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作者：Qiu, Lin; Ronen, Joshua
作者单位：Purdue University System; Purdue University; New York University
摘要：We examine the anticipatory effect triggered by the issuance of the lease exposure draft, which proposed capitalizing most operating leases, on the cost of debt of firms that rely heavily on operating leases. Employing a difference-in-differences design, we find a significant increase in loan spreads for firms with higher operating lease intensity after the issuance of the exposure draft, notably, even before the issuance of ASC 842. We explore potential channels through which this anticipator...
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作者：Gregor, Martin; Michaeli, Beatrice
作者单位：Charles University Prague; University of California System; University of California Los Angeles
摘要：We identify a novel force behind the benefit of misaligned preferences in corporate governance. Our model entails a CEO who encounters a project and, after gathering information, decides whether to seek the approval of a corporate board. The CEO may be able to choose the properties of the collected information-this may happen if the project is novel, i.e., explores a new technology, business concept, or market and directors are less knowledgeable about it. We find that only sufficiently conser...
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作者：Reitmaier, Christine; Schultze, Wolfgang; Vollmer, Julia
作者单位：University of Augsburg
摘要：We investigate whether firms that proclaim a commitment to corporate social responsibility (CSR) by CSR reporting indeed internalize such a commitment and behave more responsibly. We analyze the association of the issuance and quality of voluntary CSR reports with the occurrence, number, and severity of corporate misbehaviors, both preceding and subsequent to CSR reporting. We find a significantly positive association of CSR reporting with our measures of prior and future misbehavior. The resu...
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作者：Cho, Meeok; Hyeon, Jiwon; Lee, Woo-Jong; Sunwoo, Hee-Yeon
作者单位：Kyung Hee University; Seoul National University of Science & Technology; Seoul National University (SNU); Sejong University
摘要：This paper documents the difference in asymmetric labor adjustment between male and female employees, as alluded to in the labor economics literature. Based on detailed gender-specific employment disclosures of Korean-listed firms, we report a significant presence of labor cost stickiness. Breaking labor costs down, we further show that labor cost stickiness is mainly attributable to the asymmetric adjustment of employment rather than that of wages. More importantly, this adjustment is more sa...
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作者：Li, Bin; Venkatachalam, Mohan
作者单位：Vanderbilt University; Duke University
摘要：How important is equal access to mandatory disclosures? We exploit the postal strike of 1970 that caused a delay in the delivery of annual reports via mail. This strike created unequal access because certain investors (e.g., institutions) had both the incentives and ability to obtain the annual reports by other means. Theory predicts that, when differential access exists, adverse selection problems intensify, causing a decline in stock trading. Our findings support this prediction: stock tradi...
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作者：Chu, Jian; Shan, Yaowen; Tian, Gary Gang
作者单位：Nanjing University; University of Technology Sydney; Macquarie University
摘要：This study documents that Chinese non-state-owned enterprises have effective tax rates that are 1% lower during the tenure of corrupt regional tax bureau commissioners (i.e., regional tax bureau chiefs). The reduction in the effective tax rate persists even after controlling for political connections of firms, general local corruption, and a variety of other determinants of tax avoidance. Further analysis shows that corrupt tax commissioners induce bribery activities and exacerbate tax avoidan...
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作者：Darendeli, Alper
作者单位：Nanyang Technological University
摘要：Mutual funds regularly issue factsheets to communicate their performance in a short summary form. I investigate whether the release of factsheets in Morningstar plays a role in the trading behavior of retail investors. I find that retail investors react more to performance measures in factsheets when these are disseminated through Morningstar, and therefore made salient, than when they are not. The results cannot be explained by dissemination via alternative platforms, fund advertising, market...
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作者：Fontes, Joana C.; Panaretou, Argyro; Shakespeare, Catherine
作者单位：Universidade Catolica Portuguesa; Lancaster University; University of Michigan System; University of Michigan
摘要：The choice between historical cost and fair value measurement is one of the most debated issues among accounting academics and practitioners. We use the election of the fair value option (FVO) to study the effects of entities' measurement choices on accounting comparability. The FVO enables entities to use different measurement bases for similar assets and liabilities, raising questions about whether the FVO compromises or enhances comparability. Using a sample of US banks, we find that FVO el...
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作者：Lin, Steve; Pownall, Grace; Sawani, Assma; Wang, Changjiang
作者单位：University of Memphis; Emory University; University of Colorado System; University of Colorado at Colorado Springs; University System of Ohio; University of Cincinnati
摘要：This paper investigates if the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) convergence project changed the underlying natures of both sets of accounting standards. Using the rules-based continuum score and a new principles-based continuum score, we find that before convergence, US Generally Accepted Accounting Principles (US GAAP) contained more rules-based standards, while International Financial Reporting Standards (IFRS) contained more...
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作者：Even-Tov, Omri; She, Guoman; Wang, Lynn Linghuan; Yang, Detian
作者单位：University of California System; University of California Berkeley; University of Hong Kong; Fudan University
摘要：This study examines how government procurement impacts firms' environmental disclosures and whether they have tangible effects. Using a triple-difference research design that exploits the exogenous increase in federal funding allocations to counties based on population census revisions, we find that firms with high exposure to government contracts significantly increase climate disclosure following expanded procurement opportunities. We also document that enhanced disclosure is characterized b...
