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作者：Maslar, David A.; Serfling, Matthew; Shaikh, Sarah
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Washington; University of Washington Seattle
摘要：Economic downturns create uncertainty about a firm's operations and make it disproportionately harder for outside market participants to assess the firm's prospects. We posit that in this environment, management earnings forecasts will be more informative to investors and analysts. Consistent with this prediction, we find larger stock price reactions and analyst forecast revisions to news in management forecasts during downturns. Holding the amount of news in forecasts constant, stock price re...
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作者：Martens, Tim; Sextroh, Christoph J.
作者单位：City St Georges, University of London; Tilburg University
摘要：We offer a novel perspective on the role of sell-side analysts as information intermediaries in capital markets by documenting a flow of information in a new direction, namely, from analysts to the firms they cover. We use analyst coverage overlaps and patent citations to examine analyst-induced information spillovers about technology and industry trends. Consistent with analyst coverage-related information flows, firms are more likely to cite another firm's patent if that firm is covered by t...
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作者：Drymiotes, George; Sivaramakrishnan, Konduru
作者单位：Texas Christian University; Rice University
摘要：Recent corporate governance scandals have been attributed to a lack of board independence because of the influence CEOs have over their boards. However, CEOs can also affect board efficacy without compromising its independence by strategically choosing directors. We offer a theoretical framework to examine how CEOs can strategically choose director characteristics (such as expertise and skill set) to influence the inner workings of the board. We examine how director expertise affects the board...
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作者：Gow, Ian D.; Larcker, David F.; Zakolyukina, Anastasia A.
作者单位：University of Melbourne; Stanford University; University of Chicago
摘要：We construct a novel measure of disclosure choice by firms. Our measure is computed using linguistic analysis of conference calls to identify whether a manager's response to an analyst question is a non-answer. Using our measure, about 11% of analyst questions elicit non-answers from managers, a rate that is stable over time and similar across industries. A useful feature of our measure is that it enables an examination of disclosure choice within a call. Analyst questions with a negative tone...
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作者：Choi, Jung Ho
作者单位：Stanford University
摘要：This paper evaluates the role of accrual accounting in improving firms' production decisions and resource allocation across firms. I introduce two imperfect firm-performance measures, cash flows and accounting earnings, into a general equilibrium model with heterogeneous firms under imperfect information. The model demonstrates that improvements in measurement systems lead to more informed decisions on the part of firms and ultimately to allocation of greater resources to high-productivity fir...
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作者：Cao, Sean Shun; Du, Kai; Yang, Baozhong; Zhang, Alan L.
作者单位：University System of Georgia; Georgia State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; State University System of Florida; Florida International University
摘要：We examine whether firms that imitate peer companies' strategies (copycats) profit from such behavior and how their success may cause competitive harm to disclosing companies. We identify copycat companies by tracking the digital footprints of investment companies that view disclosures on the SEC EDGAR Web site. We find that copycat companies are able to identify profitable trades that outperform other trades disclosed by the copycatted companies by 5.5% annually. Such stock-screening skills a...
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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...
