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作者：Kim, Jinhwan; Verdi, Rodrigo S.; Yost, Benjamin P.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Boston College
摘要：We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm-initiated disclosures during all-cash acquisitions, we find evidence consistent with acquirers strategically generating news that they expect will depress the target's stock price. Our results suggest the disclosure strategy leads to lower target returns during the negotiation...
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作者：Huang, Ying; Li, Ningzhong; Yu, Yong; Zhou, Xiaolu
作者单位：University of Texas System; University of Texas Dallas; University of Texas System; University of Texas Austin; Chinese University of Hong Kong
摘要：We examine the causal effect of managerial litigation risk on managers' disclosure of earnings warnings in the face of large earnings shortfalls. Exploring the staggered adoption of universal demand (UD) laws as an exogenous decrease in litigation risk, we find that the adoption leads to a decrease in managers' issuance of earnings warnings, especially among firms facing a higher litigation risk prior to the adoption. In contrast, we find no change in managers' tendency to alert investors of i...
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作者：Jansen, Mark
作者单位：Utah System of Higher Education; University of Utah
摘要：When private firms are acquired, buyers commonly rely on seller financing and earnouts. Using a novel database of private acquisitions, I find that seller financing and earnouts become more common as information asymmetry increases between the acquirer and the target. Financial statement audits of the targets attenuate these results, which suggests that audits decrease information asymmetry in firm acquisitions. Seller-financed acquisitions also close faster and at higher prices, reducing the ...
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作者：Hail, Luzi; Lang, Mark; Leuz, Christian
作者单位：University of Pennsylvania; University of North Carolina; University of North Carolina Chapel Hill; University of Chicago; National Bureau of Economic Research
摘要：We have little knowledge about the prevalence of irreproducibility in the accounting literature. To narrow this gap, we conducted a survey among the participants of the 2019 JAR Conference on their perceptions of the frequency, causes, and consequences of irreproducible research published in accounting journals. A majority of respondents believe that irreproducibility is common in the literature, constitutes a major problem, and receives too little attention. Most have encountered irreproducib...
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作者：De Simone, Lisa; Lester, Rebecca; Markle, Kevin
作者单位：Stanford University; University of Iowa
摘要：We examine how U.S. individuals respond to regulation intended to reduce offshore tax evasion. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report information to the U.S. government regarding U.S. account holders. We first document an average $7.8 billion to $15.3 billion decrease in equity foreign portfolio investment to the United States from tax-haven countries after FATCA implementation, consistent with a decrease in round-tripping investments a...
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作者：Balakrishnan, Ramji; Lin, Haijin; Sivaramakrishnan, Konduru
作者单位：University of Iowa; University of Houston System; University of Houston; Rice University
摘要：Matching talents to tasks is an important part of job design. Organizations routinely use performance thresholds to group agents by talent. We see thresholds defined both in terms of an individual's own performance (absolute value) and in terms of peer performance (percentile). Intuition suggests a preference for percentile thresholds because the resulting rank-order statistic is sufficient to assess relative talent. Yet, in the context of a task assignment problem in which the objective is to...
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作者：Cuny, Christine; Even-tov, Omri; Watts, Edward M.
作者单位：New York University; University of California System; University of California Berkeley; Yale University
摘要：This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. Until recently, markups were embedded in the reported transaction price and not explicitly disclosed. Without explicit disclosure, investors can estimate their markups using executed transaction prices. However, estimating markups imposes information processing costs on investors, potentially creating information asymmetry between unsophisticated investors and bon...
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作者：Eyring, Henry
作者单位：University of London; London School Economics & Political Science
摘要：I examine effects of a health care system's policy to publicly disclose patient ratings of its physicians. I find evidence that this policy leads to performance improvement by the disclosed, subjective ratings and also by undisclosed, objective measures of quality. These effects are consistent with multitasking theory, in that physicians respond to the disclosure by providing more of a shared input-time with patients-that benefits performance by ratings and underlying quality. I also find, as ...
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作者：Dyreng, Scott D.; Hoopes, Jeffrey L.; Langetieg, Patrick; Wilde, Jaron H.
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill; University of Iowa
摘要：Although subsidiary disclosures in firms' filings with the Securities and Exchanges Commission (SEC; Exhibit 21) represent the most granular required public disclosure of a firm's geographic footprint, little is understood about the quality of the disclosure, and anecdotal evidence suggests firms may not fully comply with the disclosure requirements. We use data provided by multinational firms to the Internal Revenue Service regarding their foreign subsidiary locations to explore the accuracy ...
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作者：Brown, Nerissa C.; Crowley, Richard M.; Elliott, W. Brooke
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Singapore Management University
摘要：We use a machine learning technique to assess whether the thematic content of financial statement disclosures (labeled topic) is incrementally informative in predicting intentional misreporting. Using a Bayesian topic modeling algorithm, we determine and empirically quantify the topic content of a large collection of 10-K narratives spanning 1994 to 2012. We find that the algorithm produces a valid set of semantically meaningful topics that predict financial misreporting, based on samples of S...
