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作者：Bonetti, Pietro; Duro, Miguel; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; European Corporate Governance Institute
摘要：This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of control acquisitions after the implementation of the regulation, a decrease that is concentrated in countries with more dynamic takeover markets. Consistent with the idea that the disclosure requirement...
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作者：Zhou, Frank S.; Zhou, Yuqing
作者单位：University of Pennsylvania; University of California System; University of California Los Angeles
摘要：Theory posits that investors can rationally infer the implications of strategic nondisclosure for firm value, pressuring managers to disclose information voluntarily. This study documents that the lack of an earnings guidance predicts an abnormal return of -41 basis points around the subsequent quarterly earnings announcement, suggesting that investors do not fully incorporate the implications of nonguidance. Further analyses demonstrate that limitations in price efficiency, driven by investor...
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作者：Bao, Yang; Ke, Bin; Li, Bin; Yu, Y. Julia; Zhang, Jie
作者单位：Shanghai Jiao Tong University; National University of Singapore; Wuhan University; University of Virginia; Nanyang Technological University
摘要：We develop a state-of-the-art fraud prediction model using a machine learning approach. We demonstrate the value of combining domain knowledge and machine learning methods in model building. We select our model input based on existing accounting theories, but we differ from prior accounting research by using raw accounting numbers rather than financial ratios. We employ one of the most powerful machine learning methods, ensemble learning, rather than the commonly used method of logistic regres...
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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：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...
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作者：Mehta, Mihir N.; Srinivasan, Suraj; Zhao, Wanli
作者单位：University of Michigan System; University of Michigan; Harvard University; Renmin University of China
摘要：Antitrust regulators play a critical role in protecting market competition. We examine whether the political process affects antitrust reviews of merger transactions. We find that acquirers and targets located in the political districts of powerful U.S. congressional members who serve on committees with antitrust regulatory oversight receive relatively favorable antitrust review outcomes. To establish causality, we use plausibly exogenous shocks to firm-politician links and a falsification tes...
