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作者：Wang, Feifei; Yan, Xuemin Sterling; Zheng, Lingling
作者单位：University System of Ohio; Miami University; Lehigh University; Renmin University of China
摘要：Using fund returns and fund stockholdings, we investigate whether fund managers follow fundamental analysis strategies. We show that hedge fund and mutual fund returns tend to load negatively on the long-short returns of a comprehensive sample of fundamental strategies (i.e., accounting anomalies), suggesting that fund managers are prone to trade in the opposite direction of what fundamental strategies prescribe. The negative loadings are primarily driven by the short-leg of the anomalies, mor...
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作者：Anderson, Mark; Hyun, Soonchul; Muslu, Volkan; Yu, Dongning
作者单位：University of Calgary; University of North Carolina; University of North Carolina Greensboro; University of Houston System; University of Houston; Toronto Metropolitan University
摘要：(Soliman, The Accounting Review 83:823-853, 2008) finds that separating return on net operating assets (RNOA) into DuPont components-profit margin and asset turnover-improves prediction of future RNOA. (Dickinson, The Accounting Review 86:1969-1994, 2011) finds that a firm's life-cycle stage explains changes in future RNOA. (Vorst and Yohn, The Accounting Review 93:357-381, 2018) find that life cycle calibration improves prediction more than industry grouping in prediction models that do not i...
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作者：Bourveau, Thomas; Brendel, Janja; Schoenfeld, Jordan
作者单位：Columbia University; Chinese University of Hong Kong; Utah System of Higher Education; University of Utah
摘要：Decentralized finance (DeFi) has emerged to offer traditional financial services such as lending, borrowing, and trading without intermediaries (e.g., banks). DeFi transactions are typically executed using a special digital class of contracts called smart contracts. These contracts are self-executing and hard-coded directly on a blockchain. We observe the emergence of a new class of voluntary audits that evaluate the integrity of these contracts. Using a hand-coded sample of about 8,500 smart ...
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作者：Rawson, Caleb; Rowe, Stephen P.
作者单位：University of Arkansas System; University of Arkansas Fayetteville
摘要：Index funds are an increasingly important part of the U.S. stock market, with the average S & P 1500 firm having more than 20% of its equity held by index funds in 2018. Compared to other owners, index fund managers face greater constraints and limitations when selecting portfolio investments and making trading decisions about whether, and when, to enter or exit a position. Using hand-collected data to examine the ramifications of increased ownership by constrained index funds, we find that gr...
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作者：Das, Somnath; Schaberl, Philipp D.; Sen, Pradyot K.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Northern Colorado; University of Washington; University of Washington Bothell
摘要：This paper investigates the association between current dividends and analysts' subsequent earnings forecast errors. This investigation is motivated by the evidence on analyst optimism and Ohlson's (1991, 1995) fundamental valuation theory that dividends displace future permanent earnings. For the sample period 1985-2016, we document that current dividends are positively correlated with analysts' future forecast errors, suggesting that analysts potentially ignore the displacement effect of div...
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作者：Zhou, Ying; Weber, David P.; Wen, Ce
作者单位：University of Connecticut
摘要：Whether audit firm tenure affects audit quality is a question of longstanding regulatory and scholarly interest. While this question centers on how audit quality changes over time within client-audit firm relationships (longitudinal variation), prior studies tend to instead compare audit quality across relationships of different lengths (cross-sectional variation). We show that conventional pooled cross-sectional tests are subject to selection bias: client-auditor pairs that select into longer...
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作者：Kim, Jungbae
作者单位：Singapore Management University
摘要：I examine the economic consequences on corporate innovation when PCAOB inspections cite auditors for insufficient procedures in auditing the valuation of intangibles. I find that the clients of deficient auditors recognize larger and timelier impairments of intangibles, suggesting that affected auditors increase scrutiny about the valuation of intangibles in subsequent audits. This effect obtains only for valuation-related deficiencies and is salient for the clients of auditors who receive suc...
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作者：Iselin, Michael; Johnson, Bret; Ott, Jacob; Raleigh, Jacob
作者单位：University of Minnesota System; University of Minnesota Twin Cities; George Mason University; University of London; London School Economics & Political Science; Monash University
摘要：This study examines whether retail ownership of a firm is associated with the likelihood that the firm is subject to monitoring and enforcement by the two largest divisions of the SEC. Monitoring is a form of ex ante or preventative regulatory oversight, while enforcement is a form of ex post or punitive oversight. We find a negative association between retail ownership and SEC monitoring. In contrast, we find a positive association between retail ownership and SEC enforcement. These results s...
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作者：Guest, Nicholas; Kim, Jaewoo
作者单位：Cornell University; University of Oregon
摘要：This paper examines how the media responds to the loss of analyst coverage resulting from brokerage mergers and closures. We find some evidence of an overall decrease in media coverage of affected firms, consistent with analysts serving as a useful information source for the media. However, media coverage during the earnings announcement significantly increases, consistent with the media switching their efforts to events with more non-analyst (e.g., firm-provided) information available. Both t...
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作者：Dong, Qingkai; Raghunandan, Aneesh; Rajgopal, Shivaram
作者单位：Hong Kong University of Science & Technology; University of London; London School Economics & Political Science; Columbia University
摘要：US state governments frequently provide firms with targeted subsidies. In exchange, recipients promise to create or retain a certain number of jobs in the subsidizing state. Using novel hand-collected data, we address three questions: (i) the extent to which firms meet job creation targets promised in their applications, (ii) the factors that determine which firms meet the targets, and (iii) the benefits to firms from meeting those targets. We find that 63% of subsidies awarded to publicly tra...
