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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：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：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...
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作者：Aghamolla, Cyrus; Hashimoto, Tadashi
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Yeshiva University
摘要：This study investigates a communication game between a CEO and a board of directors where the CEO's career concerns can potentially impede value-increasing informative communication. By adopting a policy of aggressive boards (excessive replacement), shareholders can facilitate communication between the CEO and the board. The results are in contrast to the multitude of models which generally find that management-friendly boards improve communication, and help to explain empirical results concer...
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作者：Brendel, Janja; Ryans, James
作者单位：Humboldt University of Berlin; University of London; London Business School
摘要：This study provides descriptive evidence on how firms respond to activist short seller reports and how these responses are associated with outcomes for the targeted firms. We show that the frequency of these reports has grown substantially in recent years. Although we find that firms respond only 31% of the time, this rate increases substantially when the report is accompanied by significantly negative abnormal returns and when the report contains new evidence. Not responding is associated wit...
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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：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...
