-
作者：Hofmann, Christian; Indjejikian, Raffi J.
作者单位：University of Munich; University of Michigan System; University of Michigan
摘要：We use an agency model to address the benefits and costs of transparency in a hierarchical organization in which the principal employs a manager entrusted with contracting authority and several workers, all under conditions of moral hazard. We define the principal's transparency choices as a decision to allow workers to observe their coworkers' performances (observability) and as an investment in monitoring worker performance (precision). We find that whereas precision alleviates agency confli...
-
作者：An, Byeongchan; Bushman, Robert; Kleymenova, Anya; Tomy, Rimmy E.
作者单位：Utah System of Higher Education; University of Utah; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：We investigate whether improvements in banks' organizational capital and control systems facilitate increased loan origination to minority borrowers. We focus on bank supervisors' enforcement decisions and orders (EDOs) against banks and hypothesize that EDO-imposed improvements in loan policies, internal governance, and employee training mitigate deficiencies in credit assessments and lending decisions that previously disadvantaged minority borrowers. We find that mortgage origination to mino...
-
作者：Kim, Jung Min
作者单位：Northwestern University
摘要：I examine how investors' search for different types of information affects managers' reporting decisions. I distinguish investors' search for information about firm fundamentals (fundamental search) from their search for information about managers' incentives (incentive search). Based on a parsimonious model of misreporting, I predict that fundamental search reduces the earnings response coefficient, which reduces managers' benefits from misreporting, resulting in less misreporting. In contras...
-
作者：Grewal, Jody; Mohan, Aditya; Perez-cavazos, Gerardo
作者单位：University of Toronto; University of California System; University of California San Diego
摘要：We exploit the introduction of the Payment Practices Disclosure Regulation in the United Kingdom (UK) to examine the effects of mandating disclosure of customer-supplier payment practices. We find that nondisclosing small and medium-sized enterprises (SMEs) experience a reduction in their accounts receivable by 8.3%, consistent with an acceleration of their trade credit collections. Further, SMEs exhibit fewer financial constraints after the regulation. We survey managers from large firms and ...
-
作者：Jiang, Yile (Anson)
作者单位：University of Hong Kong
摘要：This paper studies whether firms opportunistically make proprietary claims in mandatory environmental disclosure programs with trade secret exemption rules. Examining the mandatory chemical disclosure program in the fracking industry, I find evidence of opportunistic withholding of information among operators that are less likely to have trade secrets. Specifically, I find that these operators claim fewer chemicals as trade secrets when the operating site is in close proximity to water quality...
-
作者：Jiang, Xu; Laux, Volker
作者单位：Duke University; University of Texas System; University of Texas Austin
摘要：Visionary CEOs have strong beliefs about the right course of action for their firms. How should a board of directors that does not necessarily share the visionary CEO's confidence advise and monitor the CEO? We consider a model in which the board can acquire costly information about the firm's optimal strategic direction. The board not only advises the CEO on strategy, but also must approve it, and the CEO exerts effort to implement the strategy. We find that the board gathers less information...
-
作者：Lins, Karl V.; Roth, Lukas; Servaes, Henri; Tamayo, Ane
作者单位：Utah System of Higher Education; University of Utah; University of Alberta; European Corporate Governance Institute; Centre for Economic Policy Research - UK; University of London; London Business School; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：During the revelation of the Harvey Weinstein scandal and the reemergence of the #MeToo movement, firms with a nonsexist corporate culture, proxied by having women among the five highest-paid executives, earn excess returns of 1.3% relative to firms without female top executives. These returns are driven by changes in investor preferences toward firms with a nonsexist culture. Institutional ownership increases in firms with a nonsexist culture after the Weinstein/#MeToo events, particularly fo...
-
作者：Krueger, Philipp; Sautner, Zacharias; Tang, Dragon Yongjun; Zhong, Rui
作者单位：University of Geneva; Swiss Finance Institute (SFI); University of Zurich; University of Hong Kong; University of Western Australia
摘要：We compile a novel data set on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a positive effect of ESG disclosure mandates on firm-level stock liquidity. The effects are strongest if the disclosure requirements are implemented by government institutions, not on a comply-or-explain basis, and coupled with strong enforcement by informal institutions. Firms with weaker information en...
-
作者：Gu, Zhihui; Sun, Wei; Zhou, Frank s.
作者单位：Nankai University; Nankai University; China Agricultural University; University of Pennsylvania
摘要：Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporti...
-
作者：[Anonymous]
