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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 ...
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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...
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作者：Fedyk, Anastassia; Hodson, James; Khimich, Natalya; Fedyk, Tatiana
作者单位：University of California System; University of California Berkeley; Drexel University; University of San Francisco
摘要：How does artificial intelligence (AI) impact audit quality and efficiency? We explore this question by leveraging a unique dataset of more than 310,000 detailed individual resumes for the 36 largest audit firms to identify audit firms' employment of AI workers. We provide a first look into the AI workforce within the auditing sector. AI workers tend to be male and relatively young and hold mostly but not exclusively technical degrees. Importantly, AI is a centralized function within the firm, ...
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作者：Dikolli, Shane S.; Frank, Mary Margaret; Guo, Zhe Michael; Lynch, Luann J.
作者单位：University of Virginia; Fordham University
摘要：We document that U.S. mutual funds with investment objectives designated as Sustainable Investment Overall by Morningstar (ESG funds) are more likely than other mutual funds to vote in support of environmental and social (ES) shareholder proposals and governance (G) shareholder proposals. We also find that the higher support for ES proposals by ESG funds relative to other funds is more pronounced in index funds than in active funds, consistent with trading constraints influencing voting behavi...
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作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Piotroski, Joseph; Synn, Christina
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; Stanford University; American University
摘要：We examine firm disclosure choice when information is received on a real-time, continuous basis. We use transaction-level credit and debit card sales for a sample of retail firms to construct a weekly measure of abnormal revenue for each firm. We validate the informativeness of this abnormal real-time revenue information, confirming its positive correlation with abnormal returns, unexpected revenue realizations, and management revenue forecast news. Using revenue forecasts, we find that firms ...
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作者：Arif, Salman; Kepler, John D.; Schroeder, Joseph; Taylor, Daniel
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Stanford University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Pennsylvania
摘要：While the shareholder benefits of audits are well documented, evidence on whether audits can facilitate opportunistic behavior by corporate insiders is scarce. In this paper, we examine whether the audit process facilitates one particular form of opportunism: informed trading by corporate insiders. We focus our analysis on insider trading around the audit report date. We find an increase in trading around the audit report date and that the increase is abnormally large for firms that subsequent...
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作者：Billings, Mary Brooke; Klein, April; Shi, Yanting Crystal
作者单位：New York University; University of Warwick; European Corporate Governance Institute; Hautes Etudes Commerciales (HEC) Paris
摘要：This paper provides evidence that the #MeToo movement revised investors' beliefs about the costs (benefits) of fostering an exclusive (inclusive) culture, as reflected by the absence (presence of a critical mass) of women directors in the board room. Tracking a timeline of events associated with the #MeToo movement that begin with the Harvey Weinstein expose in October 2017 in the New York Times, we document contrasting market reactions to the movement depending on the existing culture of the ...
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作者：Raghunandan, Aneesh; Rajgopal, Shiva
作者单位：University of London; London School Economics & Political Science; Columbia University
摘要：Investment funds that claim to focus on socially responsible stocks have proliferated in recent times. In this paper, we verify whether ESG mutual funds actually invest in firms that have stakeholder-friendly track records. Using a comprehensive sample of self-labelled ESG mutual funds (as identified by Morningstar) in the United States from 2010 to 2018, we find that these funds hold portfolio firms with worse track records for compliance with labor and environmental laws, relative to portfol...
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作者：Darendeli, Alper; Law, Kelvin K. F.; Shen, Michael
作者单位：Nanyang Technological University; National University of Singapore
摘要：The mere marketing of firms as environmentally friendly does not mean that the firms are genuinely green. In this paper, we propose a new measure, Green Score, to capture firms' investment in green human capital based on the concentration of green skills required in firms' job postings. First, we find that firms that increase their Green Score have higher future profitability. Second, firms that increase their Green Score generate more green patents, and those green patents are of higher quali...
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作者：Thomas, Jake; Yao, Wentao; Zhang, Frank; Zhu, Wei
作者单位：Yale University; Xiamen University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We investigate two related questions about the trade-off between the short-term pressures on managers to meet earnings targets and the long-term environmental benefits of reduced pollution. Do firms release more toxins by cutting back on pollution abatement costs to boost earnings in years they meet earnings benchmarks? If so, is that relation weaker for firms with higher environmental ratings? Using Environmental Protection Agency (EPA) data on toxic emissions, we find that U.S. firms pollute...
