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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 ...
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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...
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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...
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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 ...
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作者：Down, Andrea K.; Williams, Christopher D.; Wittenberg-Moerman, Regina
作者单位：University of Toronto; University Toronto Scarborough; University of Michigan System; University of Michigan; University of Southern California
摘要：We investigate whether lead arrangers opportunistically withhold their private information from participant lenders and how this behavior affects the structure of loan syndicates. Using the setting of Food and Drug Administration (FDA) inspections and the exogenous shock to the inspection disclosure regime with the passage of the Open Government Initiative (OGI), we show that, following bad inspection outcomes, lead arrangers retain a larger loan share in the post-OGI period, when inspection o...
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作者：Dyck, Alexander; Morse, Adair; Zingales, Luigi
作者单位：University of Toronto; University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago; Centre for Economic Policy Research - UK
摘要：We provide a lower-bound estimate of the undetected share of corporate fraud. To identify the hidden part of the iceberg, we exploit Arthur Andersen's demise, which triggered added scrutiny on Arthur Andersen's former clients and thereby increased the detection likelihood of preexisting frauds. Our evidence suggests that in normal times only one-third of corporate frauds are detected. We estimate that on average 10% of large publicly traded firms are committing securities fraud every year, wi...
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作者：Cassell, Cory A.; Kleppe, Tyler J.; Shipman, Jonathan E.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Kentucky
摘要：We investigate the influence and implications of retail shareholder participation in the proxy voting process. Using the shareholder vote on auditor ratification-a setting which facilitates the identification of an informed vote-we find that, on average, shareholder votes against auditor ratification are not associated with audit failures but are strongly associated with investment performance. We next consider how these relations vary with the composition of a company's voting base and find c...
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作者：Matsumura, Ella Mae; Prakash, Rachna; Vera-Munoz, Sandra C.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Mississippi; University of Notre Dame
摘要：Managers are required to disclose material climate risk in Form 10-K, but their decision whether or not to disclose is confounded by the lack of consensus on whether climate risk is material to the firms, as well as uncertainty about enforcement of disclosure regulations. Using the SASB Materiality Map (TM) to proxy for market expectations of climate risk materiality, we test whether the association between disclosing climate risk in 10-Ks and firm risk (proxied by cost of equity (COE)) varies...
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作者：Barinov, Alexander; Park, Shawn Saeyeul; Yildizhan, Celim
作者单位：University of California System; University of California Riverside; Yonsei University; Koc University
摘要：We show that the post-earnings announcement drift (PEAD) is stronger for conglomerates than single-segment firms. Conglomerates, on average, are larger than single segment firms, so it is unlikely that limits-to-arbitrage drive the difference in PEAD. Rather, we hypothesize that market participants find it more costly and difficult to understand firm-specific earnings information regarding conglomerates, as they have more complicated business models than single-segment firms. This in turn slow...
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作者：Dong, Yi; Liu, Xuejiao; Lobo, Gerald J.; Ni, Chenkai
作者单位：Shanghai University of Finance & Economics; University of International Business & Economics; University of Houston System; University of Houston; Fudan University
摘要：We examine the properties of overprecise forecasts, i.e., forecasts with more digits after the decimal than the mode of forecasts issued by all analysts following a given firm in a given year. Contrary to conventional wisdom, we find that overprecise forecasts are less accurate than peer forecasts. The lower accuracy is related to inexperienced analysts, who tend to overweight their models and produce more specific, yet less accurate forecasts. Additional analyses indicate that analysts issue ...
