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作者：Cheng, Stephanie F.; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina; Zhao, Wuyang
作者单位：Tulane University; University of Toronto; University of Toronto; Northwestern University; McGill University
摘要：A few highly successful firms (superstar firms) have captured large market shares and earned massive profits in recent decades. We examine whether superstar firms are associated with a greater likelihood of financial distress for firms exposed to them in product markets. Building on recent research, we identify superstars as firms with the highest markups in the industry and whose industry markup share increases over time. We then measure, with product similarity scores, a firm's overall produ...
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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：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：Fan, Zhongwen; Guo, Jia; Ng, Jeffrey; Zhang, Xiao
作者单位：City University of Hong Kong; Hong Kong Polytechnic University; University of Hong Kong; Shanghai University of Finance & Economics
摘要：Insurers can boost their earnings by accruing interest income from their corporate bond investments. We document that insurers have higher corporate bond investments as well as less equity and cash holdings, when their parents meet or just beat analysts' quarterly earnings forecasts, compared to when their parents miss or comfortably beat the forecasts. The investment in corporate bonds to boost earnings is more pronounced when bond offerings provide more opportunities for accruing interest in...
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作者：Stuart, Michael D.; Wang, Jing; Willis, Richard H.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Queens University - Canada; Vanderbilt University
摘要：Research concludes that managers' political orientation influences their decision-making and offers the political connections and risk tolerance hypotheses as explanations. We investigate partisan bias as an additional way political orientation may influence managers' decisions. Partisan bias results in individuals whose partisan orientation aligns with that of the US president expressing more optimistic economic expectations. We examine whether partisan bias is present in managers' annual ear...
