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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：Ma, Zhiming; Novoselov, Kirill E.; Stice, Derrald; Zhang, Yue
作者单位：Peking University; Shanghai University of Finance & Economics; University of Hong Kong; Central University of Finance & Economics
摘要：This study explores the association between firm innovation and loan covenant strictness. We find that lenders construct stricter contracts for firms filing more patents, consistent with lenders imposing more oversight on firms when they enter the commercialization stage after having demonstrated their inventiveness. Our results hold under propensity score matching and entropy balancing, and when exploiting the American Inventors Protection Act as a shock affecting unrelated banks' access to p...
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作者：Green, Jeremiah; Hand, John R. M.; Sikochi, Anywhere
作者单位：Texas A&M University System; Texas A&M University College Station; University of North Carolina; University of North Carolina Chapel Hill; Harvard University
摘要：We study the mispricing information present in the target prices of US and international analysts. We hypothesize that asymmetry in the value-relevance of the information that managers supply to analysts, combined with asymmetry in the incentives facing analysts to curry favor with managers, leads to analyst-claimed undervaluation being more predictive of future stock returns than analyst-claimed overvaluation. Our empirical tests isolate analyst-claimed mispricing by first removing analysts' ...
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作者：Heflin, Frank; Kolev, Kalin S. S.; Whipple, Benjamin
作者单位：University System of Georgia; University of Georgia; City University of New York (CUNY) System; Baruch College (CUNY)
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作者：Heflin, Frank; Kolev, Kalin S.; Whipple, Benjamin
作者单位：University System of Georgia; University of Georgia; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We study the risk-relevance of non-GAAP earnings. Risk is an important earnings attribute in valuation models, and the FASB's conceptual framework identifies providing information about risk as a primary objective for earnings. Although prior research addresses the value-relevance of non-GAAP earnings, researchers have paid little attention to their risk-relevance. We find that non-GAAP adjustments yield an earnings number that isolates the more risk-relevant components of earnings. Excluded e...
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作者：Peng, Zihang; Wang, Pengguo; Christodoulou, Demetris
作者单位：University of New South Wales Sydney; University of Exeter; University of Sydney
摘要：We develop a method for extracting other information from the articulation between bottom-line accounting numbers and stock prices. We posit that other information captures future earnings growth originating from conservative accounting recognition principles as demonstrated by Penman and Zhang (2020) and Penman and Zhu (2022), as well as nonzero net present value investment opportunities. Our findings confirm that other information is strongly associated with various proxies for expected futu...
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作者：Nagar, Venky; Schoenfeld, Jordan
作者单位：University of Michigan System; University of Michigan; Utah System of Higher Education; University of Utah
摘要：The FASB and IFRS Foundation's International Sustainability Standards Board have called for measuring individual firms' exposure to weather, a fundamentally amorphous concept, as a first step toward quantifying the impact of environmental factors on financial reporting. This study builds a large-scale measure of individual firm exposure to weather using linguistic analysis of annual reports. Preliminary analyses suggest that weather is a determinant of our measure: e.g., the measure increases ...
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作者：Fauver, Larry; Hung, Mingyi; Taboada, Alvaro G.; Wang, Emily Jing
作者单位：University of Tennessee System; University of Tennessee Knoxville; Hong Kong University of Science & Technology; Mississippi State University
摘要：We examine how boardroom gender diversity reforms impact the monitoring role of institutional investors. Using reforms from 25 countries that aim to improve gender diversity on boards, we find that the reforms increase the association between institutional ownership and subsequent female directorships for foreign investors, but not for domestic investors. This result is driven by foreign institutional investors from countries with a high social equity norm and by foreign pension funds and inde...
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作者：Beuselinck, Christof; Pierk, Jochen
作者单位：IESEG School of Management; Universite de Lille; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：The international dimension of multinational corporations creates opportunities for pursuing both global as well as local (i.e., unilateral subsidiary country) tax planning strategies. To date, however, researchers have limited insights into both the dynamics and relative importance of one versus another strategy for multinationals. We propose and test a group-level ETR-based measure of profit shifting and validate it by showing it correctly identifies profit shifting reductions when shifting ...
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作者：LaViers, Lisa; Sandvik, Jason; Xu, Da
作者单位：Tulane University; University of Arizona; Tsinghua University
摘要：Since 2018 the Security and Exchange Commission has required firms to disclose the ratio of their chief executive officer's and median employee's pay. This rule was enacted to address increasing concerns from investors about the human capital management practices of firms. Due to the uncertainty surrounding the ratio's interpretation, some managers provide voluntary disclosures to complement and clarify their mandatory disclosures. We document this behavior by manually inspecting the proxy sta...
