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作者：Duguay, Raphael
作者单位：Yale University
摘要：I provide evidence on the effects of financial audit mandates in the charitable sector, in particular their influence on donor behavior. My empirical strategy relies on variation in size-based exemption thresholds across states and differences in size driven by the nature of charities' activities. Consistent with audit mandates reducing donors' reliance on charity reputation, I find audit mandates are associated with a lower concentration of donations on the largest, most well-known charities....
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作者：Green, Jeremiah; Louis, Henock; Sani, Jalal
作者单位：Texas A&M University System; Texas A&M University College Station; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We provide evidence that the documented weakening of the accrual-cash flow association results not from a loss of accrual accounting usefulness per se, but from the deviation from accrual accounting as it relates to intangible investments. More specifically, the weakening of the negative association is driven by the combined effects of (1) increasing intangible investments, (2) the practice of expensing rather than capitalizing intangible investments, and (3) scaling accruals and cash flows by...
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作者：Allee, Kristian D.; Bushee, Brian J.; Kleppe, Tyler J.; Pierce, Andrew T.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Pennsylvania; University of Kentucky; University of Manchester; Alliance Manchester Business School
摘要：We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Although prior work provides evidence that Reg FD reduced managers' selective disclosure of material information immediately following its promulgation, we posit that private information flows returned as a result of the Securities and Exchange Commission's (SEC's) public enforcement failure in SEC v. Siebel Syst...
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作者：Fiechter, Peter; Hitz, JoRG-MARKUS; Lehmann, Nico
作者单位：University of Neuchatel; University of Gottingen; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We investigate real effects of a widespread corporate social responsibility (CSR) reporting mandate. In 2014, the European Union (EU) passed Directive 2014/95 (hereafter, CSR Directive), mandating large listed EU firms to prepare annual nonfinancial reports beginning from fiscal year 2017 onward. We document that firms within the scope of the directive respond by increasing their CSR activities and that they start doing so before the entry-into-force of the directive. These real effects are co...
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作者：Barrios, John M.; Bianchi, Pietro A.; Isidro, Helena; Nanda, Dhananjay
作者单位：Washington University (WUSTL); National Bureau of Economic Research; State University System of Florida; Florida International University; Instituto Universitario de Lisboa; University of Miami
摘要：We examine how similarity in institutional, legal, and social characteristics between a firm's and its directors' home countries, that is, country-pair homophily, affects foreign director appointments. We estimate a gravity model that includes economic and geographic proximity and find that country-pair homophily is a significant determinant of foreign director appointments to corporate boards. We also find that country-pair homophily limits the appointments of foreign directors from high-qual...
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作者：Binz, Oliver; Graham, John R.
作者单位：INSEAD Business School; Duke University; National Bureau of Economic Research
摘要：We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed results. We focus on whether the Act increased earnings informativeness, improving upon prior designs by focusing on short earnings announcement windows and employing a difference-in-differences design to control for potential contemporaneous str...
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作者：Kleymenova, Anya; Tomy, Rimmy E.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：This paper finds that the disclosure of supervisory actions by bank regulators is associated with changes in their enforcement behavior. Using a novel sample of enforcement decisions and orders (EDOs) and a change in the disclosure regime, we find that regulators issue more EDOs, intervene sooner, and rely more on publicly observable signals following the regime change. EDO documents become longer, more complex, and contain more boilerplate language. Our results also indicate that intervention...
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作者：Carson, Elizabeth; Simnett, Roger; Thurheimer, Ulrike; Vanstraelen, Ann
作者单位：University of New South Wales Sydney; Deakin University; Maastricht University; University of Antwerp
摘要：We study what determines the involvement of component auditors in multinational enterprise (MNE) group audits and the association with audit quality and audit fees. Using unique Australian disclosures of group audit fees paid to the principal and component auditors, we first document that MNE complexity, MNE internationalization, and auditor characteristics are associated with component auditor involvement, and extent and type of component auditor involvement. Next, we find that involvement of...
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作者：GAYLE, GEORGE-LEV, I; LI, C. H. E. N.; MILLER, R. O. B. E. R. T. A.
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; New York University; NYU Shanghai; Carnegie Mellon University
摘要：This paper investigates the effects of regulatory interventions on contracting relationships within firms by examining the impacts of the Sarbanes-Oxley (SOX) Act on CEO compensation. Using panel data of the S&P 1500 firms, it quantifies welfare gains from a principal-agent model with hidden information and hidden actions. It finds that SOX: (1) reduced the conflict of interest between shareholders and their CEOs, mainly by reducing shareholder loss from CEOs deviating from their goal of expec...
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作者：Bao, Yang; Ke, Bin; Li, Bin; Yu, Y. Julia; Zhang, Jie
作者单位：Shanghai Jiao Tong University; National University of Singapore; Wuhan University; University of Virginia; Nanyang Technological University
