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作者：Ball, Ryan T.; Hail, Luzi; Vasvari, Florin P.
作者单位：University of Michigan System; University of Michigan; University of Pennsylvania; University of London; London Business School
摘要：Using a large panel from 46 countries over 20 years, we find that non-U.S. firms issue corporate bonds more frequently and at lower offering yields following an equity cross-listing on a U.S. exchange. Firms issue more bonds through public offerings instead of private placements and in foreign markets rather than at home, in both cases at significantly lower yields. Moreover, the debt-related benefits are concentrated among firms domiciled in countries with less private benefits of control, ef...
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作者：Donelson, Dain C.; Hopkins, Justin J.; Yust, Christopher G.
作者单位：University of Texas System; University of Texas Austin; University of Virginia; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：This study examines whether the required disclosure of directors' and officers' (D&O) insurance premiums leads to nonmeritorious securities litigation. Our research setting uses a proprietary D&O insurance database that includes New York and non-New York firms, combined with the fact that New York firms must disclose D&O insurance premiums. We thus can exploit a natural experiment based on inter-state variation in disclosure regulation. Disclosed premiums may influence case selection in two wa...
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作者：Guttman, Ilan; Marinovic, Ivan
作者单位：New York University; Stanford University
摘要：Empirical evidence suggests that firms often manipulate reported numbers to avoid debt covenant violations. We study how a firm's ability to manipulate reports affects the terms of its debt contracts and the resulting investment and manipulation decisions that the firm implements. Our model generates novel empirical predictions regarding the use and the level of debt covenant, the interest rate, the efficiency of investment decisions, and the likelihood of covenant violations. For example, the...
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作者：Frankel, Richard; Lee, Joshua; Lemayian, Zawadi
作者单位：Washington University (WUSTL); University System of Georgia; University of Georgia
摘要：We study whether the sealing of a defendant's judicial records during a patent lawsuit filing correlates with the defendant's level of competition and disclosure. Courts permit sealing of judicial records when competitive damage outweighs the public interest in access to documents and records. We find that defendants with sealed judicial records have higher research and development (R&D), lower industry sales concentration, and more references to competition in their annual reports than defend...
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作者：Burks, Jeffrey J.; Cuny, Christine; Gerakos, Joseph; Granja, Joao
作者单位：University of Notre Dame; New York University; Dartmouth College; University of Chicago
摘要：We use the relaxation of interstate branching restrictions under the Interstate Banking and Branching Efficiency Act (IBBEA) to examine how increases in competition affect incumbents' voluntary disclosure choices. States implemented the IBBEA over several years and to varying degrees, allowing us to identify the effect of increased competition on the voluntary disclosure decisions of both public and private banks. We find that increases in competition are associated with an increase in press r...
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作者：Sletten, Ewa; Ertimur, Yonca; Sunder, Jayanthi; Weber, Joseph
作者单位：Boston College; University of Colorado System; University of Colorado Boulder; University of Arizona; Massachusetts Institute of Technology (MIT)
摘要：There is significant disagreement about whether, when, and why IPO firms manage earnings. We precisely identify the timing and motives behind earnings management by IPO firms. The period around an IPO is characterized by two events: the IPO itself and the lockup expiration. Both the raising of capital at the IPO and the exit by pre-IPO shareholders at lockup expiration create incentives for firms to manage earnings. To disentangle the effect of these events, we examine quarterly, rather than a...
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作者：Balsam, Steven; Harris, Erica E.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Villanova University
摘要：We utilize information only recently disclosed on Form 990 to examine the use, and consequences of, incentive pay at nonprofit organizations. Bonuses are common in nonprofits, as we observe that approximately 45% of the 44,000 organization-year observations in our sample reported paying CEO bonuses. We find that the bonuses are positively associated with profitability, competition from other nonprofits, firm size, available cash, and use of compensation consultants and committees, while negati...
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作者：Carabias, Jose M.
作者单位：University of London; London School Economics & Political Science
摘要：This paper investigates the usefulness of the real-time macroeconomic news-flow as a leading indicator of firm-level end-of-quarter realized earnings. Using recent advances in macroeconomics, I develop a nowcasting model for quarterly earnings and provide two main findings. First, I show that my model provides out-of-sample expectations that are as accurate as analysts' forecasts. Second, macroeconomic news embedded in my nowcasts is not fully incorporated into investors' earnings expectations...
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作者：Gutierrez, Elizabeth; Minutti-Meza, Miguel; Tatum, Kay W.; Vulcheva, Maria
作者单位：Universidad de Chile; University of Miami; State University System of Florida; Florida International University
摘要：The United Kingdom has recently required an expanded auditor's report for large public companies. We investigate whether this requirement is associated with an increase in the decision usefulness of the auditor's report and whether it has indirect consequences on audit fees and quality. Our analyses cover four years surrounding the changes, including companies that transitioned to the new regime and companies that continued issuing the previous report's format. We do not find evidence that the...
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作者：Chen, Jason V.; Nagar, Venky; Schoenfeld, Jordan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan; Georgetown University
摘要：Prior research finds that intraday stock prices move considerably during the discussion period of earnings conference calls. In this study, we explore what features of the manager-analyst dialogue during the discussion drive these price movements. We textually analyze the tone of managers and analysts and find that intraday prices react significantly to analyst tone, but not to management tone, for the full duration of the discussion. This effect strengthens when analyst tone is relatively neg...
