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作者：Jia, Yanrong
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This study examines whether the efficiency of federal district courts affects the likelihood of SEC enforcement. The results indicate that the SEC is less likely to initiate enforcement actions against firms in less efficient federal district courts. In addition, the study examines the implications of court efficiency for firms' financial reporting quality (FRQ). The evidence suggests that firms residing in more efficient federal districts have higher FRQ and the effect is stronger in subsampl...
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作者：Liu, Yichang; Madsen, Joshua; Zhou, Frank s.
作者单位：Chinese University of Hong Kong; University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania
摘要：Recent SEC regulations require that qualified hedge fund advisers provide their investors with narrative disclosures of their business and operations. We find that 40% of these disclosures omit or de-emphasize information regarding advisers' operational and investment risks when compared to other sources of public information. Funds with such inconsistencies are associated with predictably lower fund performance but do not differ in their fund flows, flow-performance relation, ownership struct...
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作者：Boulland, Romain; Bourveau, Thomas; Breuer, Matthias
作者单位：ESSEC Business School; University of Oxford; Goethe University Frankfurt
摘要：We propose a new measure of firms' disclosure based on company websites, which are widely available and contain a wealth of information. For a sample of U.S. public firms, we construct our disclosure measure using historical website data, validate it by correlating it with extant measures of disclosure and information asymmetry, and explore its determinants. We then apply our measure to the study of U.S. private firms' disclosure and French firms' compliance with a nonfinancial disclosure mand...
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作者：Holzman, Eric R.; Miller, Brian P.; Rennekamp, Kristina M.; Sauciuc, Ashley K.
作者单位：Indiana University System; Indiana University Bloomington; State University System of Florida; University of Florida; Cornell University
摘要：This study investigates (1) whether misreporting by corporate executives impacts unethical decision-making by non-peers in unrelated reporting tasks, and (2) whether observing various forms of punishment for corporate misreporting deters this spillover effect. Specifically, we examine the deterrent effects of two common forms of punishment (fines or imprisonment) and a novel form of punishment (public shaming). Across two experiments, we find that participants are more likely to misreport perf...
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作者：Mahieux, Lucas; Sapra, Haresh; Zhang, Gaoqing
作者单位：Tilburg University; University of Chicago; Carnegie Mellon University
摘要：We adopt a financial-materiality approach in studying the costs and benefits of measuring greenhouse gas (GHG) emissions on social welfare. Production by firms internally generates direct GHG emissions (Scope 1 emissions) whereas outsourcing to suppliers generates indirect emissions (Scope 3 emissions). Our analysis incorporates two frictions: (1) long-term negative environmental externalities caused by emissions and (2) fragmentation in regulating emissions disclosures across jurisdictions. W...
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作者：Ru, Yi; Zheng, Ronghuo; Zou, Yuan
作者单位：Renmin University of China; University of Texas System; University of Texas Austin; Harvard University
摘要：We investigate the impact of observing peers' information acquisition on financial analysts' allocation of attention. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, shortly after analysts observe that a firm has been visited by peer analysts, they reduce short-term attention to that firm, as indicated by a reduced tendency to conduct follow-up visits. Nonvisiting analysts who do not conduct follow-up visits are more likely to discontinue coverage...
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作者：Kang, Yiran
作者单位：City University of Hong Kong
摘要：This paper investigates how U.S. private firms communicate with investors around private securities offerings. Using multiple research methods including survey, interview, and archival analysis, I provide systematic evidence on private firms' public and private disclosure practices. I find that despite engaging in a low level of public disclosures, private firms actively communicate with investors through private communication channels, with notable variation across firms in terms of content a...
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作者：Cheng, Sung-yuan (mark); Golshan, Nargess m.
作者单位：University of Kentucky; Indiana University System; Indiana University Bloomington
摘要：We introduce a novel measure of CEO depression by applying machine learning models that analyze vocal acoustic features from CEOs' conference call recordings. Our research was preregistered via the Journal of Accounting Research's registration-based editorial process. In this study, we validate this measure and examine associated factors. We find that greater firm risk is positively associated with CEO depression, whereas higher job demands are negatively associated with CEO depression. Female...
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作者：Anderson, Chelsea M.; Fang, Vivian W.; Moon, James R.; Shipman, Jonathan E.
作者单位：University System of Ohio; University of Cincinnati; Indiana University System; Indiana University Bloomington; University System of Georgia; Georgia Institute of Technology; University of Arkansas System; University of Arkansas Fayetteville
摘要：This paper explores U.S. public firms' cryptocurrency holdings and accounting practices from 2013 to 2022 against the backdrop of the recently enacted crypto accounting rule, ASU 2023-08. Descriptive analyses suggest exponential growth in corporate crypto holdings and significant variation in crypto accounting practices, underscoring the rule's necessity. Hypothesis tests using the pre-rule data reveal three insights with direct relevance to the rule. First, firms appear to view crypto assets ...
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作者：DE Simone, Lisa; Lester, Rebecca; Raghunandan, Aneesh
作者单位：University of Texas System; University of Texas Austin; Stanford University; Yale University
摘要：We examine if the effectiveness of business tax subsidies varies based on state disclosure laws. The prior accounting literature on government disclosure documents substantial variation in the quality of such disclosures, raising questions about their effectiveness for monitoring. State and local business subsidies for investment and employment have tripled in size over the past 30 years, but transparency problems inhibit clear assessments of whether subsidies achieve their intended outcomes. ...
