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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：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：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...
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作者：Raghunandan, Aneesh
作者单位：University of London; London School Economics & Political Science
摘要：I study whether firms that receive targeted U.S. state-level subsidies are more likely to subsequently engage in corporate misconduct. I find that firms are more likely to engage in misconduct in subsidizing states, but not in other states that they operate in, after receiving state subsidies. Using data on both federal and state enforcement actions, and exploiting the legal principle of dual sovereignty for identification, I show that this finding reflects an increase in the underlying rate o...
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作者：Chen, Jade Huayu
作者单位：Loyola Marymount University
摘要：I examine whether employee-initiated lawsuits against an audit office adversely affect its ability to attract high-quality talent and deliver quality audits. I posit that employee lawsuits erode prospective employees' perceptions of an office, diminishing their willingness to join. Using a comprehensive data set of individual auditor profiles, I find a decline in the quality of newly hired auditors following an employee lawsuit. Cross-sectionally, the adverse effect of employee lawsuits on tal...
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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：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...
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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：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...
