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作者：Li, Nan
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：In the presence of business groups, the expropriation through related party transactions (RPTs) is common and costly to minority shareholders. Using the setting of India's RPT voting rule, I find that a majority-of-minority shareholder voting mechanism helps mitigate expropriation. Minority shareholders actively raise their voice against RPT resolutions. A difference-in-differences analysis reveals that shareholder voting has a significant deterrence effect on RPT volume. I also find that stoc...
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作者：Badia, Marc; Duro, Miguel; Penalva, Fernando; Ryan, Stephen G.
作者单位：University of Navarra; IESE Business School; New York University
摘要：Basu's [The Conservatism Principle and the Asymmetric Timeliness of Earnings. Journal of Accounting and Economics 24 (1997): 3-37] measurement of conditional conservatism as the asymmetric timeliness of earnings underlies hundreds of studies. However, many subsequent studies cast doubt on the extent to which Basu's measure captures conditional conservatism versus statistical biases or alternative constructs (collectively, biases), thereby questioning the validity of the inferences that empiric...
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作者：Kang, Jung Koo; Stice-Lawrence, Lorien; Wong, Yu Ting Forester
作者单位：University of Southern California
摘要：We use novel satellite data that track the number of cars in the parking lots of 92,668 stores for 71 publicly listed U.S. retailers to study the local information advantage of institutional investors. We establish car counts as a timely measure of store-level performance and find that institutional investors adjust their holdings in response to the performance of local stores, and that these trades are profitable on average. These results suggest that local investors have an advantage when pr...
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作者：Kaplan, Zachary; Martin, Xiumin; Xie, Yifang
作者单位：Washington University (WUSTL); University of British Columbia
摘要：Consensus estimates, formed by taking an average of analyst forecasts, play an important role in capital markets (e.g., provide investors with a proxy for earnings expectations). We show I/B/E/S, a prominent information intermediary, removes 6% of one-quarter-ahead earnings forecasts before calculating the consensus, and among the 23% of firm-quarters with at least one forecast removed, this figure rises to 16%. We provide evidence suggesting that I/B/E/S subjectively applies policies that gov...
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作者：Dube, Svenja; Zhu, Chenqi
作者单位：Fordham University; University of California System; University of California Irvine
摘要：We examine how firms respond to the increased workplace transparency due to the coverage on Glassdoor.com, which collects and disseminates reviews on employee satisfaction. Leveraging the staggered timing of first-time reviews on Glassdoor, we use a difference-in-differences design and find that after being reviewed on Glassdoor, firms improve their workplace practices, measured by corporate social responsibility scores on employee relations and diversity. Consistent with firms improving their...
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作者：Guest, Nicholas M.
作者单位：Cornell University
摘要：I reexamine whether media articles with substantive editorial content inform the market's reaction to firms' earnings news. Using variation in earnings announcement coverage because of restructuring at The Wall Street Journal (WSJ), my analyses suggest that WSJ earnings articles improve price discovery and increase trading volume at S&P 500 earnings announcements. Additionally, textual analysis suggests media articles that differ more from the firm's earnings release increase trading volume, a...
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作者：Dyer, Travis; Kim, Eunjee
作者单位：Cornell University
摘要：Crowdsourced financial information platforms often allow content contributors to publish equity research anonymously. This study examines whether investors value or discount information in anonymous equity research. In the short window around research releases, we find that investors' stock price reaction to anonymous research is muted in comparison to nonanonymous research. Consistent with credibility concerns influencing investor response, we document that this discount to anonymous research...
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作者：Eyring, Henry; Ferguson, Patrick J.; Koppers, Sebastian
作者单位：University of London; London School Economics & Political Science; Harvard University; Harvard University; WHU - Otto Beisheim School of Management
摘要：We use a field experiment in professional sports to compare effects of providing absolute, relative, or both absolute and relative measures in performance reports for employees. Although studies have documented that the provision of these types of measures can benefit performance, theory from economic and accounting literature suggests that it may be optimal for firms to direct employees' attention to some types of measures by omitting others. In line with this theory, we find that relative pe...
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作者：Trung Nguyen
作者单位：Harvard University
摘要：This paper analyzes the impact of changes in regulatory priorities and resource allocation on criminal enforcement of white-collar criminal activities. Using the 9/11 terrorist attacks as a shock to the FBI's priorities and allocation of investigative resources, as well as variation in the Muslim population in the United States, I examine whether prioritization of counterterrorism investigations after 9/11 is associated with weaker enforcement of laws targeting white-collar crime. I then use a...
