3期

最新文章

• EDGAR Implementation, Unionization, and Strategic Disclosure AI翻译
  作者：Aobdia, Daniel; Cheng, Lin; Tan, Qin; Wu, Xuan
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; China Europe International Business School; City University of Hong Kong; Harbin Institute of Technology
  摘要：This study focuses on the effect of disclosure processing frictions in labor markets. We go back in time 30 years ago and examine whether firms facing strong organized labor strategically responded to the implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, which substantially reduced labor unions' information processing costs. Consistent with firms having incentives to maintain an information advantage over unions for bargaining purposes, we find that they ...
• How Resilient Are Firms' Financial Reporting Processes to the Sudden Loss of a CFO? Evidence from Sudden Deaths AI翻译
  作者：Mcvay, Sarah E.; Rabier, MaryJane R.
  作者单位：University of Washington; University of Washington Seattle; Washington University (WUSTL)
  摘要：We examine how resilient firms' financial reporting processes are to the sudden death of a Chief Financial Officer (CFO)-a plausibly exogenous shock that allows us to provide insights on the role of the CFO while abstracting away from the endogenous nature of CFO employment. We find that the likelihood of an adverse reporting event-a delayed SEC filing or ex post restatement-doubles in the year following the event, on average. The financial process is less resilient in more complex firms and m...
• Customer Shopping Behavior and the Persistence of Revenues and Earnings AI翻译
  作者：Jin, Hengda; Stubben, Stephen R.; Ton, Karen
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Utah System of Higher Education; University of Utah; Villanova University
  摘要：Using GPS location data from customers' mobile devices, we develop measures of customer shopping behavior intended to capture the likelihood that customers will shop again in the future, and we examine their associations with firms' financial decisions and outcomes. We measure customers' propensity to return using the frequency, distance, duration, and timing of their past visits to a firm's retail locations. We find a positive association between customers' propensity to return and the persis...
• Does Disclosure Regulation Affect Mutual Fund Families' Proxy Voting? AI翻译
  作者：Kim, Eunjee
  作者单位：Texas A&M University System; Texas A&M University College Station
  摘要：Nonactivist investors that own more than 5 percent of a firm must report their holdings by filing a 13G in which they must commit to not influencing control of the firm. Mutual fund families are the most common investors filing 13Gs. I study whether the 13G requirement affects mutual fund families' voting in proxy contests. I find mutual fund families that file the form are less likely to vote for activist proposals than are those that do not, suggesting that the requirement discourages mutual...
• Seemingly Self-Sabotaging Disclosures AI翻译
  作者：Arya, Anil; Ramanan, Ram N. V.
  作者单位：University System of Ohio; Ohio State University; Indian School of Business (ISB)
  摘要：Firm disclosures are observed by multiple audiences with diverse interests. Recognizing this practical feature, studies have examined how conflicting incentives provided by the multiple recipients of the information affect disclosure outcomes. Understandably, studies have not examined scenarios wherein disclosure incentives from recipients align in the same direction. With aligned incentives, disclosure incentives are presumably additive. This paper challenges such thinking. We model a firm th...
• Where Do I Belong? Prospective Relative Performance Information under High- and Low-Performing Reference Groups AI翻译
  作者：Nieken, Petra; Ressi, Anna
  作者单位：Helmholtz Association; Karlsruhe Institute of Technology; WHU - Otto Beisheim School of Management
  摘要：We present two experiments on the behavioral effects of prospective relative performance information (RPI) when facing multiple reference groups that differ in their implicit performance standard. In Study 1, employees are exogenously assigned to either a high-or low-standard reference group. Our results suggest that employees generally seek to enhance their sense of belonging by conforming to the standard. However, RPI boosts the performance of high-performers assigned to the low-standard gro...
• Using Blockchain, Non-Fungible Tokens, and Smart Contracts to Track and Report Greenhouse Gas Emissions AI翻译
  作者：Jenkins, J. Gregory; Negangard, Eric M.; Sheldon, Mark D.
  作者单位：Auburn University System; Auburn University; University System of Ohio; John Carroll University
  摘要：Global markets are moving toward requiring firms to track and report greenhouse gas emissions across their value chain. This includes self-generated emissions (i.e., Scope 1), emissions from power providers (i.e., Scope 2), and emissions from upstream suppliers and downstream parties (i.e., Scope 3). Yet, obtaining reliable emissions data is a complex task that often relies on cumbersome legacy processes and becomes especially challenging with upstream and downstream emissions. Using the Desig...
• Two-Sided Matching in the Audit Market AI翻译
  作者：Li, Ken; McNichols, Maureen; Raghunandan, Aneesh
  作者单位：McMaster University; Stanford University; Yale University
  摘要：We develop and estimate a two-sided matching model of auditors and clients. We find evidence that auditors and clients engage in matching based on their preferences on both observable and unobservable characteristics. This matching appears to partly explain the Big 4 effect on audit outcomes: after controlling for the effects of matching, we find that the positive influence of having a Big 4 auditor on serious restatements and serious comment letter conversations with the SEC either weakens or...
• The Power of Sharing Failures: The Effects of Failure Disclosure on Exploration Performance AI翻译
  作者：Chen, Clara Xiaoling; Huang, Xian; Wang, Laura W.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Chinese Academy of Sciences; University of Science & Technology of China, CAS
  摘要：Creativity-dependent companies often implement failure disclosure programs to encourage employees to publicly disclose failures encountered in exploration activities with a focus on learning. We examine the effects of failure disclosure on employees' exploration performance using an experiment in which participants perform a letter-search task by counting the search letters in each question (i.e., exploitation) or identifying an embedded shortcut that applies to all questions (i.e., exploratio...
• Does Litigation Risk Shape Environmental Disclosure Decisions? Evidence from Peers' Environmental Disclosure Lawsuits AI翻译
  作者：Robinson, Scott A.; Skinner, A. Nicole; Wang, Jasmine
  作者单位：University of Oregon; University of Colorado System; University of Colorado Boulder; University of Virginia
  摘要：We examine how managers' incentives to minimize litigation risk interact with the unique features of environmental information to shape disclosure decisions. We rely on peer firms' lawsuits to generate variation in environmental disclosure litigation risk, consistent with prior research and anecdotal evidence suggesting that firms perceive an increase in environmental disclosure litigation risk after a peer firm is sued for related disclosures. Although we provide mixed evidence around changes...