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作者：Kim, Jae B.; Shroff, Pervin; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina
作者单位：Lehigh University; University of Minnesota System; University of Minnesota Twin Cities; University of Toronto; University of Toronto; University of Southern California
摘要：We investigate how the availability of traded credit default swaps (CDSs) affects the referenced firms' voluntary disclosure choices. CDSs enable lenders to hedge their credit risk exposure, weakening their incentives to monitor borrowers. We predict that reduced lender monitoring in turn leads shareholders to intensify their monitoring and demand increased voluntary disclosure from managers. Consistent with this expectation, we find that managers are more likely to issue earnings forecasts an...
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作者：Bourveau, Thomas; Lou, Yun; Wang, Rencheng
作者单位：Hong Kong University of Science & Technology; Singapore Management University; University of Melbourne
摘要：Using the staggered adoption of universal demand (UD) laws in the United States, we study the effect of shareholder litigation risk on corporate disclosure. We find that disclosure significantly increases after UD laws make it more difficult to file derivative lawsuits. Specifically, firms issue more earnings forecasts and voluntary 8-K filings, and increase the length of management discussion and analysis (MD&A) in their 10-K filings. We further assess the direct and indirect channels through...
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作者：Jung, Michael J.; Wong, M. H. Franco; Zhang, X. Frank
作者单位：New York University; University of Toronto; Yale University
摘要：Companies' earnings conference calls are perceived to be venues for sell-side equity analysts to ask management questions. In this study, we examine another important conference call participantthe buy-side analystthat has been underexplored in the literature due to data limitations. Using a large sample of transcripts, we identify 3,834 buy-side analysts from 701 institutional investment firms who participated (i.e., asked a question) in 13,332 conference calls to examine the determinants and...
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作者：Chen, Wei; Hribar, Paul; Melessa, Samuel
作者单位：University of Iowa
摘要：We analyze a procedure common in empirical accounting and finance research where researchers use ordinary least squares to decompose a dependent variable into its predicted and residual components and use the residuals as the dependent variable in a second regression. This two-step procedure is used to examine determinants of constructs such as discretionary accruals, real activities management, discretionary book-tax differences, and abnormal investment. We show that the typical implementatio...
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作者：Dou, Yiwei; Ryan, Stephen G.; Xie, Biqin
作者单位：New York University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine the real effects of FAS 166 and FAS 167 on banks' loan-level mortgage approval and sale decisions. Effective in 2010, these standards tightened the accounting for securitizations and consolidation of securitization entities, respectively, causing banks to recognize an estimated $811 billion of securitized assets on balance sheet. We find that banks that recognize more securitized assets exhibit larger decreases in mortgage approval rates and larger increases in mortgage sale rates. ...
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作者：Einhorn, Eti; Langberg, Nisan; Versano, Tsahi
作者单位：Tel Aviv University; University of Houston System; University of Houston
摘要：Our analysis is rooted in the notion that stockholders can learn about the fundamental value of any firm from observing the earnings reports of its rivals. We argue that such intraindustry information transfers, which have been broadly documented in the empirical literature, may motivate managers to alter stockholders' beliefs about the value of their firm not only by manipulating their own earnings report but also by influencing the earnings reports of rival firms. Managers obviously do not h...
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作者：Rogers, J. L.; Skinner, D. J.; Zechman, S. L. C.
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作者：Tang, Vicki Wei
作者单位：Georgetown University
摘要：This paper examines whether third-party-generated product information on Twitter, once aggregated at the firm level, is predictive of firm-level sales, and if so, what factors determine the cross-sectional variation in the predictive power. First, the predictive power of Twitter comments increases with the extent to which they fairly represent the broad customer response to products and brands. The predictive power is greater for firms whose major customers are consumers rather than businesses...
