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作者：Kohler, Maximilian; Mahlendorf, Matthias d.; Seiter, Mischa; Vogelsang, Timo
作者单位：Ulm University; Frankfurt School Finance & Management
摘要：This field experiment investigates how different levels of aggregation in relative performance information (RPI) impact employee performance in environments with multiple tasks. We randomly assign store employees of a retail chain to three groups: RPI on overall performance (control group), RPI on separate tasks, and RPI on both overall performance and separate tasks. We do not find evidence that providing separate task RPI instead of overall RPI affects performance or effort allocation. Howev...
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作者：Zhu, Chunmei
作者单位：Chinese University of Hong Kong
摘要：GAAP provisions in loan contracts specify how to address the effect of accounting changes on financial covenants. I document a pronounced upward trend in and the dominance of frozen-on-request (FOR) GAAP provisions, which incorporate accounting changes unless either the borrower or the lender requests a freeze. FOR GAAP streamlines the process of incorporating accounting changes into covenant calculations by obviating the need for renegotiations and prevents opportunistic GAAP freezes by requi...
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作者：Raghunandan, Aneesh; Ruchti, Thomas g.
作者单位：University of London; London School Economics & Political Science
摘要：The Occupational Safety and Health Administration (OSHA) is decentralized, wherein field offices coordinated at the state level undertake inspections. We study whether this structure can lead to interstate frictions in sharing information and how this impacts firms' compliance with workplace safety laws. We find that firms caught violating in one state subsequently violate less in that state but violate more in other states. Despite this pattern, and in keeping with information frictions, viol...
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作者：Kim, Alex g.; Nikolaev, Valeri v.
作者单位：University of Chicago
摘要：To what extent does the narrative context surrounding the numbers in financial statements alter the informativeness of these numbers, that is, contextualize them? Answering this question empirically presents a methodological challenge. Leveraging recent advances in deep learning, we propose a method to uncover the value of contextual information learned from the (deep) interactions between numeric and narrative disclosures. We show that the contextualization of accounting numbers makes them su...
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作者：Cadman, Brian; Carrizosa, Richard
作者单位：Utah System of Higher Education; University of Utah; University of California System; University of California Riverside
摘要：Equity compensation is granted out of an equity incentive plan that must be approved by shareholders and cedes discretion over equity grants to boards of directors. We predict and find that equity plan proposals give boards more discretion over grants when the firm faces greater labor market forces and more volatile stock returns. When examining votes, we find that shareholders are less likely to support plans with abnormal discretion. We also find that boards with more discretion grant more e...
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作者：Hillison, Sean M.; Vittori, Kamber D.
作者单位：Virginia Polytechnic Institute & State University; Northeastern University
摘要：Forward-looking information, often used by auditors to evaluate complex estimates and form conclusions about going-concern audit report modifications, is commonly disclosed voluntarily by U.S. public companies. We experimentally examine how this disclosure behavior affects auditors' skepticism toward such information. Prior research has shown that investors and analysts frequently interpret voluntarily disclosed forward-looking information as credible. We demonstrate that auditors, in contrast...
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作者：Maksymov, Eldar; Peecher, Mark; Sutherland, Andrew; Weber, Joseph
作者单位：Arizona State University; Arizona State University-Tempe; University of Illinois System; University of Illinois Urbana-Champaign; Massachusetts Institute of Technology (MIT)
摘要：Auditors are expected to identify and resolve material misstatements (MMs) in management's financial statements. However, beyond the audit opinion, the audit process is opaque. To address this, we independently survey 462 audit partners and interview 24 audit partners, CFOs, and audit committee members on how partners assess and address MM risk, resolve MMs, and the consequences of MMs. Partners identify MMs in approximately 9% (15%) of public (private) engagements and use qualitative factors ...
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作者：Gibbons, Brian
作者单位：Oregon State University
摘要：Complaints from institutional investors suggest that principles-based disclosure regimes that rely on financial materiality standards produce inadequate nonfinancial environmental and social (E & S) information. Using the staggered introduction of 40 country-level regulations that mandate disclosure, I document that reporting E & S information relates to increased investment from institutional owners and has material effects on firms' investment and financing decisions. Firms mandated to discl...
