enabling a quantifiable test of our hypothesis. We distinguish between discretionary use (i.e., allocation by...
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作者：Ali, Waqar; Bens, Daniel A.; Cassar, Gavin
作者单位：Hautes Etudes Commerciales (HEC) Paris; INSEAD Business School
摘要：Complexity in applying financial accounting standards can have real operational effects if firms alter their actions in response to increased reporting costs. We examine whether the introduction of ASU 2017-12, designed to reduce compliance burden and better align hedge accounting rules with risk management practices, led to more effective hedging. Using detailed hedging disclosures, we show that firms that adopt the ASU expand the use of hedge-accounted derivatives and reduce exposures to int...
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作者：Bakke, Ashleigh l.; Cowle, Elizabeth n.; Rowe, Stephen p.; Wilkins, Michael s.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Colorado State University System; Colorado State University Fort Collins; University of Arkansas System; University of Arkansas Fayetteville; University of Kansas
摘要：We investigate how audit firms balance the tension between professional responsibility and client service by examining changes in partner assignments following adverse internal control opinions (ICOs). We find that partners are significantly more likely to be reassigned when they issued an adverse ICO to any of their clients in the previous year. Further, partners issuing adverse ICOs experience unfavorable changes in their client portfolios in the form of lower fees and less prestigious assig...
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作者：Gallemore, John; Hollander, Stephan; Jacob, Martin; Zheng, Xiang
作者单位：Tilburg University; University of Navarra; IESE Business School; Nanyang Technological University
摘要：This paper examines how firms' tax policy expectations (TPE) evolve around and relate to their investment responses to changes in tax policy. Using a text-based approach to measuring TPE, we find that two recent tax policy-changing events-namely, the 2016 U.S. presidential election and the enactment of the Tax Cuts and Jobs Act (TCJA)-spawned considerable between- and within-firm variation in TPE, with aggregate time-series patterns in TPE occasionally challenging prevailing assumptions in pre...
