-
作者：Beneish, M. D.; Harvey, C. R.; Tseng, A.; Vorst, P.
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Duke University; National Bureau of Economic Research; Maastricht University
摘要：The increasingly service-based U.S. economy relies on innovation. While there is considerable research on the importance of certain innovative activities, such as patents, less attention has been paid to unpatented innovation, about which there is naturally less publicly available information. Our study exploits disclosure on the fair value of acquired innovation to show that unpatented innovation plays an important, though often ignored, role in merger value creation. We detail the importance...
-
作者：Stice-Lawrence, Lorien
作者单位：University of Southern California
摘要：Increasing access to alternative or big data sources has given rise to an explosion in the use of these data in economics-based research. However, in our enthusiasm to use the newest and greatest data, we as researchers may jump to use big data sources before thoroughly considering the costs and benefits of a particular dataset. This article highlights four practical issues that researchers should consider before working with a given source of big data. First, big data may not be conceptually ...
-
作者：Oswald, Dennis; Simpson, Ana; Zarowin, Paul
作者单位：University of Michigan System; University of Michigan; University of London; London School Economics & Political Science; New York University
摘要：We examine the effect of capitalization vs. expensing on UK firms' R&D expenditures. Our investigation is motivated by the UK's mandatory switch from UK GAAP to IFRS in 2005. Under UK GAAP, firms could elect to expense or capitalize development expenditures, but IFRS mandates capitalization. Thus, capitalizers maintained their accounting method, while switchers were required to change from expensing to capitalization. We examine the effect of the rule change on the amount of the two groups' R&...
-
作者：Nekrasov, Alexander; Teoh, Siew Hong; Wu, Shijia
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Los Angeles; The Chinese University of Hong Kong, Shenzhen
摘要：We propose the visual attention hypothesis that visuals in firm earnings announcements increase attention to the earnings news. We find that visuals in firms' Twitter earnings announcements are associated with more retweets, consistent with greater user engagement with announcements that have visuals. This result holds for earnings tweets sent by the same firm and on the same day in firm-level and tweet-level analyses. Consistent with managerial opportunism, firms are more likely to use visual...
-
作者：Bol, Jasmijn C.; Leiby, Justin
作者单位：Tulane University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Although decision-making within firms improves when agents share information with one another, agents often have limited motivation to share because doing so takes effort and time. In four experiments, we examine how agents' responses to information sharing controls depend on an important source of motivation: active status motives, that is, the desire to gain respect from others. In a rewards-based system that compensates agents for sharing, agents with active status motives demand relatively...
-
作者：Hand, John R. M.; Laurion, Henry; Lawrence, Alastair; Martin, Nicholas
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Colorado System; University of Colorado Boulder; University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill
-
作者：Ertan, Aytekin; Karolyi, Stephen A.; Kelly, Peter W.; Stoumbos, Robert
作者单位：University of London; London Business School; Carnegie Mellon University; University of Notre Dame; Columbia University
摘要：We propose that extrapolative beliefs about earnings announcement (EA) returns may contribute to the understanding of EA return patterns. We construct a theoretically motivated measure of extrapolative investors' expectations based on a stock's recent history of EA returns. We then show that this measure explains cross-sectional variation in stock returns and investor behavior around EAs. Stocks expected to have high EA returns, according to our measure, experience predictable increases in pri...
-
作者：Kim, Jaewoo; McGuire, Sean; Savoy, Steven; Wilson, Ryan
作者单位：University of Oregon; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This study investigates whether expected economic growth is associated with investment in corporate tax planning. We predict that higher expected economic growth increases the net present value of tax planning opportunities and that thus firms' investment in tax planning will be higher in periods when expectations about economic growth are optimistic. Consistent with expectations, we find that changes in fees for auditor-provided tax services are positively associated with GDP growth forecasts...
-
作者：Israeli, Doron; Kasznik, Ron; Sridharan, Suhas A.
作者单位：Reichman University; Nazarbayev University; Stanford University; Emory University
摘要：We investigate how unexpected distractions affect investor reactions to corporate earnings announcements. We use a daily news pressure (DNP) index as a proxy for the presence of potential investor distraction. Since breaking news captured by this index is largely unpredictable and unrelated to investors' valuation decisions, our research design offers a unique opportunity to examine investor attention in the absence of strategic timing of announcements by managers. Using overall trading volume...
-
作者：Basu, Sudipta; Vitanza, Justin; Wang, Wei; Zhu, Xiaoyu Ross
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Sun Yat Sen University
摘要：We show that banks with high environmental, social, and governance (ESG) ratings issue fewer mortgages in poor localities-in number and dollar amount-than banks with low ESG ratings. This lending disparity happens at both the county and census tract level, worsens in disaster areas of severe hurricane strikes, is robust to alternative ESG ratings (including using only the social (S) component), and cannot be explained by banks' differential deposit networks. We find no difference in mortgage d...
