2024

最新文章

• The importance of individual-pair lending relationships AI翻译
  作者：Even-Tov, Omri; Li, Xinlei; Wang, Hui; Williams, Christopher
  作者单位：University of California System; University of California Berkeley; University of California System; University of California Davis; Renmin University of China; University of Michigan System; University of Michigan
  摘要：We examine the significance and uniqueness of individual-pair relationships cultivated through repeated loan interactions. Using a hand-collected dataset compiled of borrowing manager and loan officer information, we find that individual-pair relationship loans are associated with a cost-of-debt reduction of between seven to 13 basis points. We also document that the relationship has an economic impact even when other affiliations, for example, institutional pairs, social ties, cultural proxim...
• Investor protection, aggregate changes in profit margins and forecasts of growth in GDP: international evidence AI翻译
  作者：Fargher, Neil; Zhang, Lijuan
  作者单位：Australian National University
  摘要：This study draws on the investor protection literature to examine whether differences in a country's level of investor protections help explain cross-country variation in the extent to which macroeconomic forecasters consider aggregate changes in corporate profit margins when forecasting growth in GDP. We find that economies with stronger levels of investor protection have a higher association between changes in aggregate profit margin and GDP growth. Using a unique sample of analysts' GDP for...
• Geographic connections to China and insider trading at the start of the COVID-19 pandemic AI翻译
  作者：Henry, Erin; Plesko, George A.; Rawson, Caleb
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Connecticut
  摘要：The sudden and exogenous nature of the COVID-19 crash provides a unique identification opportunity to study insiders' informational advantages. We find that the sales of insiders at firms with connections to China were significantly more profitable during the COVID-19 crisis than the sales of insiders at firms without connections to China. Consistent with greater attentiveness to public information about the COVID-19 pandemic, this result is driven by China connected insiders executing larger ...
• Human bias in the oversight of firms: evidence from workplace safety violations AI翻译
  作者：Heese, Jonas; Perez-Cavazos, Gerardo; Perez-Silva, Andreya
  作者单位：Harvard University
  摘要：We study the effects of mood as a source of human bias on regulators' oversight and enforcement decisions. We use weather at facilities at the time of an OSHA inspection to proxy for the OSHA compliance officers' mood. We find that, during periods of good mood due to sunny weather, the number of workplace safety violations and dollar penalties assessed by the officer decrease. These effects are more pronounced when OSHA officers have more discretion. In turn, the effect of mood on oversight an...
• The impact of foreign laws on US firms: evidence from the UK Bribery Act AI翻译
  作者：Sanseverino, Amanda
  作者单位：Manhattan University
  摘要：In recent years, a number of countries have strengthened their anti-corruption laws. Some of these laws apply to foreign firms, including those based in the United States. Considering, however, that the US Foreign Corrupt Practices Act (FCPA) is regarded as the most powerful anti-corruption regime in the world, a key question arises: Do foreign anti-corruption laws affect US firms? Using US multinational firms' differential exposure to the extraterritorial jurisdiction of the 2010 United Kingd...
• Computing corporate bond returns: a word (or two) of caution AI翻译
  作者：Andreani, Martina; Palhares, Diogo; Richardson, Scott
  作者单位：University of London; London Business School
  摘要：We offer several suggestions for researchers using corporate bond return data. First, despite clear instructions from older papers (e.g., Bessembinder et al., The Review of Financial Studies 22:4219-4258, 2009) about ways to compute credit excess returns, a lot of recent research simply subtracts a Treasury Bill return. We show that this imprecision is likely to contaminate inferences, as the rate component of returns is negatively correlated to the spread component. This is a problem for all ...
• When attention is away, analysts misplay: distraction and analyst forecast performance AI翻译
  作者：Bourveau, Thomas; Garel, Alexandre; Joos, Peter; Petit-Romec, Arthur
  作者单位：Columbia University; Audencia; INSEAD Business School
  摘要：We construct a distraction measure based on extreme industry returns to gauge whether analysts' attention is away from certain stocks under coverage. We find that temporarily distracted analysts make less accurate forecasts, revise forecasts less frequently, and publish less informative forecast revisions, relative to undistracted analysts. Further, at the firm level, analyst distraction carries real negative externalities by increasing information asymmetry for stocks that suffer from a large...
• The disclosure quality consequences of copying standard-setter guidance AI翻译
  作者：Scott, Rachel; Skinner, A. Nicole; Valentine, Kristen
  摘要：We examine the disclosure quality consequences of copying FASB guidance when drafting initial narrative disclosures. Specifically, we study first-time disclosures after three accounting standard changes with significant narrative disclosure requirements (ASU 2014-09, SFAS 161 and SFAS 157). We find robust evidence that initial disclosures similar to FASB guidance contain less firm-specific information and are less readable, on average. Moreover, we find some evidence that copying FASB guidance...
• Risk information, investor learning, and informational feedback AI翻译
  作者：Smith, Kevin
  作者单位：Stanford University
  摘要：This paper studies how public information regarding a firm's riskiness affects investors' incentives to acquire information about the firm and the firm's ability to learn decision-useful information from its price. I find that risk information complements investor learning by informing investors of when it is most lucrative to investigate the firm, thereby reducing liquidity. Furthermore, risk information causes the firm's price to contain more information when the firm's investment decisions ...
• Asymmetric motivated reasoning in investor judgment AI翻译
  作者：Elliott, W. Brooke; Hobson, Jessen L.; Van Landuyt, Ben W.; White, Brian J.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Arizona; Cornell University
  摘要：We develop and test a refinement to motivated reasoning theory that predicts long investors are more prone than short investors to forming biased beliefs about the value of a stock. Our theory suggests that motivated reasoning is muted for short investors because the investing setting conveys a conventional preference for prices to rise that is directionally inconsistent with short investors' incentivized preference for prices to fall. We examine this premise across four experiments. Experimen...