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作者：Chyz, James A.; Gaertner, Fabio B.; Kausar, Asad; Watson, Luke
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Wisconsin System; University of Wisconsin Madison; American University; Drexel University
摘要：Using a sample of firms experiencing exogenous CEO departures, we investigate whether firms with overconfident CEOs avoid more tax. We find robust evidence of a positive relation between proxies for corporate tax avoidance and CEO overconfidence. Because our empirical tests use a panel of firm-years with exogenous CEO departures and include controls for stationary firm effects as well as observable firm characteristics, we can better isolate the role of an idiosyncratic personality trait (i.e....
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作者：Cassell, Cory; Hunt, Emily; Narayanamoorthy, Gans; Rowe, Stephen P.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Mississippi State University; Tulane University; University of Arkansas System; University of Arkansas Fayetteville
摘要：We identify situations in which auditor industry specialization could be detrimental for audit outcomes. We predict that during periods of heightened industry-specific risk, specialist auditors from the affected industry could struggle to secure and allocate sufficient resources to mitigate the heightened risk because they have client portfolios concentrated in the affected industry. Using a measure of office-level industry concentration/specialization (as opposed to a market-based measure), w...
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作者：Cardinaels, Eddy; Hollander, Stephan; White, Brian J.
作者单位：Tilburg University; KU Leuven; University of Texas System; University of Texas Austin
摘要：Firms often include summaries with earnings releases. However, manager-generated summaries may be prone to strategic tone and content management, compared to the underlying disclosures they summarize. In contrast, computer algorithms can summarize text without human intervention and may provide useful summary information with less bias. We use multiple methods to provide evidence regarding the characteristics of algorithm-based summaries of earnings releases compared to those provided by manag...
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作者：Hann, Rebecca N.; Kim, Heedong; Zheng, Yue
作者单位：University System of Maryland; University of Maryland College Park; City University of New York (CUNY) System; Baruch College (CUNY); Hong Kong University of Science & Technology
摘要：We examine whether there is intra-industry information transfer with respect to the second moment of returns around earnings announcements. Using implied volatility from option prices to proxy for uncertainty about firm fundamentals, we find a significantly positive association between changes in the implied volatility of each industry's first announcer and its peers around the first announcer's earnings announcement, suggesting that earnings announcements help resolve uncertainty about the va...
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作者：Christensen, Hans B.; Maffett, Mark; Vollon, Lauren
作者单位：University of Chicago
摘要：Using aggregate data from national accounts, we study whether strengthening and harmonizing securities regulation across the European Union increases household equity ownership. We find a significant increase in the proportion of liquid assets invested in equity, both when a household's own country adopts the regulation and when other countries adopt the regulation. To directly explore the mechanism through which households' willingness to directly invest in the equity market increases, we sho...
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作者：Campbell, John L.; DeAngelis, Matthew D.; Moon, James R., Jr.
作者单位：University System of Georgia; University of Georgia; University System of Georgia; Georgia State University; University System of Georgia; Georgia Institute of Technology
摘要：Motivated by concerns that financial positions impair analyst objectivity, we examine investor perceptions of the financial positions of nonprofessional analysts (hereafter NPAs) writing on the social media outlet Seeking Alpha. We find that NPA positions contribute directly to short-window returns surrounding the article's publication, holding constant the information in the article as well as contemporaneously issued news from professional analysts, managers, and the business press. Contrary...
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作者：Duro, Miguel; Heese, Jonas; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms' financial reporting. We exploit a major change in the SEC's disclosure policy: in 2004, the SEC decided to make its CLs publicly available. Using a novel dataset of CLs, we analyze the capital-market responses to firms' quarterly earnings releases following CLs conducted before and after the policy change. We find that these responses increase significan...
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作者：Demmer, Matthias; Pronobis, Paul; Yohn, Teri Lombardi
作者单位：Free University of Berlin; heSam Universite; ESCP Business School; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Northwestern University
摘要：This study examines whether the improvement in analyst forecast accuracy around mandatory IFRS adoption is associated with the improvement in the accuracy of financial statement-based forecasts. We find significant out-of-sample improvement in financial statement-based forecast accuracy around mandatory IFRS adoption and significant improvement in analyst forecast accuracy only in countries that made concurrent improvements to financial reporting enforcement. We show that the improvement in an...
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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 ...
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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...
