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作者：Bischof, Jannis; Rudolf, Nicolas
作者单位：University of Mannheim; University of Lausanne
摘要：This study investigates the role of individual managers in banks' financial reporting. We exploit the connectedness between different managers and find that individual bank managers explain approximately 19 percent of banks' loan loss provisions. This observation is consistent with the substantial reporting discretion that individual bank managers use in the estimation of loan loss provisions and that is increasingly subject to financial stability concerns by prudential supervisors. Our result...
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作者：Bernard, Darren; Cade, Nicole L.; Connors, Elizabeth H.; de Kok, Ties
作者单位：University of Washington; University of Washington Seattle; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We use direct measures of information acquisition from a business intelligence service to provide descriptive evidence about small business managers' information choices. We show that managers are heavy consumers of email pushes and dashboards but that consumption varies substantially over time and cross-sectionally. The information managers acquire largely facilitates performance monitoring; product, inventory, and staff management tools are also widely used. Cross-sectional analyses provide ...
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作者：Alhusaini, Badryah; Chapman, Kimball L.; White, Hal D.
作者单位：Arizona State University; Arizona State University-Tempe; University of Notre Dame
摘要：Pre-IPO firms may test the waters by meeting privately with investors in order to allow access to management and more time to make an investment decision. However, these meetings have the potential to undermine the SEC's objectives of protecting investors and supporting market efficiency by allowing institutional investors, but not retail investors, private access to management. We find lower retail trading after IPOs of firms that held testing-the-waters meetings, consistent with the meetings...
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作者：Welsch, Anthony; Williams, Braden; Mills, Lillian
作者单位：University of Chicago; University of Texas System; University of Texas Austin
摘要：State tax revenue forecasting is critical to states' fiscal planning because many states have constitutions or laws that require a balanced budget and restrict borrowing to fund deficits. We develop and compare four measures of aggregate corporate earnings growth. We find that a state-specific industry-weighted measure of earnings growth predicts future state tax revenue growth, incremental to states' actual forecasts (i.e., it increases explanatory power by a factor of 1.86). Earnings growth ...
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作者：Cao, Yi; Chen, Long; Tucker, Jennifer Wu; Wan, Chi
作者单位：George Mason University; State University System of Florida; University of Florida; University of Massachusetts System; University of Massachusetts Boston
摘要：We evaluate how well generative AI can perform an important task-identifying product market competitors (peers). We find that machine-generated peers have a high overlap with the peers identified by human experts as well as with the peers identified by established peer identification systems. Machine-generated peers have high correlations with the focal firm in stock returns, sales growth, and gross profit margin in the subsequent year. The correlations are stronger than those derived from ide...
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作者：Carnes, Robert
作者单位：State University System of Florida; University of Florida
摘要：I investigate whether auditors engage in greater monitoring of acquirers during industry merger waves. Merger waves are periods of industry transformation (i.e., disruption) that are accompanied by greater uncertainty, limited internal and external corporate monitoring, and poorer acquisition performance. These factors threaten the quality of acquirers' financial reports. I test whether auditors respond to these periods by increasing their effort, which improves audit quality, and by resigning...
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作者：Kirk, Marcus; Piao, Zhenhao Jeffery
作者单位：State University System of Florida; University of Florida; University of Missouri System; University of Missouri Columbia
摘要：This study investigates when institutional investors seek on-site meetings with their portfolio firms and the subsequent informativeness of their trading decisions. We identify private interactions by creating and validating a novel measure based on the taxi traffic between an institutional investor's business office and its investee's headquarters. This measure allows a more granular unit of analysis and better control for investor-specific characteristics correlated with investors' private a...
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作者：Ling, Qianhua; Roberts, Andrea Alston
作者单位：Marquette University; University of Virginia
摘要：This paper identifies a helpful red flag stakeholders can use to detect whether a nonprofit has managed its financial information. This red flag is reporting an identical program ratio-that is, the nonprofit organization reports the exact same ratio in multiple years-while reporting a large change in total spending. We find nonprofits are more likely to report identical program ratios when resource providers rely on ratios; pay is determined, at least in part, by performance; and the potential...
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作者：Kottimukkalur, Badrinath; Nallareddy, Suresh; Venkatachalam, Mohan
作者单位：University of Washington; University of Washington Seattle; Duke University
摘要：We examine the dynamic nature of the information content of aggregate earnings. Specifically, we examine how changes in supply elasticity affect the relation between aggregate earnings and future inflation. Using total capacity utilization to capture supply elasticity, we find that aggregate earnings are more informative about inflation when the supply is inelastic. This finding aligns with the investment demand hypothesis-higher aggregate earnings drive increased investment, pushing inflation...
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作者：Jia, Ning; Li, Ningzhong; Ma, Guang; Xu, Da
作者单位：Tsinghua University; University of Texas System; University of Texas Dallas; Rutgers University System; Rutgers University New Brunswick
摘要：We provide early evidence of corporate responses to generative artificial intelligence (GAI) through managerial discussions of GAI in conference calls after ChatGPT's release in November 2022. Following the release, these managerial discussions increase substantially, and most discussions have positive tone and contain action initiatives. The increase is more pronounced for larger firms, growth firms, younger firms, and those in high-tech industries. The largest increase is observed in the ind...
