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作者：Cai, Wei; Chen, Yue; Rajgopal, Shiva; Azinovic-Yang, Li
作者单位：Columbia University; Chinese University of Hong Kong; University of Chicago
摘要：From 2008 to 2020, 180 of S&P 1500 have disclosed employee diversity targets. We conduct the first analysis of firms' employee diversity targets and ask three research questions: (i) who announces diversity targets? (ii) do firms deliver on their diversity targets? (iii) what are the implications of disclosure of such targets for employee hiring and investors? We find that firms with a greater willingness (proxied by past ESG penalties, higher CEO-to-median employee pay ratio, more media cover...
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作者：Deb, Saikat Sovan; Duong, Huu Nhan; Singh, Amanjot; Singh, Harminder
作者单位：Deakin University; Monash University; Western University (University of Western Ontario)
摘要：We examine the impact of hedge fund activism (HFA) on the investment efficiency of target firms. We find that target firms' investment efficiency improves after the active involvement of hedge funds. This improvement is mainly evident for HFA campaigns with investment strategy-related reforms as one of the main stated objectives. Among investment strategy-related HFA campaigns, the changes in investment efficiency are more pronounced when hedge funds obtain board representation or privately se...
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作者：Call, Andrew C.; Flam, Rachel W.; Lee, Joshua A.; Sharp, Nathan Y.
作者单位：Arizona State University; Arizona State University-Tempe; University of London; London Business School; Brigham Young University; Texas A&M University System; Texas A&M University College Station
摘要：Despite the prevalence and importance of humor in interpersonal communication, the disclosure literature is silent on the use of humor in the context of corporate communication. Using a sophisticated machine learning algorithm, we identify managers' successful uses of humor during public earnings conference calls. When managers use humor on an earnings call, stock market returns and analyst forecast revisions following the call are more positive, primarily because of a muted response to negati...
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作者：Lourie, Ben; Ozel, N. Bugra; Nekrasov, Alexander; Zhu, Chenqi
作者单位：University of California System; University of California Irvine; University of Texas System; University of Texas Dallas; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：While the production of credit ratings has long been limited mainly to rating agencies (CRAs), recent years have seen the growing popularity of consensus credit ratings crowdsourced from banks (i.e., bank ratings). We provide the first comprehensive examination of the properties and informativeness of bank ratings relative to CRA ratings. We find that bank ratings often deviate from CRA ratings, with over 60% of firm-months having different bank and CRA ratings. These deviations contain useful...
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作者：Abdalla, Ahmed M. M.; Clubb, Colin D. B.
作者单位：Monash University; University of London; King's College London
摘要：Research suggests that the standard model used to detect opportunistic shifting of core expenses to special items is potentially biased. Such bias has been attributed to the use of accruals, including special item related accruals, as a control for the impact of performance on core earnings in this model. This paper provides an improved classification shifting model which both tests for such accruals-related bias and controls for other sources of error in the measurement of shifting. The paper...
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作者：Gow, Ian D.; Shin, Sa-Pyung Sean; Srinivasan, Suraj
作者单位：University of Melbourne; National University of Singapore; Harvard University
摘要：This paper examines determinants and consequences of hedge fund activism, focusing on activist directors, i.e., directors appointed in response to activist demands. Using a sample of 3,259 activism events from 2004 to 2016, we identify 1,623 activist directors. Compared to other newly appointed directors, these activist directors tend to be younger, more likely to have finance and accounting skills, and less likely to be female. We find that the likelihood of acquiring board representation is ...
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作者：McDonough, Ryan; Nagar, Venky; Schoenfeld, Jordan
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Michigan System; University of Michigan; University System of Ohio; Ohio State University
摘要：Activist investors in a firm often voluntarily release information about their governance intentions to the public. Voluntary disclosure theory suggests that an activist investor will disclose when she expects other investors to respond positively and support her in upcoming corporate control contests. We find that activists' disclosures are accompanied by positive abnormal returns, reductions in bid-ask spreads, and increases in future earnings relative to similar targets without voluntary ac...
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作者：Reichelstein, Stefan
作者单位：Stanford University
摘要：Current corporate disclosures regarding carbon emissions lack generally accepted accounting rules. The transactional carbon accounting system described here takes the rules of historical cost accounting for operating assets as a template for generating carbon emissions (CE) statements comprising a balance sheet and a flow statement. The asset side of the CE balance sheet reports the carbon emissions embodied in operating assets. The liability side conveys the firm's cumulative direct emissions...
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作者：Estep, Cassandra; Griffith, Emily E.; MacKenzie, Nikki L.
作者单位：Emory University; University of Wisconsin System; University of Wisconsin Madison; University System of Georgia; Georgia Institute of Technology
摘要：Financial reporting quality can benefit from companies and auditors using artificial intelligence (AI) in complex and subjective financial reporting areas. However, benefits will only accrue if managers incorporate AI-based information into their financial reporting decisions, which the popular press and academic literature suggest is uncertain. We use a multi-method approach to examine how financial executives view and respond to AI. In a survey, respondents describe various uses of AI at the...
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作者：Merkley, Kenneth J.; Pacelli, Joseph; Piorkowski, Mark; Williams, Brian
作者单位：Indiana University System; Indiana University Bloomington; Harvard University
摘要：This study examines the investment value of information provided by crypto-influencers, that is, social media influencers covering crypto assets on Twitter. We examine the returns associated with approximately 36,000 tweets issued by 180 of the most prominent crypto social media influencers covering over 1,600 crypto assets for the two years spanning through December 2022. Our primary results indicate that crypto-influencers' tweets are initially associated with positive returns. However, thes...
