2019

最新文章

• Information overload and disclosure smoothing AI翻译
  作者：Chapman, Kimball L.; Reiter, Nayana; White, Hal D.; Williams, Christopher D.
  作者单位：Washington University (WUSTL); University of Toronto; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Michigan System; University of Michigan
  摘要：This paper examines whether managers can reduce the detrimental effects of information overload by spreading out, or temporally smoothing, disclosures. We begin by attempting to identify managerial smoothing. We find that when there are multiple disclosures for the same event date, managers spread the disclosures out over several days. Managers are also more likely to delay a disclosure when there has been a disclosure made within the three days before the event date. Finally, managers are mor...
• Bank asset transparency and credit supply AI翻译
  作者：Balakrishnan, Karthik; Ertan, Aytekin
  作者单位：University of London; London Business School
  摘要：We employ the European Central Bank's Loan-level Reporting Initiative as a shock to banks' asset disclosures. We find that after the disclosure regulation, treatment banks raise more capital at cheaper rates and increase lending. Using novel survey data on small businesses, we also document that, in regimes with heightened bank disclosures, borrowers receive greater funding, conditional on their demand for credit. Furthermore, companies whose relationship banks provide asset disclosures start ...
• Hello, is anybody there? Corporate accessibility for outside shareholders as a signal of agency problems AI翻译
  作者：Firth, Michael; Lin, Chen; Wong, Sonia Man-lai; Zhao, Xiaofeng
  作者单位：University of Hong Kong; Lingnan University
  摘要：In this paper, we develop a corporate accessibility measure for publicly listed firms in China based on their responses to outside market participants' attempts to communicate with them (via telephone, e-mail, and online discussion forum), and examine whether the provision of corporate accessibility signals the incidence of agency problems. We find robust evidence that non-accessible firms are associated with more agency problems, manifested in greater tunneling of corporate resources through ...
• Director compensation and related party transactions AI翻译
  作者：Hope, Ole-Kristian; Lu, Haihao; Saiy, Sasan
  作者单位：University of Toronto; BI Norwegian Business School; University of Waterloo
  摘要：This paper examines whether independent directors' compensation is associated with related party transactions. We focus both on directors' total compensation and their equity-based compensation. Employing hand-collected data for S&P 1500 firms, we find that independent directors' compensation is significantly associated with related party transactions. Specifically, we find that the level of compensation is positively related to these transactions, but we do not find equity-based compensation ...
• Integrated ownership and managerial incentives with endogenous project risk AI翻译
  作者：Baldenius, Tim; Michaeli, Beatrice
  作者单位：Columbia University; University of California System; University of California Los Angeles
  摘要：Integrated ownership is often seen as a way to foster specific investments. However, even in integrated firms, managers invest to maximize their compensation, which is chiefly driven by divisional income. Thus it is not clear that integration has any effect on investments in a world of decentralized decision-making. Building on recent findings that efficiency-enhancing investments raise not only the expected value of a project but also its variance, we show that, under plausible conditions, in...
• Do managers withhold bad news from credit rating agencies? AI翻译
  作者：Ahn, Minkwan; Bonsall, Samuel B.; Van Buskirk, Andrew
  作者单位：University of Hong Kong; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Ohio; Ohio State University
  摘要：Research documents that managers, on average, withhold bad news and emphasize good news in their public disclosures. We ask whether the same is true in their private communications with credit rating agencies. We study how rating agencies anticipate and react to public information events as a function of their access to rated firms' private information. We show that, in terms of ratings downgrades, rating agencies exhibit relatively more anticipation and less reaction to negative (compared to ...
• The impact of large tax settlement favorability on firms' subsequent tax avoidance AI翻译
  作者：Finley, Andrew R.
  作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University
  摘要：I consider how large tax settlements compare to management expectations and then test how the favorability of a resolution (from the firm's perspective) affects subsequent tax avoidance. Using unrecognized tax benefit information disclosed in firms' tax footnotes, pursuant to FIN 48, I develop and validate a measure of large tax settlement favorability. I find that firms with relatively favorable settlements subsequently increase their tax avoidance but that firms with relatively unfavorable s...
• Organizational structure and earnings quality of private and public firms AI翻译
  作者：Bonacchi, Massimiliano; Marra, Antonio; Zarowin, Paul
  作者单位：Free University of Bozen-Bolzano; Bocconi University; New York University
  摘要：We examine how heterogeneity in organizational structure affects private firm earnings quality in the European Union. Organizational structure refers to whether the firm is organized as a single legal entity (standalone) or as a business group. Private firms can be organized either way, while public firms are de facto groups. Even though private firms are not affected by market forces, we show that private business groups face greater stakeholder pressure for earnings quality than do standalon...
• Regulatory oversight and trade-offs in earnings management: evidence from pension accounting AI翻译
  作者：Naughton, James P.
  作者单位：Northwestern University
  摘要：I develop approaches that quantify the use of discretion for the three main assumptions used for the financial reporting of defined benefit pension obligations: the expected return, the discount rate, and the compensation rate. I then apply these approaches to two regulatory events that affected a different subset of these three assumptions. Across both settings, my analyses indicate that firms reduced discretion in response to regulatory scrutinybut only in those assumptions targeted by the r...
• The role of the business press in the pricing of analysts' recommendation revisions AI翻译
  作者：Ahn, Minkwan; Drake, Michael; Kyung, Hangsoo; Stice, Han
  作者单位：University of Hong Kong; Brigham Young University; Chinese University of Hong Kong
  摘要：We investigate the information-dissemination role of the business press by examining the coverage of analyst recommendation revisions. Consistent with the press providing wider dissemination of analyst reports, we find evidence that coverage of analyst recommendation revisions significantly increases the initial market reaction to these revisions and decreases the subsequent price drift. Furthermore, we find that news flash coverage, rather than in-depth coverage, of a recommendation revision ...