3期

最新文章

• A new take on voice: the influence of BlackRock's 'Dear CEO' letters AI翻译
  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...
• Voluntary disclosure when private information and disclosure costs are jointly determined AI翻译
  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...
• Monitoring or payroll maximization? What happens when workers enter the boardroom? AI翻译
  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...
• Mandatory CSR and sustainability reporting: economic analysis and literature review AI翻译
  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 ...
• Criminals, bankruptcy, and cost of debt AI翻译
  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 ...
• Voluntary disclosure when private information and disclosure costs are jointly determined (May, 10.1007/s11142-021-09601-z, 2021) AI翻译
  作者：Kim, Jung Min; Taylor, Daniel J.; Verrecchia, Robert E.
  作者单位：University of Pennsylvania
• Financial misconduct and employee mistreatment: Evidence from wage theft AI翻译
  作者：Raghunandan, Aneesh
  作者单位：University of London; London School Economics & Political Science
  摘要：I examine the relation between firms' financial conduct and wage theft. Wage theft represents the single largest form of theft committed in the United States and primarily affects firms' most vulnerable employees. I show that wage theft is more prevalent (i) when firms just meet or beat earnings targets and (ii) when executives' personal liability for wage theft decreases. Wage theft precedes financial misconduct while the theft is undetected, but once firms are caught engaging in wage theft t...
• Strategic reporting by nonprofit hospitals: an examination of bad debt and charity care AI翻译
  作者：Beck, Amanda; Gilstrap, Collin; Rippy, Jordan; Vansant, Brian
  作者单位：University System of Georgia; Georgia State University; University System of Ohio; University of Toledo; Johns Hopkins University; Auburn University System; Auburn University
  摘要：In this paper, we examine bad debt and charity care reporting by nonprofit hospitals around bond issuance. Given the tax advantages afforded to nonprofit hospitals, including the ability to issue tax-exempt debt, hospital managers encounter stakeholder pressure to provide community benefits. When nonprofits issue debt, they also face economic pressure to meet creditors' financial performance expectations. We document a reporting strategy that allows nonprofit hospitals to reduce the cost of bo...
• The impact of carbon disclosure mandates on emissions and financial operating performance AI翻译
  作者：Downar, Benedikt; Ernstberger, Jurgen; Reichelstein, Stefan; Schwenen, Sebastian; Zaklan, Aleksandar
  作者单位：Technical University of Munich; University of Mannheim; Stanford University; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
  摘要：We examine the impact of a disclosure mandate for greenhouse gas emissions on firms' subsequent emission levels and financial operating performance. For UK-incorporated listed firms a carbon disclosure mandate was adopted in 2013. Our difference-in-differences design shows that firms affected by the mandate reduced their emissions by about 8% relative to a control group of European firms. At the same time, our tests indicate that the treated firms experienced no significant changes in their gr...
• Doing good when doing well: evidence on real earnings management AI翻译
  作者：Grieser, William; Hadlock, Charles J.; Pierce, Joshua R.
  作者单位：Texas Christian University; Michigan State University; University of Alabama System; University of Alabama Tuscaloosa
  摘要：We provide evidence on earnings management by exploiting temporary exogenous shocks to utility firms' sales arising from weather variation. We find that sample firms' sales are highly sensitive to annual changes in average temperatures in the region where the firm operates, but this sensitivity disappears quickly as one moves down the income statement. This evidence, while indirect, is suggestive of earnings management activities. In search of direct evidence, we study charitable giving decisi...