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作者：Wang, Wei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-indifferences research design, I show that restatements trigger a significant reduction in liquidity creation. This effect derives mainly from banks shifting away from illiquid assets and toward liquid assets. Further analysis reveals that restatements affect liquidity creat...
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作者：Sinha, Kirti
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper examines whether laws requiring oil and gas firms to disclose the chemicals used in their fracking operations affect the mortgage lending activity for properties located in nearby areas. I hypothesize and find that the disclosure mandate reduces uncertainty about the value of housing collateral and subsequently increases (1) the probability of obtaining a mortgage by 2.5 percentage points (pp), and (2) loan-to-value by 2.2 pp. My main analyses exploit the variation in the location o...
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作者：Core, John E.; Packard, Heidi A.
作者单位：Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：A large body of empirical work provides mixed support for the central prediction from agency theory that noisier performance measures receive less weight in incentive contracts. We develop a method to calculate price-based and non-price-based performance measure weights using CEO pay and holdings of stock, options, and performance-vested awards. Consistent with theory, we find that noisier performance measures receive less weight. We find that this negative relation strengthened following the ...
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作者：Christensen, Derek M.; Linsmeier, Thomas J.; Wangerin, Daniel D.
作者单位：University of Oregon; University of Wisconsin System; University of Wisconsin Madison
摘要：This research evaluates whether reporting incentives and consequences change under the new lease accounting standard. Under prior guidance (SFAS 13), we predict and find firms with high financing cost sensitivities to leverage have greater incentive to finance investments with operating leases. Under the new lease accounting standard (ASU 2016-02), we predict and find this leverage incentive remains but is reduced, consistent with the FASB's objective to limit opportunities to structure lease ...
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作者：Chapman, Kimball L.; Miller, Gregory S.; Neilson, Jed J.; White, Hal D.
作者单位：Washington University (WUSTL); University of Michigan System; University of Michigan; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Notre Dame
摘要：A dedicated investor relations (IR) function facilitates direct and ongoing dialog between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with increased investor confidence in management and the board, as well as a lower likelihood of activism, with this deterrent effect becoming stronger when there are fewer frictions surrounding the development of mu...
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作者：Christensen, Dane M.; Serafeim, George; Sikochi, Anywhere
作者单位：University of Oregon; Harvard University
摘要：Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm's ESG disclosure helps explain some of this disagreement. We predict and find that greater ESG disclosure actually leads to greater ESG rating disagreement. These findings hold using firm fixed effects and using a difference-in-differences ...
