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作者：Miller, Gregory S.; Skinner, Douglas J.
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：Recent changes in technology and the media are causing significant changes in how capital markets assimilate and respond to information. We identify important themes in the disclosure literature and use this as a framework to discuss the conference papers that appear in this volume. These papers examine how managers' disclosure practices are being affected by changes in technology, the media, and capital markets. While this work makes important progress, we discuss how continuing technological...
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作者：Piotroski, Joseph D.; Wong, T. J.; Zhang, Tianyu
作者单位：Stanford University; Chinese University of Hong Kong
摘要：This paper tests the proposition that politicians and their affiliated firms (i.e., firms operating in their province) temporarily suppress negative information in response to political incentives. We examine the stock price behavior of Chinese listed firms around two visible political eventsmeetings of the National Congress of the Chinese Communist Party and promotions of high-level provincial politiciansthat are expected to asymmetrically increase the costs of releasing bad news. The costs c...
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作者：Allee, Kristian D.; Deangelis, Matthew D.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University System of Georgia; Georgia State University
摘要：We examine tone dispersion, or the degree to which tone words are spread evenly within a narrative, to evaluate whether narrative structure provides insight into managers' voluntary disclosures and users' responses to those disclosures. We find that tone dispersion is associated with current aggregate and disaggregated performance and future performance, managers' financial reporting decisions, and managers' incentives and actions to manage perceptions. Furthermore, we find that tone dispersio...
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作者：Lee, Lian Fen; Hutton, Amy P.; Shu, Susan
作者单位：Boston College
摘要：We examine how corporate social media affects the capital market consequences of firms' disclosure in the context of consumer product recalls. Product recalls constitute a product crisis exposing the firm to reputational damage, loss of future sales, and legal liability. During such a crisis it is crucial for the firm to quickly and directly communicate its intended message to a wide network of stakeholders, which, in turn, renders corporate social media a potentially useful channel of disclos...
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作者：Brown, Nerissa C.; Stice, Han; White, Roger M.
作者单位：University of Delaware; State University System of Florida; University of Florida; Emory University
摘要：We examine the influence of mobile communication on local information flow and local investor activity using the enforcement of statewide distracted driving restrictions, which are exogenous events that constrain mobile communication while driving. By restricting mobile communication across a potentially sizable set of local individuals, these restrictions could inhibit local information flow and, in turn, the market activity of stocks headquartered in enforcement states. We first document a d...
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作者：Dai, Lili; Parwada, Jerry T.; Zhang, Bohui
作者单位：Australian National University; University of New South Wales Sydney
摘要：We investigate whether the media plays a role in corporate governance by disseminating news. Using a comprehensive data set of corporate and insider news coverage for the 2001-2012 period, we show that the media reduces insiders' future trading profits by disseminating news on prior insiders' trades available from regulatory filings. We find support for three economic mechanisms underlying the disciplining effect of news dissemination: the reduction of information asymmetry, concerns regarding...
