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作者：Cedergren, Matthew; Li, Valerie
作者单位：Santa Clara University; California State University System; San Diego State University
摘要：We find irregular patterns in the distribution of firms' reported quarterly gross margin percentages. Specifically, there is significant bunching around percentage integers that are highly round (e.g., multiples of 10, such as 30%, 40%, etc.) or are neatly divisible (e.g., 25%, 75%), compared to what is predicted by counterfactual distributions. Further investigation reveals that highly round gross margin firms are smaller, exert higher effort, achieve higher productivity, have more difficult ...
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作者：Weber, Joseph; Willenborg, Michael; Wu, Biyu; Yang, Yanhua Sunny
作者单位：Massachusetts Institute of Technology (MIT); University of Connecticut; University of Nebraska System; University of Nebraska Lincoln
摘要：Given important market and regulatory changes over the past two decades, we re-examine the relation between IPO pricing and coverage by sell-side stock analysts. Our design builds on the well-documented finding of the partial adjustment phenomenon, in that the IPO offer price revision following the road show is highly predictive of the first-day return. We provide new insights to the literature on IPO analyst coverage/recommendations. With respect to coverage, we find no evidence to suggest th...
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作者：Cheng, Mei; Zhang, Yuan
作者单位：University of Arizona; University of Texas System; University of Texas Dallas
摘要：Based on the recent SEC-mandated disclosures of CEO-worker pay ratios, we find that firms significantly decrease (increase) their CEO-worker pay ratios when their prior pay ratios are high (low) relative to peers. More importantly, the decrease in pay ratio among high pay ratio firms is significantly more pronounced with stronger stakeholder influences, proxied by employees with greater bargaining power, communities with higher social capital, and states with more stringent minimum wage legisl...
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作者：Schantl, Stefan F.; Wagenhofer, Alfred
作者单位：University of Melbourne; University of Graz
摘要：Empirical studies on the relationship between shareholder litigation and corporate disclosure obtain mixed results. We develop an economic model to capture the endogeneity between disclosure and litigation. Equilibrium disclosure is determined by two countervailing effects of litigation, a deterrence effect and an insurance effect. We derive four key results. (i) Decreasing litigation risk leads to less disclosure of very bad news, due to a weakening of the deterrence effect, but to more discl...
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作者：Beaver, William H.; Cascino, Stefano; Correia, Maria; McNichols, Maureen F.
作者单位：Stanford University; University of London; London School Economics & Political Science
摘要：We examine bankruptcy within business groups. Groups have incentives to support financially distressed subsidiaries, as the bankruptcy of a subsidiary may impose severe costs on the group as a whole. This is in part because, in several countries, bankruptcy courts often pierce the corporate veil and hold groups liable for their distressed subsidiaries' obligations as if they were their own. Using a large cross-country sample of group-affiliated firms, we show that, by reallocating resources wi...
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作者：King, Zachary; Linsmeier, Thomas J.; Wangerin, Daniel D.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Motivated by investor criticisms of current accounting standards, this study investigates whether differences exist in how acquired identifiable intangible assets relate to investors' expectations about the entity's cash flow prospects. Some investors assert that all acquired intangibles should be subsumed within goodwill, while others prefer separate recognition of identifiable intangibles only when they are strategically important sources of future cash flows. Still other investors call for ...
