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作者：Callen, Jeffrey L.; Kaniel, Ron; Segal, Dan
作者单位：University of Toronto; University of Rochester; Reichman University; Reichman University; University of Warwick
摘要：This study investigates the price discovery process in equity markets with informed institutional investors. Consistent with extant theories, we show empirically that institutional investors, in contrast to retail investors, trade based on the leaked sign of unanticipated news and then (partially) reverse their trades when the news become public. We also find that the longer the leakage period for institutional investors to exploit, the less informative the news is when it becomes public. Thes...
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作者：Hallman, Nicholas; Howe, John S.; Wang, Wei
作者单位：University of Texas System; University of Texas Austin; University of Missouri System; University of Missouri Columbia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We study the effects of analyst coverage on syndicated lending. We hypothesize that analyst research alleviates information asymmetries between lead arrangers and participant lenders within a syndicate, increasing the participants' credit supply and reducing the required loan interest spread. Using exogenous shocks to firms' analyst coverage, we find that firms pay higher loan interest spreads and that participant lenders fund smaller fractions of the loans after firms experience a reduction i...
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作者：Gallemore, John
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：I study the association between bank financial reporting opacity, measured by delayed expected loan loss recognition, and the intervention decisions made by bank regulators. Examining U.S. commercial banks during the 2007-09 financial crisis, I find that delayed expected loan loss recognition is negatively associated with the likelihood of regulatory intervention (measured by either severe enforcement action or closure). This result is robust to using various specifications and research design...
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作者：Serafeim, George; Yoon, Aaron
作者单位：Harvard University; Northwestern University
摘要：We investigate whether environmental, social, and governance (ESG) ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. The relation between news and market reaction is moderated by the consensus rating. In the presence of high disagreement between raters, the relation between news and market reactions weakens, while the rating with the...
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作者：Saavedra, Daniel
作者单位：University of California System; University of California Los Angeles
摘要：I examine whether firms follow the Securities and Exchange Commission's confidential treatment protocols when redacting potentially material information from their credit agreements. My findings suggest that most firms may not comply with SEC directives: they withhold potentially material information without following the SEC's confidential treatment protocols and without making interested parties aware of their information disadvantage. I also find evidence consistent with lender and borrower...
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作者：Demere, Paul
作者单位：University System of Georgia; University of Georgia
摘要：I examine whether tax return information is useful to equity investors. I do so indirectly, by exploiting unique features of the syndicated loan market, as evidence shows that lenders obtain tax returns from borrowers and that lenders' private information is transmitted to equity markets when institutional investors are part of a loan syndicate. I find significant increases in tax expense valuation and decreases in tax-related market anomalies following the issuance of institutional syndicated...
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作者：Reineke, Rebecca; Weiskirchner-Merten, Katrin; Wielenberg, Stefan
作者单位：Leibniz University Hannover; Vienna University of Economics & Business
摘要：This study examines how a strategic tax auditor affects a multinational firm's transfer pricing in a tax compliance game. Our model uses a divisionalized firm, in both a low-tax and a high-tax country, that decides to implement a transfer-pricing regime with either one or two sets of books. After observing its unit costs, the firm reports a compliant or noncompliant tax transfer price. In a regime with one set of books, the single transfer price coordinates the quantity decision and determines...
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作者：Lewellen, Christina M.
作者单位：North Carolina State University
摘要：A widespread perception exists that tax havens facilitate corporate opacity. This study provides new evidence on the association between tax havens and the transparency of firm financial reporting using a unique group of firms whose parent companies are incorporated in tax havens but whose headquarters or primary operations-that is, their base-are in nonhaven countries. While most research suggests a negative association between tax havens and transparency, I examine whether this association d...
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作者：Kapons, Martin; Kelly, Peter; Stoumbos, Robert; Zambrana, Rafael
作者单位：University of Amsterdam; University of Notre Dame; ESSEC Business School
摘要：We find evidence that investors value dividends differently depending on their level of trust. Our tests indicate that investor demand for dividend-paying stocks increases as trust decreases, and that this relationship affects market values. We begin with survey evidence showing that people think accounting fraud is less likely among dividend payers and that people with low trust are more likely to hold dividend-paying stocks. We then empirically exploit accounting fraud discoveries within a m...
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作者：Pope, Peter F.; Wang, Tong
作者单位：Bocconi University; Bocconi University; Barclays
摘要：The range of non-EPS forecast types provided by individual analysts to I/B/E/S has increased dramatically over time but varies considerably across firms. We propose that in providing a broader range of forecast types, analysts can signal superior research ability and research effort. Consistent with this hypothesis, we document positive associations between the number of forecast types (NFT) an analyst provides and common proxies for research quality, including earnings forecast accuracy, pric...
