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作者：Merkley, Kenneth; Pacelli, Joseph; Sun, Flora; Twedt, Brady
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Harvard University; State University of New York (SUNY) System; SUNY Maritime College; Binghamton University, SUNY; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We examine how common media holding companies impact the uniqueness of business press content. Consistent with common media holding companies reducing the diversity of perspectives among journalists, we find that media outlets are more likely to cover the same earnings announcement and utilize more similar tone and content when they belong to a common holding company. We provide evidence that these effects are enhanced by outlet reach and economic incentives to share content. Finally, we provi...
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作者：Cianciaruso, Davide; Qiu, Lin; Xue, Wenjie
作者单位：New Economic School; Purdue University System; Purdue University; Cornerstone Research
摘要：We study the effects of disclosure in a dynamic market with imperfect competition. The supply of an asset is determined by a large shareholder with price impact, who trades slowly to diversify away from concentrated ownership. Small investors provide capital and thus risk-bearing capacity to the market. Although it is well known that disclosure impedes risk sharing by shifting risk before future trading opportunities, we show that disclosure, at the same time, can enhance risk sharing by promo...
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作者：Gallemore, John; Jacob, Martin
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Navarra; IESE Business School
摘要：We examine the consequences of corporate tax enforcement for business activity. Using two different empirical approaches-a regional design and a firm-level design-we document that corporate tax enforcement is negatively associated with business activity, as measured by establishments and employment. This association is economically significant and is robust to tests that mitigate concerns regarding endogeneity and measurement. Furthermore, we find that the negative association between tax enfo...
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作者：Balsam, Steven; Mao, Connie X.; Xu, Min; Zhang, Yinge (Jack)
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; State University System of Florida; Florida State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Shanghai International Studies University
摘要：In this paper, we test the labor donation hypothesis, which posits that intrinsically motivated individuals willingly accept lower compensation to work in nonprofit organizations (NPOs). We do so by examining the response of NPO CEO compensation to exogeneous increases in labor costs resulting from state-level minimum wage hikes, finding these increases are followed by declines in CEO compensation. Consistent with the labor donation hypothesis, we find the declines in compensation are larger f...
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作者：Labro, Eva; Omartian, James D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：Using Census microdata on 28,000 manufacturing plants, we examine how firms manage employee retention concerns. In response to reductions in the local unemployment rate, plants take additional steps beyond increasing compensation. First, plants adjust bonus architecture to ensure bonuses can be paid. Second, plants offer more agency to employees by deploying high-involvement work practices that generate longer-term commitment. Third, plants pull these retention levers less when they have high ...
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作者：(Alex) Yang, Hsiang-Chieh
作者单位：University System of Georgia; Augusta University
摘要：I explore the real effects of an update in loan loss accounting, the current expected credit loss (CECL) model. Although CECL's predecessor only required banks to recognize losses after an event that made a loan uncollectible, CECL requires banks to recognize expected lifetime credit losses when originating loans. CECL's earlier recognition of loan losses increases the cost of reserving regulatory capital for loans, decreasing banks' willingness to lend. Empirically, I find that, following CEC...
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作者：Heese, Jonas; Pacelli, Joseph
作者单位：Harvard University
摘要：This study examines whether enterprise resource planning (ERP) implementations are associated with reductions in corporate misconduct. Specifically, we study the relation between staggered facility-level rollouts of ERP systems and facility-level regulatory violations across a large sample of U.S. firms. Our results indicate that facilitylevel ERP adoptions are associated with substantial reductions in local violations and penalties. Additional analyses suggest that the effects are more pronou...
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作者：Feng, Felix Zhiyu; Wang, Wenyu; Wu, Yufeng; Zhang, Gaoqing
作者单位：University of Washington; University of Washington Seattle; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University System of Ohio; Ohio State University; University of Minnesota System; University of Minnesota Twin Cities; Carnegie Mellon University
摘要：This paper studies the value of a firm's internal information when the firm faces an adverse selection problem arising from unobservable managerial abilities. Although more precise information allows the firm to make ex post more efficient investment decisions, noisier information has an ex ante screening effect that allows the firm to attract on-average better managers. The tradeoff between more effective screening of managers and more informed investment implies a nonmonotonic relationship b...
