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作者：Rennekamp, Kristina
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：The SEC's emphasis on the use of plain English is designed to make disclosures more readable and more informative. Using an experiment, I find that more readable disclosures lead to stronger reactions from small investors, so that changes in valuation judgments are more positive when news is good and more negative when news is bad. Drawing on research in psychology to explain this result, I predict and find that processing fluency from a more readable disclosure acts as a subconscious heuristi...
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作者：Ammer, John; Holland, Sara B.; Smith, David C.; Warnock, Francis E.
作者单位：University System of Georgia; University of Georgia; University of Virginia; University of Virginia; National Bureau of Economic Research
摘要：Using a comprehensive data set of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. Much of this increased U.S. investment is purchased in the foreign market, implying that the cross-listing effect r...
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作者：Lui, Daphne; Markov, Stanimir; Tamayo, Ane
作者单位：ESSEC Business School; University of Texas System; University of Texas Dallas; University of London; London School Economics & Political Science
摘要：The traditional view of equity analysts is that they are a source of new information about future cash flows. We broaden this view by demonstrating that equity analysts are also a substantive source of new information about priced risk. In particular, we document that, when announced, changes in analyst risk ratings distinctly and significantly affect equity returns, and are generally followed by significant changes in FamaFrench factor loadings. Also, while less frequent than credit rating ch...
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作者：Beyer, Anne; Guttman, Ilan
作者单位：Stanford University
摘要：We study a model in which managers disclosure and investment decisions are both endogenous and managers can manipulate their voluntary reports through (suboptimal) investment, financing, or operating decisions. Managers are privately informed about the value of their firm and have incentives to voluntarily disclose information and manipulate their reports in order to obtain more favorable terms when issuing equity to finance a new profitable investment opportunity. The model shows that treatin...
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作者：Klassen, Kenneth J.; Laplante, Stacie K.
作者单位：University of Waterloo; University System of Georgia; University of Georgia
摘要：This paper examines income shifting of U.S. multinational companies over the past two decades. Domestic and foreign policy makers are increasingly concerned with the effect of income shifting on dwindling tax revenues, however, extant research on income shifting by U.S. multinational enterprises is mixed. We address the disconnect between the academic literature and the policy maker's perceptions by examining the extent of multijurisdictional income shifting by U.S. multinational companies. We...
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作者：Hutton, Amy P.; Lee, Lian Fen; Shu, Susan Z.
作者单位：Boston College
摘要：We examine the relative accuracy of management and analyst forecasts of annual EPS. We predict and find that analysts information advantage resides at the macroeconomic level. They provide more accurate earnings forecasts than management when a firm's fortunes move in concert with macroeconomic factors such as Gross Domestic Product and energy costs. In contrast, we predict and find that management's information advantage resides at the firm level. Their forecasts are more accurate than analys...
