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作者：Chen, Yangyang; Ng, Jeffrey; Yang, Xin
作者单位：City University of Hong Kong; Hong Kong Polytechnic University; Central University of Finance & Economics
摘要：We examine how options trading affects voluntary corporate disclosure, so that we can shed light on whether managers' potential learning from the options market induces them to withhold disclosure. We find that options trading reduces the likelihood and frequency of management earnings forecasts, suggesting that firms that have active options trading on their stock make fewer voluntary disclosures. This finding is in accordance with the theoretical prediction that managers strategically reduce...
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作者：Wheeler, P. Barrett
作者单位：Tulane University
摘要：Accounting for credit losses under U.S. GAAP is transitioning from an incurred to an expected loss model. The model change was motivated by concerns that reporting only incurred losses does not provide investors with sufficient and timely information about banks' credit risk. In this paper, I develop a measure of lifetime expected credit losses using vintage analysis to examine whether stock prices reflect information about unrecognized expected credit losses in an incurred loss regime. Consis...
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作者：Stuber, Sarah B.; Hogan, Chris E.
作者单位：Texas A&M University System; Texas A&M University College Station; Michigan State University
摘要：Despite issuing extensive guidance related to the evaluation of accounting estimates, the PCAOB continues to identify deficiencies related to the audit of estimates through their inspections process. We examine whether PCAOB inspections lead to more accurate audited accounting estimates, defined as those that more closely match economic reality, by examining a significant estimate within the banking industry. We find that in contrast with the PCAOB's goal of more accurate and unbiased estimate...
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作者：Ellahie, Atif; Kaplan, Zachary
作者单位：Utah System of Higher Education; University of Utah; Washington University (WUSTL)
摘要：We hypothesize that, in weak-institution countries, firms adjust the 'timing' of dividend payments by committing to distribute a percentage of current earnings as dividends, revealing the extent of firm-level agency conflicts to future investors and facilitating the raising of external capital. Consistent with this hypothesis, we find that, on average, firms in weak-institution countries have a higher speed of adjustment (SOA) to their target payout ratio, pay dividends earlier in the life cyc...
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作者：Cremers, Martijn; Pareek, Ankur; Sautner, Zacharias
作者单位：University of Notre Dame; Nevada System of Higher Education (NSHE); University of Nevada Las Vegas; Frankfurt School Finance & Management
摘要：We document that stocks that have optimistic (pessimistic) consensus recommendations and are currently held by many short-term institutions exhibit large stock-return reversals: Their large past outperformance (underperformance) is followed by large negative (positive) future alphas. The predictable return reversals originate from overreaction to past recommendation releases and the correction of these overreactions around future releases. Results are stronger when earnings news is released an...
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作者：Geoffroy, Rachel; Lee, Heemin
作者单位：University System of Ohio; Ohio State University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：To shed light on the role that academic research plays in Securities and Exchange Commission (SEC) rulemaking, this paper examines the SEC's patterns of consumption of academic research from 2007 through 2017. We show how the Business Roundtable v. SEC ruling in 2011 increased consideration given to academic research during SEC rulemaking. We find that after the ruling, the SEC cites more papers in its proposed rules and, in particular, more papers that illustrate the costs of regulation. This...
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作者：Cascino, Stefano; Tamayo, Ane; Vetter, Felix
作者单位：University of London; London School Economics & Political Science; University of Mannheim
摘要：We exploit the staggered introduction of CPA Mobility provisions in the United States to study the effects of spatial licensing requirements on the labor market for accounting professionals. Specifically, we examine whether the removal of licensing-induced geographic barriers affects CPA wages and employment levels, as well as the pricing and quality of professional services. We find that, subsequent to the adoption of CPA Mobility provisions, wages of accounting professionals decrease, wherea...
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作者：Dey, Aiyesha; Heese, Jonas; Perez-Cavazos, Gerardo
作者单位：Harvard University
摘要：We study the effect of financial incentives on whistleblowing and the consequences for whistleblowers under the cash-for-information program of the False Claims Act (FCA). Exploiting appeals-court decisions that increase financial incentives for whistleblowing, we find that greater incentives increase the number of lawsuits filed with the regulator, the regulator's investigation length, the percentage of intervened lawsuits, and the percentage of settled lawsuits. Using information from lawsui...
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作者：Doxey, Marcus M.; Lawson, James G.; Lopez, Thomas J.; Swanquist, Quinn T.
作者单位：University of Alabama System; University of Alabama Tuscaloosa; Bucknell University
摘要：In early 2017, the Public Company Accounting Oversight Board (PCAOB) mandated the disclosure of audit participants, including the lead audit partner and other audit firms participating in the audit (component auditors). In this study, we examine whether investors use these disclosures in a way that influences their investment decisions, a primary goal of the PCAOB. Using trading volume, absolute abnormal returns, and bid-ask spreads, we find little evidence of a significant investor response f...
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作者：Cheng, Stephanie F.
作者单位：Tulane University
摘要：This study provides evidence on the role of public firms' financial reports in the state-bond secondary market. I investigate the informational role of corporate earnings announcements and find that public firms' monthly earnings signals aggregated to the state level are positively associated with contemporaneous state-bond returns. Further analyses reveal that public firms' earnings announcements predict traditional economic indicators and contain incremental information that is independent o...
