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作者：Donelson, Dain C.; Flam, Rachel W.; Yust, Christopher G.
作者单位：University of Iowa; University of London; London Business School; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Securities litigation is relatively rare, but can significantly affect sued firms. We extend this research by examining the spillover effect of securities litigation on industry peers using a sample of disclosure-related litigation- distinct from events such as restatements and SEC enforcement. We find investors respond immediately as peers exhibit negative abnormal returns before and after case filings. Additionally, peers provide more voluntary earnings and sales forecasts. Notably, investor...
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作者：She, Guoman
作者单位：University of Hong Kong
摘要：This paper studies whether and how mandatory nonfinancial disclosure affects firms' real decisions. I exploit a disclosure regulation enacted in California, which mandates that firms disclose how they conduct due diligence to address their suppliers' human rights abuses. I find that treated firms increase their supply chain due diligence, and their suppliers' human rights performance improves following the regulation. The effects are stronger when firms face greater pressure from non-governmen...
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作者：Bao, Dichu; Kim, Yongtae; Su, Lixin (Nancy)
作者单位：Lingnan University; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); Hong Kong Polytechnic University
摘要：The Securities and Exchange Commission (SEC) allows firms to redact information from material contracts by submitting confidential treatment requests if redacted information is not material and would cause competitive harm upon public disclosure. This study examines whether managers use confidential treatment requests to conceal bad news. We show that confidential treatment requests are positively associated with residual short interest, a proxy for managers' private negative information. This...
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作者：Christensen, Hans B.; Maffett, Mark G.; Ranter, Thomas
作者单位：University of Chicago
摘要：We show that a mid-2000s increase in extraterritorial enforcement of the U.S. Foreign Corrupt Practices Act (FCPA), characterized by greater international regulatory cooperation and more frequent use of the FCPA's accounting provisions, has a significant deterrent effect on foreign direct investment in high-corruption-risk countries. The decrease in investment is at least as large for non-U.S. as for U.S. firms, suggesting that widespread extraterritorial enforcement helps to create a level fo...
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作者：Nezlobin, Alexander A.; Sloan, Richard G.; Giedt, Jenny Zha
作者单位：University of London; London School Economics & Political Science; University of Southern California; George Washington University
摘要：A large body of empirical research in accounting investigates the causes and consequences of accruals quality, reaching numerous influential conclusions. Yet little work has been done to systematically evaluate the validity of the underlying measures of accruals quality. We evaluate these measures using three criteria: (1) Is the measure unaffected by the underlying economic determinants of accruals? (2) Does the measure consistently reflect errors in accruals? (3) Does the measure facilitate ...
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作者：Coleman, Braiden; Merkley, Kenneth; Pacelli, Joseph
作者单位：University System of Georgia; University of Georgia; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Harvard University
摘要：We provide the first comprehensive analysis of the properties of investment recommendations generated by Robo-Analysts,which are human analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations differ from those produced by traditional humanresearch analysts across several important dimensions. First, Robo-Analysts produce a more balanced distribution of buy, hold, and sell recommendations than do human analysts and are les...
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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...
