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作者：Boone, Audra L.; Schumann-Foster, Kathryn; White, Joshua T.
作者单位：Texas Christian University; U.S. Securities & Exchange Commission (SEC); Vanderbilt University
摘要：We study how home-market reporting requirements and listing choices associate with ongoing SEC disclosures by foreign firms and the investor response. The SEC defers material event and interim financial disclosure obligations to foreign firms' home-market regulator or exchange. We find that a growing number of foreign firms incorporate in disclosure havens and have few or no event-driven disclosure obligations. These firms furnish fewer 6-K disclosures, but experience greater investor interest...
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作者：Cho, Hyunkwon; Muslu, Volkan
作者单位：Sungkyunkwan University (SKKU); University of Houston System; University of Houston
摘要：We show that a firm's one-year-ahead capital investments and inventory increase (decrease) when peer firms' Management Discussion and Analysis (MD&A) narratives become more optimistic (pessimistic). This finding is driven by firms that access peer firms' 10-K filings within seven days of their filing date, and remains after controlling for other determinants of a firm's investments as well as economic connections between the firm and peer firms. Moreover, a firm's investment response varies ba...
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作者：Jayaraman, Sudarshan; Milbourn, Todd; Peters, Florian; Seo, Hojun
作者单位：University of Rochester; Washington University (WUSTL); University of Amsterdam; Purdue University System; Purdue University
摘要：We investigate the role of Relative Performance Evaluation (RPE) theory in CEO pay and turnover using a product similarity-based definition of peers (Hoberg and Phillips 2016). RPE predicts that firms filter out common shocks (i.e., those affecting the firm and its peers) while evaluating CEO performance, and that the extent of filtering increases with the number of peers. Despite the intuitive appeal of the theory, previous tests of RPE find weak and inconsistent evidence, which we argue is d...
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作者：Kays, Allison
作者单位：Emory University
摘要：In order to deter aggressive tax planning, the Australian government mandated public disclosure of three line items from large corporations' tax returns. However, there is no evidence that the mandated disclosure led public firms to pay more taxes (Hoopes, Robinson, and Slemrod 2018). Instead, I find that firms strategically offset expected reputational costs by voluntarily issuing supplemental information. Specifically, when managers expect new reputational costs from the mandated tax return ...
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作者：Bourveau, Thomas; Breuer, Matthias; Koenraadt, Jeroen K. G.; Stoumbos, Robert
作者单位：Columbia University; University of London; London School Economics & Political Science; ESSEC Business School
摘要：We describe the development of public company auditing in the U.S. in the early 20th century to gain perspective on current developments in environmental, social, and governance (ESG) assurance. Using a broad sample of historical annual reports spanning four decades, we document three facts: first, the spread of public company auditing occurred steadily over the span of several decades. Second, audit services were initially heterogeneous but became standardized through the audit profession's e...
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作者：Buchanan, Jessica L.; Commerford, Benjamin P.; Wang, Elaine (Ying)
作者单位：Providence College; University of Kentucky; University of Massachusetts System; University of Massachusetts Amherst
摘要：Informed by Perceptual Deterrence Theory, we conduct multiple experiments to investigate when and how auditor actions can help deter manager opportunism. In Study 1A, we find that managers are less likely to use real earnings management (REM) when they expect auditors to both increase scrutiny and communicate their observations to the board. However, this effect occurs only when managers' operational decisions are inconsistent (versus consistent) with peer behavior. Study 1B findings suggest t...
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作者：Huang, Henry He; Wang, Chong
作者单位：Yeshiva University; Hong Kong Polytechnic University
摘要：This paper studies the financial consequences of a reported data breach for bank loan terms. Using a staggered difference-in-differences approach with treatment and control samples matched by data breach propensity, we find that firms that have reported data breaches face higher loan spreads and their loans are more likely to require collateral and demand more covenants. The effects are more pronounced when the data breach involves criminal activities or the loss of a large number of records, ...
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作者：Kim, Jaewoo; Nessa, Michelle; Wilson, Ryan J.
作者单位：University of Oregon; Michigan State University; Michigan State University's Broad College of Business
摘要：We examine the effects of increased competition stemming from corporate tax rate cuts in foreign competitors' home countries on U.S. domestic manufacturing firms. We develop a measure of U.S. domestic firms' exposure to changes in foreign country tax rates and validate that the measure captures increased competition in the U.S. We find that, on average, U.S. domestic firms lose market power following declines in foreign country tax rates. We also find that, on average, U.S. domestic firms resp...
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作者：Kim, Eunjee; Sethuraman, Mani; Steffen, Thomas D.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; Cornell University; Yale University
摘要：We explore the role of investor relations (IR) in debt markets. Using earnings announcements as a laboratory, we examine whether, when, and to what extent IR departments help credit investors assimilate information. We find that the presence of IR decreases (increases) the negative (positive) impact on CDS spreads stemming from bad (good) earnings news, suggesting that IR efforts improve information precision and reduce transparency risk. Cross-sectional analyses suggest that IR matters more w...
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作者：Hobson, Jessen L.; Sommerfeldt, Ryan D.; Wang, Laura W.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Washington State University
摘要：We examine the effect of performance-based pay on misreporting intended to benefit a social mission. We show that performance-based pay decreases people's propensity to misreport for a social mission in a not-for-profit setting ( Experiment 1). We similarly show that in a for-profit setting, performance-based pay also decreases misreporting propensity for a social mission, although not for a non-social mission (Experiment 2). Finally, using a framed field experiment with participants attending...
