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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：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：Xin, Xiangang; Yeung, P. Eric; Zhang, Zilong
作者单位：City University of Hong Kong; Cornell University; Zhejiang University
摘要：This study examines whether mandatory increase in reporting frequency exacerbates agency problems. Utilizing the setting of the 2004 SEC mandate on increased reporting frequency of mutual fund holdings, we show that increased reporting frequency elevates window dressing (buying winners or selling losers shortly before the end of the reporting period). This effect is driven by low-skill fund managers' incentives to generate mixed signals. Funds managed by low-skill managers experience lower ret...
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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：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...
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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 ...
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作者：[Anonymous]
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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：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...
