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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...
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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...
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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...
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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...
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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 ...
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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...
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作者：Bernard, Darren; Juliani, Elsa Maria; Lawrence, Alastair
作者单位：University of Washington; University of Washington Seattle; INSEAD Business School; University of London; London Business School
摘要：Executives have incentives to predict the price impact of disclosures to inform their insider trades, reporting discretion, and operating decision-making. Yet the extent to which they can do so accurately is unknown. We conduct a field study to provide direct evidence on executives' accuracy, recruiting over 650 U.S. public company executives to share their predictions of the stock price response to their companies' second quarter 2020 quarterly reports. Despite the market volatility and uncer...
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作者：Casey, Ryan J.; Ruch, George W.
作者单位：University of Denver
摘要：We compare the abilities of earnings and cash flows to predict future cash flows. We take a novel approach in that we perform apples-to-apples comparisons of five earnings components measured on an accrual basis with their equivalents measured on a cash basis. On the one hand, we find that the operating profit component (sales net of cost of goods sold and SG&A expense) outperforms its cash-basis equivalent in predicting future cash flows. On the other hand, we find that the depreciation expen...
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作者：Cazier, Richard A.; Huang, Jianning; Zhou, Fuzhao
作者单位：University of North Texas System; University of North Texas Denton; University of Manitoba; University System of Ohio; Bowling Green State University
摘要：We assess a recent SEC initiative that suspends inactive shell companies from trading in over-the-counter (OTC) stock markets. Critics argue these suspensions do little to reduce fraud in OTC markets because they simply redirect fraudsters' efforts to other OTC targets. Building on research that finds regulatory intervention among exchange-listed firms often produces positive spillovers, we test whether shell company suspensions are associated with fraud deterrence among other OTC firms operat...
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作者：Gefen, Ofir; Reeb, David; Sulaeman, Johan
作者单位：Hong Kong Polytechnic University; National University of Singapore; National University of Singapore
摘要：We conduct a randomized field experiment (RFE) to assess whether startup firms perceive accounting expertise as an important investor credential. We send 13,358 unsolicited and unique emails to active startup firms across the US, showing an interest in them with a proposition to meet a bogus investor. The experiment has high response rates, with 4,535 (33.94%) opened emails and 828 (6.19%) website visits, reflecting investors' proliferating practice of outbound origination to contact new start...
