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作者：Pawliczek, Andrea; Skinner, A. Nicole; Wellman, Laura A.
作者单位：University of Colorado System; University of Colorado Boulder; University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine whether broad-based public engagement by institutional investors influences the behavior of portfolio firms. We investigate this question in the context of BlackRock's annual Dear CEO letter, which in recent years has called for portfolio firms to acknowledge and quantify the impact of environmental and regulatory factors on their firms. We find that portfolio firms' disclosures during the post-letter period reflect topics similar to those discussed in the letters, controlling for a...
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作者：Kim, Jung Min; Taylor, Daniel J.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：Classical models of voluntary disclosure feature two economic forces: the existence of an adverse selection problem (e.g., a manager possesses some private information) and the cost of ameliorating the problem (e.g., costs associated with disclosure). Traditionally these forces are modelled independently. In this paper, we use a simple model to motivate empirical predictions in a setting where these forces are jointly determined--where greater adverse selection entails greater costs of disclos...
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作者：Donovan, John; Jennings, Jared; Koharki, Kevin; Lee, Joshua
作者单位：University of Notre Dame; Washington University (WUSTL); Purdue University System; Purdue University; Brigham Young University
摘要：We use machine learning methods to create a comprehensive measure of credit risk based on qualitative information disclosed in conference calls and in management's discussion and analysis section of the 10-K. In out-of-sample tests, we find that our measure improves the ability to predict credit events (bankruptcies, interest spreads, and credit rating downgrades), relative to credit risk measures developed by prior research (e.g., z-score). We also find our measure based on conference calls e...
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作者：Shao, Shuai; Stoumbos, Robert; Zhang, X. Frank
作者单位：Zhejiang University; Columbia University; Yale University
摘要：The literature shows that earnings have come to explain less stock price movement over time, suggesting that firm fundamental information has become less important. In this paper, we replace earnings with earnings announcement returns as a measure of firm fundamental news and find that these firm fundamentals have come to explain more price movement over time. In the years after 2003, earnings announcement returns explain roughly 20% of the annual return-almost twice as much as they did before...
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作者：Chy, Mahfuz; Hope, Ole-Kristian
作者单位：University of Missouri System; University of Missouri Columbia; University of Toronto; BI Norwegian Business School
摘要：We examine the effect of auditor conservatism on corporate innovation. We hypothesize that, because conservative auditors constrain income-increasing accounting discretion, managers may sacrifice long-term investments in innovation to boost current earnings and meet short-term performance targets. Exploiting state-level auditor legal liability shocks as a means of identification, we find evidence consistent with this hypothesis. Cross-sectional analyses reveal that the negative effect of incre...
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作者：Gleason, Cristi A.; Kieback, Sascha; Thomsen, Martin; Watrin, Christoph
作者单位：University of Iowa; University of Munster
摘要：We examine whether worker representation on corporate boards results in improved monitoring or payroll maximization. Several economic theories predict that worker representatives would use control and voting rights in the boardroom to transform firm assets into private benefits and increased wages, but labor contract models suggest that workers' inside information should permit improved monitoring. To investigate this conflict, we use mandatory worker representation on corporate boards in Germ...
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作者：Christensen, Hans B.; Hail, Luzi; Leuz, Christian
作者单位：University of Chicago; University of Pennsylvania; National Bureau of Economic Research
摘要：This study collates potential economic effects of mandated disclosure and reporting standards for corporate social responsibility (CSR) and sustainability topics. We first outline key features of CSR reporting. Next, we draw on relevant academic literatures in accounting, finance, economics, and management to discuss and evaluate the potential economic consequences of a requirement for CSR and sustainability reporting for U.S. firms, including effects in capital markets, on stakeholders other ...
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作者：Baldenius, Tim; Meng, Xiaojing; Qiu, Lin
作者单位：Columbia University; New York University; University of Hong Kong
摘要：Boards can learn about the environment of their firms through information gathering and communicating with the CEO. In the post-Sarbanes-Oxley environment, some boards have taken steps to shape the communication more proactively by committing to decision rules, such as spending limits, before eliciting a report from the CEO. All else equal, such commitment power on the part of the board improves its communication with the CEO. However, taking into consideration the endogeneity of board composi...
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作者：Ecker, Frank; Francis, Jennifer; Olsson, Per; Schipper, Katherine
作者单位：Frankfurt School Finance & Management; Duke University; European School of Management & Technology
摘要：This paper investigates how data requirements often encountered in archival accounting research can produce a data-restricted sample that is a non-random selection of observations from the reference sample to which the researcher wishes to generalize results. We illustrate the effects of non-random sampling on results of association tests in a setting with data on one variable of interest for all observations and frequently-missing data on another variable of interest. We develop and validate ...
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作者：Regenburg, Kasper; Seitz, Morten Nicklas Bigler
作者单位：Copenhagen Business School
摘要：We examine whether criminal records of CEOs and rank-and-file employees are associated with firms' likelihood of bankruptcy, and whether lenders adjust their required cost of debt accordingly. We use a nationwide sample of private firms and criminal registers covering all firm employees. We find that the likelihood of bankruptcy is positively associated with the CEO's criminal record and the proportion of employees with criminal records. We find some, though less robust, evidence that lenders ...
