-
作者：Krishnan, Jagan; Li, Meng; Mehta, Mihir N.; Park, Hyun Jong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Texas System; University of Texas Arlington; University of Michigan System; University of Michigan
摘要：We present the first comprehensive descriptive evidence on the labor market and personal consequences for audit professionals in the United States who are named in SEC or PCAOB enforcement actions. Three key findings emerge. First, between 38% and 73% of culpable auditors depart from their firms within one year after the enforcement event. These departure rates are three to four times higher compared with a sample of non-culpable auditors. Second, 83% of culpable auditors departing from Big 4 ...
-
作者：Sherwood, Matthew G.
作者单位：University of Massachusetts System; University of Massachusetts Amherst
摘要：Auditors frequently outsource audit work to offshore Shared Service Centers (SSCs) to reduce costs and ease the workload burdens of audit team members. However, concerns persist about whether these benefits come at the expense of audit quality. Using proprietary audit engagement-level data, I evaluate whether greater SSC usage by Big 4 audit teams has an association with either, or both, audit quality and audit costs. I find that SSC usage is nearly universal in Big 4 audits, with the percenta...
-
作者：Cuny, Christine; Mehta, Mihir N.; Zhao, Wanli
作者单位：New York University; University of Michigan System; University of Michigan; Bocconi University
摘要：Substantial evidence suggests that regulatory agencies in the United States can be captured by the politicians who oversee them. We provide novel evidence of a federal agency in which capture is limited: the United States Patent and Trademark Office. Although patent applications from politically connected applicants are slightly more likely to be approved despite being of lower ex post quality, additional analyses suggest these outcomes are not indicative of capture. In particular, the disclos...
-
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...
-
作者：Lu, Yao
作者单位：Cornell University
摘要：I study how the disclosure of the liquidity coverage ratio mandated for a group of systemically important U.S. banks affects peer banks' liquidity holdings. I predict that the disclosure mitigates uncertainty about aggregate liquidity risk by providing insight into the likelihood of market-wide liquidity shocks and specific sources of liquidity stress. This uncertainty resolution, in turn, reduces nondisclosing banks' precautionary demand for liquidity. Using bank business interactions to meas...
-
作者：Chau, Jacky
作者单位：Shenzhen Technology University
摘要：This registered report investigates self-directed retail investors' information choices and trading decisions on an integrated trading platform that provides timely and convenient access to accounting information. The analyses reveal that these investors access a mosaic of information, with a high proportion not firm-specific. In accessing accounting disclosures, retail investors are more interested in media articles providing summaries or expert analyses than original filings. Retail trades o...
-
作者：Hayes, Rachel M.; Jiang, Feng; Pan, Yihui; Tang, Huayi
作者单位：Utah System of Higher Education; University of Utah; State University of New York (SUNY) System; University at Buffalo, SUNY; Utah System of Higher Education; University of Utah; University of Kentucky
摘要：Using consumer complaints filed with the Consumer Financial Protection Bureau as a measure for the quality of financial products and services, we present evidence of racial disparities in the service quality received by consumers. Consumers in high-minority communities file more complaints than those in low-minority communities, and the racial gap in financial complaints increased by more than 60% during the COVID-19 pandemic. Using a triple-difference approach, we establish the role of corpor...
-
作者：Cai, Wei; Chen, Yaxuan; Shin, Jee-Eun
作者单位：Columbia University; Cornell University; University of Toronto
摘要：Upward influencers, employees who are more favorably perceived by their supervisors than their peers and subordinates, are predicted by economic and accounting theories and are found to be ubiquitous in many organizations. Despite their prevalence, the role of upward influencers in teams remains underexplored. This paper fills this void by using proprietary data from a service-providing organization that allows for the identification of upward influencers based on its 360-degree person evaluat...
-
作者：Lee, Seung y.; Marinovic, Ivan
作者单位：University of Southern Denmark; Stanford University
摘要：We present a dynamic model of information acquisition and disclosure. The manager seeks to maximize future stock prices and collects information privately about the firm's fundamentals. Information acquisition increases the arrival rate of private information. The manager can choose to disclose his private information or withhold it in perpetuity. We study the impact of information acquisition on the accumulation of private information, disclosure, and the firm's initial investment.
-
作者：Valentine, Kristen; Zhang, Jenny li; Zheng, Yuxiang
作者单位：University System of Georgia; University of Georgia; University of British Columbia; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
摘要：We examine the impact of technological competition on voluntary innovation disclosure around the enactment of the Leahy-Smith America Invents Act of 2011 (AIA). The AIA moves the US patent system from the first-to-invent to first-inventor-to-file system and induces a patent race that increases technological competition. Firms that are slow to file a patent are disadvantaged in this race. We find that focal firms with lagging patent classes strategically increase scientific publications in thei...
