3期

最新文章

• News-based investor disagreement and stock returns AI翻译
  作者：Li, Sophia Zhengzi; Luan, Zeyao
  作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
  摘要：We estimate investors' disagreement regarding firm news and assess its ability to predict stock returns. Specifically, we quantify firm-level investor disagreement through the volume-volatility elasticity surrounding firm news; higher elasticity is associated with less investor disagreement. Intuitively, disagreement introduces additional trading motives that are not driven by price changes, weakening the connection between volume and volatility. Our findings indicate that investor disagreemen...
• Returnee directors and corporate fraud AI翻译
  作者：Usman, Muhammad; Gyapong, Ernest; Agyei-Boapeah, Henry; Yin, Junming
  作者单位：Xijing University; Alfaisal University; University of Essex; Nanjing University of Information Science & Technology
  摘要：Using a dataset of Chinese listed firms, we examine the relationship between Chinese nationals with foreign experience serving as directors (i.e., returnee directors) and the incidence of corporate fraud. We find a significantly negative relationship between returnee directors and fraud. Further, relative to foreign and independent directors, returnee directors do more than other directors in constraining firms' fraud. These results are robust to endogeneity concerns addressed through propensi...
• Something in the air: does air pollution affect fund managers' carbon divestment? AI翻译
  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 ...
• Shareholder value implications of supply chain ESG: evidence from negative incidents AI翻译
  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 ...
• Disclosure standards and communication norms: evidence of voluntary sustainability standards as a coordinating device for capital markets AI翻译
  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...
• Do key audit matter disclosures about M&A transactions predict future performance? AI翻译
  作者：Nylen, Jessica A.; Wangerin, Daniel D.; Zehms, Karla M.
  作者单位：University of Wisconsin System; University of Wisconsin Madison
  摘要：This study examines whether auditor KAM disclosures about M&A transactions predict future performance outcomes. We find that auditors make more M&A KAM disclosures when M&A transactions are larger, involve targets with greater information asymmetry, and are subject to greater overpayment risk. When auditors disclose M&A KAMs in the acquisition year, we find an increased risk of larger goodwill impairments and that the association between acquired goodwill and changes in companies' subsequent o...
• Do companies realize operational benefits from engaging a competitor's former auditor? AI翻译
  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...
• Aggregate corporate tax avoidance and cost of capital AI翻译
  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...
• CFO narcissism and the power of persuasion over analysts: a mixed-methods approach AI翻译
  作者：Ham, Charles; Piorkowski, Mark; Seybert, Nick; Wang, Sean
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Maryland; University of Maryland College Park; Southern Methodist University
  摘要：We study the role of CFO narcissism in the intent and ability to positively influence sell-side analysts' perceptions of the firm. Consistent with narcissists casting favorable impressions on others, we find CFO narcissism is associated with overly optimistic analyst valuations. We then study public persuasion attempts by analyzing conference call transcripts and private persuasion attempts through a laboratory study. In the conference call setting, we show that narcissistic CFOs use more pers...
• The opportunity for partner industry knowledge sharing within audit offices and audit quality AI翻译
  作者：Michas, Paul N.; Russomanno, Dan; Zhao, Meiling
  作者单位：University of Arizona; Chinese University of Hong Kong
  摘要：We conjecture that a greater opportunity for audit partners to share personal industry knowledge with each other within audit offices is associated with higher audit quality. Using Public Company Accounting Oversight Board (PCAOB) Form AP data, we analyze each partner's client portfolio and construct sharing measures. First, we find extant measures of an audit office's industry market share, industry portfolio share, and industry diversity are quite noisy in inferring our sharing measures. Nex...