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作者：Neilson, Jed J.; Ryan, Stephen G.; Wang, K. Philip; Xie, Biqin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University; State University System of Florida; University of Florida
摘要：As of November 2016, SEC Regulation (Reg) AB II requires issuers of certain types of asset-backed securities (ABS) to disclose the credit-risk attributes of each asset in the underlying pool, a substantial expansion of prior disclosure requirements. We examine how ABS issuers' asset-level disclosures under Reg AB II affect the (e)valuation of ABS by investors and credit rating agencies. Using difference-in-differences models that compare affected and unaffected types of ABS, we find that these...
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作者：Kim, Sehwa
作者单位：Columbia University
摘要：I study whether banks' loan loss provisioning contributes to economic downturns, by examining the U.S. housing market. Specifically, I examine the aggregate effects of banks' delayed loan loss recognition (DLR) on house prices during the Great Recession and the channels through which these potential effects arose. I construct ZIP-code-level exposure to banks' DLR before the crisis and compare high- and low-exposure ZIP codes during the crisis to examine the aggregate effects of banks' DLR on t...
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作者：Chen, Kevin C. W.; Chen, Tai-yuan; Han, Weifang; Yuan, Hongqi
作者单位：Hong Kong University of Science & Technology; Shanghai University of Finance & Economics; Fudan University
摘要：This paper examines whether and how individual auditors are disciplined for audit errors. Taking advantage of the long history of auditor identity data from China, we find that signing auditors with client restatements are likely to lose the privilege of signing the audit reports of public clients. However, auditors can avoid this consequence by issuing a modified audit opinion to warn of the potential misstatement. We show that auditors are more likely to bedisciplined when their firms operat...
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作者：Coles, Jeffrey L.; Patel, Elena; Seegert, Nathan; Smith, Matthew
作者单位：Utah System of Higher Education; University of Utah; United States Department of the Treasury
摘要：Using a novel empirical approach and newly available administrative data on U.S. tax filings, we estimate the corporate elasticity of taxable income, decompose the elasticity into economic responses versus other tax-motivated accounting transactions, and determine how responsiveness varies depending on accounting method, firm size, and interest rate. In response to a 10% increase in the expected marginal tax rate, private U.S. firms decrease taxable income by 9.1%, which indicates a discernibl...
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作者：Aghamolla, Cyrus; Thakor, Richard T.
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper investigates the effect of mandatory disclosure requirements for private firms on their decision to go public. Using detailed project-level data for biopharmaceutical firms, we explore the effects of a legal reform that exogenously required firms to publicly disclose information regarding clinical trials. Exploiting cross-sectional heterogeneity in firms' exposure to the regulation based on their internal development portfolios, we find that affected firms are significantly more lik...
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作者：Edmans, Alex; Fang, Vivian W.; Huang, Allen H.
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology
摘要：This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger and acquisition (M&A). However, it is also associated with more negative long-term returns over two to three years following repurchases and four years following M&A, as well as future M&A goodwill im...
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作者：Chen, Yangyang; Huang, Jun; Li, Ting; Pittman, Jeffrey
作者单位：City University of Hong Kong; Shanghai University of Finance & Economics; Shanghai University of International Business & Economics; Virginia Polytechnic Institute & State University
摘要：We find that mutual funds whose managers are socially connected with firm auditors hold more shares of these firms and generate superior portfolio returns. Cross-sectional results reveal that the relation between social connections and mutual fund stockholdings is more pronounced: when the social connections are stronger, when the auditor is in a better position or has stronger incentives to acquire private information, when the fund manager exercises more power, for small audit firms, for aud...
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作者：Chen, Bingyi; Conaway, Jenelle K.
作者单位：Suffolk University; George Mason University
摘要：We examine whether investors consider foreign component auditors when assessing the value of U.S. multinational corporations (MNCs) using two sets of Public Company Accounting Oversight Board (PCAOB) international regulatory events. We find investors react negatively when the PCAOB is denied access to inspect foreign component auditors in jurisdictions where a U.S. MNC has significant operations and positively when those countries later allow inspection. For foreign component auditors that are...
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作者：Elliott, W. Brooke; Gale, Brian T.; Hobson, Jessen L.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle
摘要：We use experimental markets to examine how pushing investment information and the value relevance of that information interact to influence investors' value estimate accuracy and market price efficiency. Developments in technology allow information to be pushed to investors anytime and anywhere. However, in addition to value-relevant information, pushed information often includes information that is irrelevant for assessing firm value. Drawing on psychology theory, we find that pushing informa...
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作者：Glaeser, Stephen; Omartian, James D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：We examine the relation between public firm presence and import competition. The information created by public firm presence may provide importers with insights they can use for competing with domestic firms. Consistent with this possibility, we document a positive relation between public firm presence and import competition. We find similar results when using differences in the expected costs of the Sarbanes-Oxley Act as a source of plausibly exogenous variation in public firm presence after ...
