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作者：Bochkay, Khrystyna; Hales, Jeffrey; Serafeim, George
作者单位：University of Miami; University of Texas System; University of Texas Austin; Harvard University
摘要：We examine how the development of voluntary sustainability standards has affected the nature of information covered in earnings calls. Using industry-specific dictionaries of sustainability terms contained in the disclosure standards developed by the Sustainability Accounting Standards Board (SASB), we find an increase in coverage of sustainability topics identified as relevant to investors in SASB standards, particularly for companies that had little or no coverage of sustainability issues hi...
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作者：Huynh, Thanh D.; Li, Frank Weikai; Xia, Ying
作者单位：Monash University; Singapore Management University
摘要：We examine whether mutual fund managers overestimate carbon risk when they are exposed to local air pollution. We find that air pollution near fund managers induces them to underweight stocks of high-emission firms. The effects strengthen among environmentally conscious fund managers and among those likely to be surprised by air pollution-consistent with the idea that managers revise their beliefs about carbon risk following exposure to air pollution. A firm's carbon-emissions disclosures and ...
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作者：Guan, Jenny Xinjiao; Shafron, Emily; Ye, Kangtao; Zhuang, Wenzi
作者单位：Monash University; Texas A&M University System; Texas A&M University College Station; Mays Business School; Dongbei University of Finance & Economics
摘要：We examine whether and how language barriers influence a country's decision to adopt International Financial Reporting Standards (IFRS). Our findings reveal that as the distance between a country's official language and English (i.e., linguistic distance) increases, the likelihood and speed of a country adopting IFRS decrease. Our evidence is consistent with the notion that language barriers impose significant information costs on preparers and users of financial reporting, making IFRS costlie...
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作者：Choi, Jung Ho; Gipper, Brandon; Shi, Shawn X.
作者单位：Stanford University; University of Washington; University of Washington Seattle
摘要：Early empirical evidence showed a lack of relative performance evaluation (RPE) for executive pay, a surprise given its theoretical appeal. We hypothesize that executive pay transparency can enhance the monitoring of pay practices and increase RPE use. We examine RPE over the two decades centered on the 2006 executive pay disclosure reforms in the United States, which stakeholders-including shareholders, proxy advisors, and compensation consultants-could use to monitor pay plans. Firms that in...
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作者：Ferguson, Colin; Pinnuck, Matthew; Skinner, Douglas J.
作者单位：University of Melbourne; University of Chicago
摘要：We use a long time-series from Australia to shed light on economic factors that led to audit market concentration and the Big N. We show that increases in the size of a small number of public companies was an important factor that led to large audit firms and market concentration. We also show that emerging Big N firms made sunk cost investments, including in the ability to provide industry expertise and non-audit services, which allowed them to retain clients, differentiate, and grow. These c...
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作者：Heese, Jonas; Shin, Albert; Wang, Charles C. Y.
作者单位：Harvard University
摘要：The new lease standard (ASC 842) allows firms to keep variable leases off balance sheet, in part based on the assumption that future expenses are difficult to estimate reliably. We show that variable lease expenses are both prevalent and substantial, exhibiting persistence and predictability comparable to operating lease expenses while showing limited sensitivity to revenue changes. These patterns are consistent with variable lease payments being based on stable drivers. Following ASC 842 adop...
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作者：Armstrong, Christopher S.; Kepler, John D.; Kim, Chongho; Tsui, David
作者单位：Stanford University; Seoul National University (SNU); Analysis Group Inc.
摘要：We study the extent to which creditors shape the executive bonus plans of their financially distressed borrowers. Financial distress can exacerbate agency conflicts between creditors and borrowers as concerns with underinvestment become more acute due to managerial myopia and debt overhang. Consequently, we expect creditors to exert their influence to ensure that these managers' incentive-compensation plans encourage longer-term investments and directly reward outcomes that benefit creditors w...
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作者：Kleppe, Tyler J.
作者单位：University of Kentucky
摘要：This study examines whether companies realize operational benefits from engaging a new auditor recently dismissed by a competitor. While research shows that auditors can share information across clients, there is limited research on the potential impact of auditor information spillovers on clients' operational outcomes. I find that companies that switch to a competitor's former auditor realize significant improvements in operating performance and that this association varies predictably with s...
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作者：Sikes, Stephanie A.; Verrecchia, Robert E.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Pennsylvania
摘要：We identify a pecuniary externality arising from corporate tax avoidance. Firms share risk with the government via taxation. The lower the tax rate applied to a firm's earnings, the more risk its shareholders bear. As more firms avoid taxes, the variance of the market's after-tax cash flow increases. Consequently, the covariance of a firm's cash flow with the market cash flow and thereby its cost of capital increases. This occurs regardless of a firm's tax avoidance. Consistent with our predic...
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作者：Lin, Xuanpu; She, Guoman; Yoon, Aaron; Zhu, Haoran
作者单位：University of Hong Kong; Northwestern University; Southern University of Science & Technology
摘要：Using a novel measure that captures negative ESG incidents at both listed and private suppliers, we provide large-scale evidence on the value implications of supply chain ESG. We find that firms with fewer supply chain ESG incidents exhibit higher future accounting performance and that this effect is stronger in the presence of more conscious customers and vulnerable supply chains. We also find that firms with robust supply chain ESG exhibit higher future stock returns and that this effect is ...
