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作者：Breuer, Matthias; Dehaan, Ed
作者单位：Columbia University; Stanford University
摘要：Fixed effects (FE) have emerged as a ubiquitous and powerful tool for eliminating unwanted variation in observational accounting studies. Unwanted variation is plentiful in accounting research because we often use rich data to test precise hypotheses derived from abstract theories. By eliminating unwanted variation, FE reduce concerns that omitted variables bias our estimates or weaken test power. FE are not costless, though, so their use should be carefully justified by theoretical and instit...
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作者：De Franco, Gus; Guan, Yuyan; Zhou, Yibin; Zhu, Xindong
作者单位：Purdue University System; Purdue University; Nanyang Technological University; University of Texas System; University of Texas Dallas; City University of Hong Kong
摘要：We exploit the staggered state-level adoption of the Riegle-Neal Interstate Banking and Branching Efficiency Act (IBBEA) to examine how banking deregulation and the resulting increase in bank competition affect firms' auditor choices. We find that an exogenous increase in the degree of interstate branch banking deregulation leads to a reduction in firms' propensity to engage a Big N or industry expert auditor. This main result, when combined with our cross-sectional analyses, offers evidence s...
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作者：Li, Bin; Wang, Annika yu
作者单位：Vanderbilt University; University of Houston System; University of Houston
摘要：This paper investigates the role of corporate financial reports in the Environmental Protection Agency's (EPA) regulatory activities. By tracking the EPA's direct retrieval of SEC filings, we identify three key findings. First, the EPA retrieves a large volume of financial reports, especially from firms in high-pollution industries. Second, the EPA is more likely to access financial reports during enforcement investigations and significant rule proposals, but less so during compliance monitori...
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作者：Bloomfield, Matthew J.; Heinle, Mirko S.; Timmermans, Oscar
作者单位：University of Pennsylvania; University of London; London School Economics & Political Science
摘要：Many firms use relative stock performance to evaluate and incentivize their CEOs their. We document that such firms routinely disclose information that harms their peers' stock prices, and sometimes explicitly mention the harmed peers, by name, in these disclosures. Consistent with deliberate sabotage, peer-harming disclosures appear to be aimed at peers whose stock price depressions are most likely to benefit the disclosing firms' CEOs. The pricing effect of these disclosures does not reverse...
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作者：Marra, Antonio; Pettinicchio, Angela; Shalev, Ron
作者单位：Bocconi University; Catholic University of the Sacred Heart; Bocconi University; University of Toronto
摘要：We find that foreign-born CEOs are more inclined than domestic-born ones to acquire across borders, and that this inclination is explained by their preference for targets in their birth country. This preference is motivated by foreign-born CEOs' information advantage in their birth country and by these CEOs' desire to give back to the birth country. CEOs' desire to help their birth country also influences target location, increasing the likelihood of a target in countries that colonized the CE...
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作者：Sutherland, Andrew G.; Uckert, Matthias; Vetter, Felix W.
作者单位：Massachusetts Institute of Technology (MIT); University of Amsterdam; University of Mannheim
摘要：We examine the staggered adoption of additional educational requirements (150-hour rule) for Certified Public Accountants (CPAs) to understand the effects of occupational licensing on minority participation in professional labor markets. The 150-hour rule increased the educational requirement for CPAs from 120 to 150 credit hours, effectively adding a fifth year of study. We find a 13% greater entry decline following the requirement's enactment for minority than nonminority CPA candidates. Our...
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作者：Li, Xuanbo; Lou, Yun; Zhang, Liandong
作者单位：City University of Hong Kong; Singapore Management University
摘要：We provide the first evidence that conflicts of interest arising from commercial ties lead to bias in environmental, social, and governance (ESG) ratings. Using the acquisitions of Vigeo Eiris and RobecoSAM by Moody's and S&P as shocks to the commercial ties between ESG rating agencies and their rated firms, we show that, after their acquisitions by the credit rating agencies (CRAs), ESG rating agencies issue higher ratings to existing paying clients of the CRAs. This effect is greater for fir...
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作者：Lin, Yan; Shen, Rui; Wang, Jasmine; Yu, Y. Julia
作者单位：University of Macau; The Chinese University of Hong Kong, Shenzhen; University of Virginia
摘要：We study environmental and social (E&S) disclosures in annual reports. Using the word embedding model to examine over 210,000 annual reports from 24,271 public firms in 30 international countries/regions between 2001 and 2020, we create an E&S dictionary that allows us to document trends in annual report E&S disclosure. Specifically, we find: (1) increases in length and boilerplate language and (2) decreases in specificity. Our results also suggest that E&S disclosure quality improves after th...
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作者：Nathan, Brad
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：This paper studies how a federal procurement regulation, known as the Truth in Negotiations Act (TINA), affects the competitiveness and execution of government contracts. TINA stipulates how contracting officials (COs) can ensure reasonable prices. Following TINA, for contracts above a certain size threshold, COs can no longer rely solely on their own judgment that a price is reasonable. Instead, they must either require suppliers to provide accounting data supporting their proposed prices or ...
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作者：Sran, Gurpal; Tuijn, Marcel; Vollon, Lauren
作者单位：New York University; Southern Methodist University; University of Notre Dame; Bocconi University
摘要：We study the capital market effects of information centralization by exploiting the staggered implementation of digital storage and access platforms for regulated financial information (Officially Appointed Mechanisms, or OAMs) in the European Union. We find that the implementation of OAMs results in significant improvements in capital market liquidity, consistent with the notion that OAMs lower investors' processing costs. The findings are more pronounced when processing costs are high to beg...
