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作者：Bourveau, Thomas; Schoenfeld, Jordan
作者单位：Hong Kong University of Science & Technology; Utah System of Higher Education; University of Utah
摘要：We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms whose valuations they can improve. Consistent with this idea, we find that managers issue earnings and sales forecasts more frequently when their firm is more at risk of attack by activist investors, and...
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作者：Israeli, Doron; Lee, Charles M. C.; Sridharan, Suhas A.
作者单位：Reichman University; Stanford University; Emory University
摘要：We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with (1) higher trading costs (bid-ask spreads and market liquidity), (2) an increase in stock return synchronicity, (3) a decline in future earnings response coefficients, and (4) a decline in the number of analysts covering the firm. Collectively, our findings support the view that increased ETF ow...
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作者：Li, Bing; Liu, Zhenbin
作者单位：City University of Hong Kong; Hong Kong Baptist University
摘要：This study investigates how regulatory oversight affects the price formation of initial public offerings (IPOs). We provide evidence on the oversight role of the US Securities and Exchange Commission (SEC) by examining the effects of comment letters issued by the SEC in the process through which companies are initially listed. We find that IPO issuers reduce their offer price if they receive comment letters. The reduction in price from the IPO filing date to the final issue date is greater whe...
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作者：Amel-Zadeh, Amir; Barth, Mary E.; Landsman, Wayne R.
作者单位：University of Oxford; Stanford University; University of North Carolina; University of North Carolina Chapel Hill
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作者：Cassar, Gavin; Gerakos, Joseph
作者单位：INSEAD Business School; Dartmouth College
摘要：We examine hedge fund risk management practices and their association with left-tail risk during the 2008 financial crisis. Consistent with risk management practices reducing left-tail risk, funds in our sample that use formal risk models performed significantly better in the extreme down months of 2008. We find no evidence that having either position limits or a dedicated head of risk management is associated with reduced left-tail risk. Funds employing value at risk models had more accurate ...
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作者：Demerjian, Peter R.
作者单位：University of Washington; University of Washington Seattle
摘要：I examine the use of financial covenants when contracting for debt under uncertainty. Uncertainty, in the context of this study, is a lack of information about future economic events and their consequences for the borrower's creditworthiness. I examine the implications of ex ante uncertainty that is resolved by information received following loan initiation but prior to maturity. I argue that financial covenants, by transferring control rights ex post, provide a trigger for creditor-initiated ...
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作者：Anantharaman, Divya
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：The increasing use in financial reporting of estimates prepared by specialists has raised questions on the role these specialists play in financial reporting quality. In the setting of defined-benefit pension accounting-where the pension actuary is involved as a specialist-I examine whether pension sponsors with strong incentives to improve reported funding status pressure their actuaries for aggressive (obligation-reducing) assumptions. Among these sponsors, I find that those that are economi...
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作者：Jones, Stewart
作者单位：University of Sydney
摘要：Much bankruptcy research has relied on parametric models, such as multiple discriminant analysis and logit, which can only handle a finite number of predictors (Altman in The Journal of Finance 23 (4), 589-609, 1968; Ohlson in Journal of Accounting Research 18 (1), 109-131, 1980). The gradient boosting model is a statistical learning method that overcomes this limitation. The model accommodates very large numbers of predictors which can be rank ordered, from best to worst, based on their overa...
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作者：Jackson, Andrew B.; Rountree, Brian R.; Sivaramakrishnan, Konduru
作者单位：University of New South Wales Sydney; Rice University
摘要：This study develops a theory that predicts the lower the degree to which firms' earnings are correlated with the industry the greater the probability a firm will issue a biased signal of firm performance. The theory provides for causal predictions in our empirical tests in which we examine the probability a firm will be subject to an Accounting and Auditing Enforcement Release (AAER). The empirical findings provide support for the theory, even after controlling for various predictive variables...
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作者：Livdan, Dmitry; Nezlobin, Alexander
作者单位：University of California System; University of California Berkeley
摘要：In a model with irreversible capacity investments, we show that financial statements prepared under replacement cost accounting provide investors with sufficient information for equity valuation purposes. Under alternative accounting rules, including historical cost and value in use accounting, investors will generally not be able to value precisely a firm's growth options and therefore its equity. For these accounting rules, we describe the range of valuations that is consistent with the firm...
