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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：Loudis, Johnathan A.
作者单位：University of Notre Dame
摘要：I use a novel decomposition to estimate information and bias components from the returns implied by analyst price targets and provide evidence that prices simultaneously under -react to information and over -react to bias. Price reactions to information are permanent, and prices drift in the direction of their initial reaction for up to 12 months. Price reactions to bias are transitory, and prices reverse their initial reaction after about three months. Price reactions are relatively efficient...
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作者：Bonham, Jonathan D.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：I study productive activity, measurement, and compensation in a principal agent model that relaxes common restrictions on the action set of the agent, the distribution of performance measures, and the shape of the wage schedule. The solution to this relaxed problem unifies insights from extant theory and shares features with well-known empirical phenomena. In particular, the optimal outcome distribution has a kink, optimal measurement is conservative, and optimal wages ensure congruent incenti...
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作者：Mekhaimer, Mohamed; Soliman, Marwa; Zhang, Weining
作者单位：Saint John Fisher University
摘要：We examine the relation between political uncertainty and narrative disclosure complexity in conference calls. Using firm -level political uncertainty, we find that political uncertainty is positively associated with firms' disclosures complexity as measured by the Fog index. Decomposing complexity into two latent components- information and obfuscation-we show that political uncertainty significantly increases the obfuscation but has no impact on the information. Further analysis reveals that...
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作者：Lyle, Matthew R.; Yohn, Teri
作者单位：Emory University
摘要：This study offers solutions to help address practical issues researchers generally overlook when assessing gains from a trading signal. Specifically, the methodologies used in previous research generally ignore investor risk aversion when forming portfolios, do not update portfolios as signals arrive, exploit look -ahead biases, do not assess the incremental gains of a new signal, and do not consider market frictions. We examine trading signals based on post -earnings announcement drift (PEAD)...
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作者：Bourveau, Thomas; Kepler, John D.; She, Guoman; Wang, Lynn Linghuan
作者单位：Columbia University; Stanford University; University of Hong Kong
摘要：We study how vertical integration shapes firms' public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners and predicts a substitution between vertical integration and public disclosure of future strategic plans, since the internalization of production reduces the need to publicly coordinate. Using data on the extent of vertical integration, we find that firms that become more vertically integrated reduce their public disclosures about the...
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作者：Mayberry, Michael A.; Park, Hyun Jong; Zhang, Wei
作者单位：State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Massachusetts System; University of Massachusetts Amherst
摘要：We examine how the shifting of legal liability between auditors and clients affects financial reporting quality. We exploit the state-level adoption and rejection of a common law doctrine, the Audit Interference Rule (AIR), which shifts legal liability between auditors and clients, while not affecting total legal liability. The likelihood of restatements declines following staggered rejections of the AIR that shift risk to clients. Path analysis indicates that audit fees increase following AIR...
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作者：Park, Gitae
作者单位：City St Georges, University of London
摘要：I examine the real effects of a disclosure mandate that, with the aim of enhancing performance reporting, requires a subset of London Stock Exchange (LSE) firms to describe operational and strategic aspects of value creation, such as business operations and strategies, in their annual reports. Using an instrumented differencein -differences design, I find that compliance with this initiative, evidenced by more disclosures of performance measures and commentaries relating to business operations...
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作者：Bushee, Brian J.; Huang, Ying (Julie)
作者单位：University of Pennsylvania; Pennsylvania Medicine; University of Louisville
摘要：This paper examines whether analysts and investors efficiently incorporate the informational signals from managerial linguistic complexity (e.g., Fog) into their forecasts and trading decisions. We predict that a manager's Fog during a conference call provides a signal of their private information through their willingness to engage with analyst questions. We find that informative (obfuscatory) managerial Fog provides a positive (negative) signal of future earnings growth. We also find that an...
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作者：Kim, Jaewoo; Schonberger, Bryce; Wasley, Charles; Yang, Yucheng (John)
作者单位：University of Oregon; University of Colorado System; University of Colorado Boulder; University of Rochester; Chinese University of Hong Kong
摘要：This study examines whether information revealed by firms' earnings announcements (EAs) forecasts short-run market-wide volatility in equity index prices. Using an exponential generalized autoregressive conditional heteroskedasticity model that includes controls for the information in an array of macroeconomic announcements, we find that EA information aggregated across firms forecasts market volatility at daily and weekly intervals. EA information's forecasting power is greatest when more fir...
