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作者：Bailey, Charles D.
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作者：Kimbrough, Michael D.; Paharia, Neeru; Wang, Xu (Frank); Wei, Sijing
作者单位：University System of Maryland; University of Maryland College Park; Arizona State University; Arizona State University-Tempe; Saint Louis University; Creighton University
摘要：We provide evidence from the first short -window event study of consumers' perceptual responses to earnings announcements using daily consumer perception data. We document a positive association between the change in consumers' overall perceptions of a brand at the time of the earnings announcement and the earnings surprise-that is, a positive consumer earnings response coefficient (CERC). CERC is larger when there is greater traditional news or social media activity, indicating that news diss...
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作者：Lee, Charles M. C.; Wang, Yanruo; Zhong, Qinlin
作者单位：University of Washington; University of Washington Seattle; Stanford University; Fudan University
摘要：We develop and evaluate an accounting -based Loan Portfolio Risk (LPR) variable that captures timevarying contagion effects in default risk for a portfolio of bank loans. Our results show that an Equity-to-LPR ratio (ELPR) is additive in predicting bank failure up to five years in advance, after controlling for all the capital adequacy, asset quality, management experience, earnings, liquidity, and sensitivity to market risks (CAMELS) variables as well as other fundamental -based bank risk mea...
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作者：Kunneke, Judith
作者单位：Tilburg University
摘要：Organizations invest heavily in supervision to increase the competitive advantage of their human capital. Although recent studies show that supervisors add value in general, it is not well understood what specific supervisory behaviors are relevant for employee career outcomes. To that end, this study explores the performance evaluation process and focuses on supervisors' evaluation behavior. Interpreting a supervisor's tendency to differentiate as a way of advancing employee development, I pr...
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作者：Aghamolla, Cyrus; Guttman, Ilan; Petrov, Evgeny
作者单位：Rice University; New York University; University of Zurich
摘要：Firms with correlated fundamentals often issue reports sequentially, leading to information spillovers. The theoretical literature has investigated multifirm reporting, but only when firms report simultaneously. We examine the implications of sequential reporting, where firms aim to maximize their market price and can manipulate their reports. The introduction of sequentiality significantly alters the biasing behavior of firms and the resulting informational environment relative to simultaneou...
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作者：Maksymov, Eldar; Peecher, Mark E.; Pickerd, Jeffrey; Zhou, Yuepin (Daniel)
作者单位：Arizona State University; Arizona State University-Tempe; University of Illinois System; University of Illinois Urbana-Champaign; University of Mississippi
摘要：Research indicates that auditors have an impoverished understanding of trial preparation factors that, independent of audit quality, can significantly elevate audit litigation risk. As the scholarly literature sheds little insight about the nature and implications of these factors, we identify what factors audit litigators consider in trial preparation, how they expect these factors to affect litigation outcomes, and how they attempt to leverage these factors. To do so, we interview 39 audit l...
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作者：Kramer, Stephan; Mate, Michal
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Arizona State University; Arizona State University-Tempe
摘要：Although it is well understood that product market competition acts as a disciplining mechanism that reduces inefficiencies, our understanding of the implications for firms' incentive design choices is still limited. We use a comprehensive new measure of competition and examine its effect on four major choices: CEO equity portfolio incentives, annual bonus plan incentives, choice of performance measures, and difficulty of financial performance targets. We find that competition reduces firm pro...
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作者：Donovan, John B.; Mcmartin, Andrew S.; Phillips, Matthew A.
作者单位：University of Notre Dame; University of Delaware; Massachusetts Institute of Technology (MIT)
摘要：We study whether recognition versus disclosure affects debt contracting using SFAS 158 as a setting. Upon recognition of previously disclosed pension liabilities, we find that debt contracts of firms that have high pension underfunding contain relatively more covenants based on the balance sheet and a lower cost of debt. Additional analysis suggests that improved reliability of recognized information is a likely mechanism for these findings. We also document that recognition did not affect the...
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作者：Guo, Qiang; Koch, Christopher; Zhu, Aiyong
作者单位：University of Southern Denmark; Johannes Gutenberg University of Mainz; Southwestern University of Finance & Economics - China
摘要：This study provides novel evidence on the magnitude of switching costs in auditing. Using a discrete choice approach, we infer switching costs from clients' audit firm choices. The demand estimation reveals that switching costs are significant and vary by direction, with the highest costs associated with switching from non-Big 4 to Big 4 audit firms. Counterfactual analyses of forced switches suggest that switching costs are substantial, ranging from 0.7 billion U.S. dollars (14.2 percent of a...
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作者：Stephan, Andrew
作者单位：University of Colorado System; University of Colorado Boulder
摘要：I investigate whether algorithmic trading (AT) affects the provision of management guidance. Existing research finds that AT decreases fundamental information acquisition before earnings announcements and consequently reduces the informativeness of prices. To compensate for reduced information acquisition, I predict and find that managers at firms with more AT activity increase the quantity and quality of guidance issued at earnings announcements. Evidence is consistent with managers respondin...
