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作者：Curtis, Asher; McVay, Sarah; Toynbee, Sara
作者单位：University of Washington; University of Washington Seattle; University of Texas System; University of Texas Austin
摘要：We document strong evidence of a declining relation between R&D and future profitability, which coincides with a number of important economic changes, including a significant increase in R&D spending. We identify several contributors to this decline, including changes in the nature and riskiness of R&D projects and a shift in the types of firms undertaking R&D in our sample. We also demonstrate variation in the implications of R&D for future profitability, consistent with diminishing marginal ...
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作者：Cade, Nicole L.; Koonce, Lisa; Mendoza, Kim I.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We conduct two experiments to examine how investors react to nonverbal cues of certainty as displayed by a CEO communicating forward-looking information via the relatively new and emerging medium of video. Results of the first experiment suggest that, at least for the setting we examine, investors react more negatively (do not react more positively) to a video disclosure when the CEO displays nonverbal cues of uncertainty (certainty), relative to the same disclosure delivered via audio or writ...
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作者：Ng, Jeffrey; Saffar, Walid; Zhang, Janus Jian
作者单位：Hong Kong Polytechnic University
摘要：Policy uncertainty is an increasingly important issue in many economies. Extensive evidence indicates that higher policy uncertainty is associated with future negative macroeconomic and microeconomic conditions. In this paper, we examine how policy uncertainty affects banks' accruals for loan losses. Consistent with banks signaling more expected loan losses, we document that in times of higher policy uncertainty, banks make more loan loss provisions. This positive association is more pronounce...
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作者：Kubick, Thomas R.; Li, Yijun; Robinson, John R.
作者单位：University of Nebraska System; University of Nebraska Lincoln; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We investigate why firms include individuals with significant professional tax experience on their senior management team and the consequences associated with the presence of thesetax-savvyexecutives. We find that past performance, network connections, geographic location, and tax-rate level, relative to industry peers, are all significant determinants of having a tax-savvy executive on the senior management team. Using propensity-score matching, we find that effective tax rates decrease subst...
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作者：Seidel, Timothy A.; Simon, Chad A.; Stephens, Nathaniel M.
作者单位：Brigham Young University; Utah System of Higher Education; Utah State University
摘要：We examine whether managers appear to aggregate bias in multiple subjective accrual estimates to meet or just beat analyst expectations. We also consider whether the updated language in recent PCAOB auditing standards, focusing auditors on the potential for bias across multiple estimates, impacted this method of managing earnings. Using hand-collected data from a sample of manufacturers, we find that meeting or just beating the most recent consensus analyst earnings forecast is positively asso...
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作者：Ru, Yi; Xue, Jian; Zhang, Yuan; Zhou, Xin
作者单位：Renmin University of China; Tsinghua University; University of Texas System; University of Texas Dallas
摘要：We study how social connections between top executives of media and listed firms affect the properties of media reporting. We find that socially connected media are significantly more likely to cover a firm than their unconnected counterparts. Their reporting is significantly more optimistically toned and contains significantly less information, and both of these effects are significantly mitigated when the firm has better information environment as represented by greater analyst coverage and ...
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作者：Gutierrez, Elizabeth; Krupa, Jake; Minutti-Meza, Miguel; Vulcheva, Maria
作者单位：Universidad de Chile; University of Miami; State University System of Florida; Florida International University
摘要：Investors, regulators, and academics question the usefulness of going concern opinions (GCOs). We assess whether GCOs provide incremental information, relative to other predictors of corporate default. Our measure of incremental information is the additional predictive power that GCOs give to a default model. Using data from 1996 to 2015, initially we find no difference in predictive power between GCOs alone and a default model that includes financial ratios. However, there is an imperfect ove...
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作者：Chahine, Salim; Colak, Gonul; Hasan, Iftekhar; Mazboudi, Mohamad
作者单位：American University of Beirut; Hanken School of Economics; Fordham University
摘要：We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help create positive news coverage before an IPO, as reflected in a more optimistic tone of published media. Their presence is associated with higher underpricing at the IPO date but with lower long-run returns. IR-backed IPOs also exhibit disproportionately higher insider-related ...
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作者：Charitou, Andreas; Karamanou, Irene
作者单位：University of Cyprus
摘要：In the midst of the controversy regarding the consequences of the Volcker Rule, we examine whether conflicts of interest exist between the research and proprietary (prop) trading departments of investment banks. Consistent with the existence of a prop trading incentive, our results suggest that banks trade both ahead of and against their upgrades and downgrades for stocks not affiliated with the investment banking department and with small institutional interest. Our results are robust to a va...
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作者：Cheynel, E.; Liu-Watts, M.
作者单位：University of California System; University of California San Diego; City University of New York (CUNY) System; Hunter College (CUNY)
摘要：This study recovers a simple firm-level measure of disclosure costs implied by the voluntary disclosure theory of Verrecchia (Journal of Accounting and Economics 12(4), 365-380, 1990). The measure does not require knowledge by the researcher of the distribution of private information and can be implemented with three simple observable inputs: the minimum, average, and frequency of disclosure. We document a positive association of disclosure costs with proxies for existing and potential competi...
