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作者：Friedman, Henry L.; Ormazabal, Gaizka
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK
摘要：Interest in sustainability information, from investors, managers, researchers, and others, has been expanding rapidly. We discuss recent advances and open questions related to sustainability reporting and disclosure through the lens of a supply and demand framework. Our discussion builds on prior research on financial reporting and highlights unique aspects of the provision of sustainability information.
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作者：Baker, Andrew C.; Larcker, David F.; McClure, Charles G.; Saraph, Durgesh; Watts, Edward M.
作者单位：Stanford University; European Corporate Governance Institute; University of Chicago; Yale University
摘要：We provide large-sample evidence on whether U.S. publicly traded corporations use voluntary disclosures about their commitments to employee diversity opportunistically. We document significant discrepancies between companies' external stances on diversity, equity, and inclusion (DEI) and their hiring practices. Firms that discuss DEI excessively relative to their actual employee gender and racial diversity (diversity washers) obtain superior scores from environmental, social, and governance (E...
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作者：Baik, Bok; Even-Tov, Omri; Han, Russell; Park, David
作者单位：Seoul National University (SNU); University of California System; University of California Berkeley; Hong Kong Polytechnic University
摘要：Section 1502 of the Dodd-Frank Act requires SEC-registered issuers to conduct supply chain due diligence and submit conflict minerals disclosures (CMDs) that indicate whether their products contain tantalum, tin, tungsten, or gold (3TG) sourced from the Democratic Republic of the Congo (DRC) or its neighboring countries (covered countries). Consistent with the reputational cost hypothesis, we find that heightened public attention to CMDs increases responsible sourcing. After Section 1502 takes...
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作者：Huber, Stefan j.; Kim, Chongho; Watts, Edward m.
作者单位：Rice University; Seoul National University (SNU); Yale University
摘要：We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investor...
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作者：Thomas, Wayne B.; Wang, Yiding; Zhang, Ling
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Houston System; University of Houston; University of Houston Downtown
摘要：This study examines how algorithmic trading (AT) affects forward-looking disclosures in Management Discussion and Analysis (MD&A) of annual reports. We predict and find evidence that AT relates negatively to modifications in year-over-year forward-looking MD&A disclosures. This evidence is consistent with AT reducing investors' demand for fundamental information, which reduces managers' incentives to supply costly forward-looking disclosures. Cross-sectional tests provide additional evidence t...
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作者：Cheynel, Edwige; Cianciaruso, Davide; Zhou, Frank S.
作者单位：Washington University (WUSTL); New Economic School; University of Pennsylvania
摘要：Using misstatement data, we find that the distribution of detected fraud features a heavy tail. We propose a theoretical mechanism that explains such a relatively high frequency of extreme frauds. In our dynamic model, a manager manipulates earnings for personal gain. A monitor of uncertain quality can detect fraud and punish the manager. As the monitor fails to detect fraud, the manager's posterior belief about the monitor's effectiveness decreases. Over time, the manager's learning leads to ...
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作者：Ball, Ray
作者单位：University of Chicago
摘要：The economic role of an accounting regime is to increase welfare through its effects-in conjunction with complementary institutions-on firm and household behavior. I review three major streams of the archival literature (real effects; price effects, including value relevance; and costly contracting), in terms of what they can and cannot reveal as proxies for welfare effects. One conclusion is that the partial correlations and average effects that predominate in this literature have provided va...
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作者：Beyer, Bianca; Chaskel, Rico; Euler, Simone; Gassen, Joachim; Grosskopf, Ann-kristin; Sellhorn, Thorsten
作者单位：Aalto University; Humboldt University of Berlin; University of Munich
摘要：This paper reports the results of a field experiment investigating how attributes of carbon footprint information affect consumer choice in a large dining facility. Our hypotheses and research methods were preregistered via the Journal of Accounting Research's registration-based editorial process. Manipulating the measurement units and visualizations of carbon footprint information on food labels, we quantify effects on consumers' food choices. Treated consumers choose less carbon-intensive di...
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作者：Abraham, Jefferson; Olbert, Marcel; Vasvari, Florin
作者单位：University of London; London Business School
摘要：This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the...
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作者：Xu, Guosong
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Connected financial journalists-those with working relationships, common school ties, or social media connections to company management-introduce a marked media slant into their news coverage. Using a comprehensive set of newspaper articles covering mergers and acquisition (M&A) transactions from 1997 to 2016, I find that connected journalists use significantly fewer negative words in their coverage of connected acquirers. These journalists are also more likely to quote connected executives an...
