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作者：Badertscher, Brad; Jorgensen, Bjorn; Katz, Sharon; Kinney, William
作者单位：University of Notre Dame; University of London; London School Economics & Political Science; Columbia University; University of Texas System; University of Texas Austin
摘要：To what degree are audit fees for U.S. firms with publicly traded equity higher than fees for otherwise similar firms with private equity? The answer is potentially important for evaluating regulatory regime design efficiency and for understanding audit demand and production economics. For U.S. firms with publicly traded debt, we hold constant the regulatory regime, including mandated issuer reporting and auditor responsibilities. We vary equity ownership and thus public securities market cont...
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作者：Kalay, Alon
作者单位：Columbia University
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作者：Iliev, Peter; Miller, Darius P.; Roth, Lukas
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Southern Methodist University; University of Alberta
摘要：We study the economic consequences of a recent Securities and Exchange Commission securities regulation change that grants foreign firms trading on the U.S. over-the-counter (OTC) market an automatic exemption from the reporting requirements of the 1934 Securities Act. We document that the number of voluntary (sponsored) OTC cross-listings did not increase following the regulation change, suggesting that it did not achieve its intended purpose of increasing voluntary OTC cross-listings through...
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作者：Lo, Alvis K.
作者单位：Boston College
摘要：I examine whether declines in banks' financial health affect their borrowers' disclosures. Prior studies indicate that, in relationship lending, banks and borrowers rely on private communication, rather than public disclosures, to resolve information asymmetries. When banking relationships are threatened, borrowers must turn to new funding sources, inducing them to reconsider their disclosure policies. This paper predicts that borrowers, whose banking relationships are threatened by declining ...
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作者：Hail, Luzi; Tahoun, Ahmed; Wang, Clare
作者单位：University of Pennsylvania; University of London; London Business School; Northwestern University
摘要：We examine changes in firms' dividend payouts following an exogenous shock to the information asymmetry problem between managers and investors. Agency theories predict a decrease in dividend payments to the extent that improved public information lowers managers' need to convey their commitment to avoid overinvestment via costly dividend payouts. Conversely, dividends could increase if minority investors are in a better position to extract cash dividends. We test these predictions by analyzing...
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作者：Wagenhofer, Alfred
作者单位：University of Graz
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作者：Soltes, Eugene
作者单位：Harvard University
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作者：Bischof, Jannis
作者单位：University of Mannheim
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作者：Gigler, Frank; Kanodia, Chandra; Sapra, Haresh; Venugopalan, Raghu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We develop a cost-benefit tradeoff that provides new insights into the frequency with which firms should be required to report the results of their operations to the capital market. The benefit to increasing the frequency of financial reporting is that it causes market prices to better deter investments in negative net present value projects. The cost of increased frequency is that it increases the probability of inducing managerial short-termism. We analyze the tradeoff between these costs an...
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作者：Minutti-Meza, Miguel
作者单位：University of Miami
