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作者：Barcellos, Leonardo P.; Kadous, Kathryn
作者单位：Emory University
摘要：Reactions to earnings calls are sensitive to subtle features of managers' speech, but little is known about the effect of nonnative accents in this setting. Nonnative-accented CEOs may avoid holding calls in English for fear of investors' negative stereotypes. However, theory indicates that stereotypes from the CEO position and nonnative accents conflict, and that the process of reconciling conflicting stereotypes requires effortful processing. We use a series of four experiments to test each ...
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作者：Abdalla, Ahmed M.; Carabias, Jose M.
作者单位：Monash University; University of London; London School Economics & Political Science
摘要：We propose and find that aggregate special items conveys more information about future real GDP growth than aggregate earnings before special items because the former contains advance news about future economic outcomes. A two-stage rational expectations test reveals that professional forecasters fully understand the information content of aggregate earnings before special items, but underestimate that of aggregate special items when revising their GDP forecasts. Using vector autoregressions, ...
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作者：Chen, Xia; Li, Na; Lin, An-Ping
作者单位：Singapore Management University; York University - Canada
摘要：A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 20042016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting, on average, two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms w...
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作者：Thomas, Jacob K.; Zhang, Frank; Zhu, Wei
作者单位：Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Disclosure is of fundamental interest to accounting research. When the sign/magnitude of disclosed news is unclear, the information in disclosure events is inferred using the ratio of return volatilities during event and non-event windows (Beaver 1968). We show that return noise due to microstructure frictions and mispricing affects this ratio, and that effect is comparable to or exceeds that of information content. We use the SEC's Tick Size Pilot program to confirm the causal effect of retur...
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作者：Balakrishnan, Karthik; Gkougkousi, Xanthi; Landsman, Wayne R.; Taori, Peeyush
作者单位：Rice University; University of North Carolina; University of North Carolina Chapel Hill; University of Hong Kong
摘要：This study examines how the market share of dark venues changes at earnings announcements. Our analysis shows a statistically significant increase in dark market share in the weeks prior to, during, and following the earnings announcement. We also predict and find evidence that increases in dark market share around earnings announcements are higher for firms with high-quality accounting information. In addition, we find a positive relation between the change in dark market share and the speed ...
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作者：Wang, Kemin; Wang, Rencheng; Wei, K. C. John; Zhang, Bohui; Zhou, Yi
作者单位：Fudan University; Singapore Management University; Hong Kong Polytechnic University; The Chinese University of Hong Kong, Shenzhen
摘要：Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chin...
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作者：Hendricks, Bradley E.; Landsman, Wayne R.; Pena-Romera, F. Dimas
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Arizona State University; Arizona State University-Tempe
摘要：This study examines whether audit firms hire former PCAOB employees in response to negative PCAOB inspection reports, and whether such hiring leads to reductions in future inspection deficiencies and an increase in audit quality. We find that the number of PCAOB employees hired by large audit firms is positively related to the number of deficiencies reported in their prior inspection reports, and that the number of deficiencies reported in firms' future inspection reports is negatively associa...
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作者：Guest, Nicholas M.; Kothari, S. P.; Pozen, Robert C.
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive substantial unexplained pay. Crucially, this result remains even after controlling for the level of non-GAAP and GAAP earnings. These firms are relatively poor performers (i.e., low GAAP earnings and stock returns) and have less powerful CEOs, consistent with non-GAAP earnings being used as justification when high executive pay is more likely to cause outrage. Additionally, despite the lower GAAP and ret...
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作者：Cao, Tongrui; Duh, Rong-Ruey; Tan, Hun-Tong; Xu, Tu
作者单位：Nankai University; Tunghai University; Nanyang Technological University; Renmin University of China
摘要：Audit firms have invested significantly in data analytics (DA). However, evidence shows that auditors are often reluctant to rely on DA. A major auditor concern is that inspectors will second-guess the audit evidence gathered using DA. Drawing on psychology research, we examine how the effect of inspection risk on auditors??? reliance on DA is moderated by a fixed mindset (a belief that one???s ability is fixed) versus a growth mindset (a belief that one???s ability is malleable). In an experi...
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作者：Casas-Arce, Pablo; Martinez-Jerez, F. Asis
作者单位：Arizona State University; Arizona State University-Tempe; Cornell University
摘要：This paper investigates whether leadership style moderates the effect of leader incentives on the performance of teams. In collaboration with a Latin-American bank, we engineered a field experiment by designing a series of contests among the bank branches with varying prize structures. We find evidence that providing explicit incentives to team leaders has a positive effect on team performance. However, the effect of incentives differs based on the manager's leadership style and team character...
