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作者：Billett, Matthew T.; Ma, Mark (Shuai); Yu, Xiaoyun
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Shanghai Jiao Tong University
摘要：A firm's initial public offering (IPO) generates negative externalities for industry competitors. To mitigate this threat, incumbent firms manage their earnings downward, issue more negative management forecasts, and use a more negative disclosure tone when their industry peers file for an IPO. Negative accruals reverse when the threat subsides. Incumbents manage earnings more aggressively when costs are small and benefits are large, and when they follow negative disclosures of industry leadin...
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作者：Kim, Sunyoung; Park, Jongwon
作者单位：Monash University; Hong Kong Polytechnic University
摘要：This study examines the performance target response to CEO overconfidence. Using unique hand- collected data on the annual bonus targets of Standard & Poor's (S&P) 1500 firms, we find that boards ratchet targets more aggressively and apply greater ratcheting asymmetry for overconfident CEOs than for non-overconfident CEOs. These findings are robust to a battery of sensitivity tests. We also provide evidence that the increase in target ratcheting for overconfident CEOs is particularly more pron...
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作者：Dai, Lili; Landsman, Wayne R.; Peng, Zihang
作者单位：University of New South Wales Sydney; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：This study provides evidence that private loan issuance offers opportunities for borrowers to learn new information about their own risks and subsequently disclose such information in their risk factor disclosures (RFDs) to satisfy lenders' demand for transparency about borrowers' risks. This loan issuance effect on risk disclosures is more pronounced when greater learning opportunities are present and when lenders have a stronger demand for borrowers' risk information transparency. Further an...
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作者：Bradshaw, Mark T.; Lee, Lian Fen; Peterson, Kyle
作者单位：Boston College; University of Oregon
摘要：We examine firm decisions to provide listings of sell -side analyst coverage on corporate investor relations (IR) websites. These listings are related to three major areas of financial research-voluntary disclosure, investor relations, and analysts. Our hand -collected data permit cross-sectional and time -series analyses. Firms are more likely to have such listings when analysts are more important information intermediaries and when firms are directly involved in managing their IR websites. F...
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作者：Christensen, Brant E.; Cline, Brandon N.; Lundstrom, Nathan G.; Yore, Adam S.
作者单位：Brigham Young University; Mississippi State University; University of Kansas; University of Missouri System; University of Missouri Columbia
摘要：We study off-the-clock indiscretion accusations against corporate officers and directors and examine the extent, effectiveness, and context of auditors' response. In the year that indiscretion allegations are first publicized, auditors charge higher fees and are more likely to resign. Auditors respond to allegations against both top executives and board members. Further, reactions are strongest when allegations demonstrate a lack of individual integrity and, separately, when the audit office h...
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作者：Zufarov, Rustam
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：I examine whether and to what extent firms credibly disclose proprietary private information ahead of seasoned equity offerings. I assess proprietary information disclosures based on the magnitude of the association between a private information-based proxy and stock returns. Using a difference-in-differences design around the Securities Offering Reform (SOR) of 2005, which relaxed restrictions on disclosures, I find that equity-issuing firms disclose more than twice as much proprietary inform...
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作者：Albuquerque, Ana; Albuquerque, Rui; Carter, Mary Ellen; Dong, Qi (Flora)
作者单位：Boston University; Boston College; Boston College; University System of Georgia; Kennesaw State University
摘要：We estimate the pay premium associated with CEO incentive compensation. Using explicit detailed U.S. CEO compensation contract data and simulation analysis, we find that CEOs with riskier pay packages receive a premium for pay at risk that represents 13.5 percent of total pay. The premium is positively correlated with proxies for CEO risk aversion, but implied risk aversion values suggest that the premium is economically smaller than suggested by prior studies. We perform our tests using a var...
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作者：Gomez, Enrique A.; Heflin, Frank; Moon Jr, James R.; Warren, James D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University System of Georgia; University of Georgia; University System of Georgia; Georgia Institute of Technology; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Less-informed investors face greater costs of processing earnings news into actionable information. Our findings suggest financial analysis on social media reduces less-informed investors' disclosure processing costs. We document an attenuated spike in earnings announcement (EA) information asymmetry for quarters containing more financial analysis on social media in the weeks prior to the EA. Cross-sectional evidence suggests this finding is stronger when coverage from traditional intermediari...
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作者：Cahan, Steven F.; Chen, Chen; Chen, Li
作者单位：University of Auckland; Monash University; Australian National University
摘要：How prior trust moderates investor responses to restatements is unknown. We examine how societal trust affects the changes in institutional investors' shareholdings around a restatement. We consider two competing hypotheses based on the erosion of trust and confirmatory bias. We find the change in institutional investors' shareholdings around a restatement is more negative for investors from high trust areas compared to low trust areas, consistent with an erosion of trust where high trust inst...
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作者：Earley, Christine E.; Kuselias, Stephen G.; MacKenzie, Nikki L.
作者单位：Providence College; University System of Georgia; Georgia Institute of Technology
摘要：Regulators and researchers express concern about auditors who leave their firms for employment at their clients, due to lingering relationships which might represent a threat to audit quality. These relationships could negatively impact audit quality through undue influences of the client personnel on auditor judgment. We examine how these relationships influence novice auditors during evidence collection. Understanding the effects of alumni affiliation on evidence collection is important beca...
