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作者：El Ghoul, Sadok; Guedhami, Omrane; Kim, Yongtae; Yoon, Hyo Jin
作者单位：University of Alberta; University of South Carolina System; University of South Carolina Columbia; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); University of Texas System; University of Texas El Paso
摘要：Using data from 19 countries over the 1990-2015 period, we examine how economic policy uncertainty (EPU) affects accounting quality. We find that accounting quality, measured based on Nikolaev's (2018) model, increases during periods of high policy uncertainty. This relation is confirmed by the negative association between EPU and performance-adjusted discretionary accruals in a multivariate setting, and it extends to various alternative measures of earnings properties. We also find that the p...
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作者：Balakrishnan, Karthik; Ertan, Aytekin
作者单位：Rice University; University of London; London Business School
摘要：Does enhancing banks' information sets and understanding of credit risks improve loan loss recognition? We study this question using a global dataset of staggered initiations and coverage increases of public credit registries (PCRs). Mandated by national regulators, PCRs collect borrower and loan information from lenders and share it with the banks in the financial system. This setting represents a significant improvement in banks' assessment of loss events. We find that PCR initiations and co...
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作者：Ellahie, Atif; Hayes, Rachel M.; Plumlee, Marlene A.
作者单位：Utah System of Higher Education; University of Utah
摘要：Theoretical work generally predicts a negative association between disclosure and risk premium, where additional disclosure reduces estimation risk or information asymmetry. However, empirical studies frequently report mixed results. Recent theoretical studies suggest that the association between disclosure and risk premium is not necessarily always negative, and could be positive (or less negative). For example, Dutta and Nezlobin (2017) show that disclosure can be associated with higher risk...
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作者：Schloetzer, Jason D.; Tseng, Ayung; Yohn, Teri Lombardi; Yoon, Yeo Sang
作者单位：Georgetown University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Emory University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We find that firms are less likely to disclose information regarding a negative economic event for which the firm is likely to be blamed than a negative event for which the firm is likely to be perceived as blameless. We identify 383 material negative events (casualty accidents, oil spills, catastrophes, investor class action lawsuits) and find that firms are approximately four times less likely to disclose information following a negative blamed event than a blameless event. Consistent with d...
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作者：Li, Jing; Liu, Tingjun; Zhao, Ran
作者单位：University of Hong Kong; Peking University
摘要：We examine takeover auctions when an informed bidder has better information about the target value than a rival and target shareholders. The informed bidder's information is either hard or soft, and only hard information can be credibly disclosed. We show that withholding information creates a winner's curse, thereby serving as a preemption device that deters the rival's participation. In turn, an endogenous disclosure cost arises that induces the informed bidder to optimally withhold favorabl...
