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作者：Ashraf, Musaib; Sunder, Jayanthi
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Arizona
摘要：Data breach disclosure laws are state-level disclosure mandates intended to protect individuals from the consequences of identity theft. However, we argue that the laws help reduce shareholder risk by encouraging managers to take real actions to reduce firms' exposure to cyber risk. Consistent with this argument, we find an on -average decrease in shareholder risk, proxied by cost of equity, after the staggered passage of these laws. We also find the effect is attenuated for firms that already...
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作者：Cadman, Brian; Heinle, Mirko S.; Macciocchi, Daniele
作者单位：University of Pennsylvania; University of Miami
摘要：We investigate the relationship between insider horizon and disclosure policy. First, we develop and analyze a rational expectations model assuming insiders are able to commit to a disclosure policy. Insiders with a short horizon prefer more disclosure and are willing to bear costs of disclosure to reduce information asymmetries among capital market participants. We then empirically test our predictions in the setting of newly public firms and firms where the CEO is approaching retirement. We ...
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作者：Jiang, Xu; Kanodia, Chandra; Zhang, Gaoqing
作者单位：Duke University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Corporate managers are often better informed than outside investors about the uncertain future benefits of investments. However, information about investment prospects is not verifiable and therefore not amenable to direct disclosure, but instead inferred by investors from other accounting disclosures. Given this situation, we study the normative question of how the market's perceptions of uncertainty and its beliefs about the expected level of future benefits of investment should factor into ...
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作者：Martin, Xiumin; Seo, Hojun; Yang, Jun; Kim, Daniel Sungyeon; Martel, Jordan
作者单位：Washington University (WUSTL); Purdue University System; Purdue University; Indiana University System; Indiana University Bloomington; Chung Ang University
摘要：We study how corporate boards set earnings performance targets in CEOs' annual incentive plans (AIPs) and the implications for strategic management earning guidance. We find that corporate boards rely on management and analyst information in setting the earnings performance targets, and the weight placed on each signal increases with its precision. We also find that management earnings guidance issued before compensation committee meetings (event-window management forecast (MF)) is more pessim...
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作者：Rajgopal, Shivaram; Srivastava, Anup; Zhao, Rong
作者单位：University of Calgary
摘要：Despite regulators' allegations that digital technology giants misuse their market power to earn abnormal profits, there is a dearth of systematic work on (1) whether digital-tech firms in general, and tech giants in particular, earn excess profits or (2) whether their abnormal profitability, if any, is due to market power. We use two alternative measures of economic profitability in addition to accounting rate of return (ARR): internal rate of return (IRR), which equates current investments t...
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作者：Wang, Kelly K.; Cheng, Mandy M.; Chang, Linda J.
作者单位：University of Technology Sydney; University of New South Wales Sydney
摘要：Prior research shows that individuals exhibit a propensity to surrogate performance measures for their underlying strategy, resulting in suboptimal strategic decisions. We investigate whether the incorporation of flexibility in contemporary performance measurement systems (PMSs) reduces surrogation propensity in the context of product innovation and whether this effect varies depending on environmental dynamism. We conduct a 2 x 2 experiment and find that PMS flexibility significantly lowers m...
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作者：Kim, Jeong-Bon; Lin, Yupeng; Mao, Ying; Wang, Zheng
作者单位：City University of Hong Kong; National University of Singapore; Lingnan University
摘要：This study examines the effect of banking market consolidations via mergers and acquisitions (M & As) on the role of banks in intermediating corporate tax planning through offshore tax haven operations. We find that bank clients significantly increase their tax haven operations after their banks are merged with others. In addition, such an increase is greater when a commercial bank merges with an investment bank and when the clients have greater tax planning opportunities. We also employ netwo...
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作者：Bushee, Brian J.; Taylor, Daniel J.; Zhu, Christina
作者单位：University of Pennsylvania
摘要：Although the shareholder benefits of investor conferences are well-documented, evidence on whether these conferences facilitate managerial opportunism is scarce. We examine whether managers opportunistically exploit heightened attention around the conference to hype the stock. We find that (1) managers increase the quantity of voluntary disclosure leading up to the conference, (2) these disclosures are more positive in tone and increase prices to a greater extent than post-conference disclosur...
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作者：Kielty, Patrick D.; Wang, K. Philip; Weng, Diana L.
作者单位：University System of Ohio; Ohio State University; State University System of Florida; University of Florida; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Complex disclosures have long been a major source of borrowers' poor understanding of mortgages. We examine the effect of simplifying mortgage disclosures in a difference-in-differences design around a significant disclosure rule mandated by the Consumer Financial Protection Bureau in 2015. We find that inexperienced borrowers (first-time home buyers) pay significantly lower interest rates after the disclosure regulation than experienced borrowers (repeat buyers), suggesting that simplifying t...
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作者：Chen, Yi-Chun; Hung, Mingyi; Wang, Lynn Linghuan
作者单位：City University of Hong Kong; Hong Kong University of Science & Technology; University of Hong Kong
摘要：We study whether and how banks' social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit growth after the release of negative bank social performance. In addition, deposits that are impacted by the negative events flow to nearby banks with high social performance. Further analyses find that the...
