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作者：Ferguson, Patrick J.
作者单位：University of Melbourne
摘要：To better understand supervisors' outcome bias, I use a regression discontinuity design that compares coaches' performance assessments of professional football players involved in narrow wins and losses. I document that supervisors over-react to negative outcomes, sharply lowering performance ratings and tripling subordinate turnover. I find that supervisors' evaluations that subjectively incorporate information from more incomplete objective performance measures are more prone to outcome bias...
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作者：Hanlon, Michelle; Verdi, Rodrigo S.; Yost, Benjamin P.
作者单位：Massachusetts Institute of Technology (MIT); Boston College
摘要：We hypothesize that prior evidence of target shareholder capital gains tax liabilities affecting acquisition features is driven by the tax liabilities of the target firm CEO. To test this, we estimate CEOs' capital gains tax liabilities for a large sample of acquisitions and examine the effects of such liabilities on acquisition outcomes. Results indicate that the previously documented positive relations between shareholder-level capital gains tax rates and (1) the likelihood of a nontaxable a...
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作者：Eastman, Evan M.; Eckles, David L.; Van Buskirk, Andrew
作者单位：State University System of Florida; Florida State University; University System of Georgia; University of Georgia; University System of Ohio; Ohio State University
摘要：The Patient Protection and Affordable Care Act (ACA) requires that insurers spend a minimum amount of their premium revenue on policyholder benefits. The Act specifies enforcement via a combination of insurer self-reporting, government examinations, and payment of policyholder rebates in cases where insurers fail to meet the required spending amount. We find that insurers' reported estimates are consistently overstated in situations in which more accurate estimates would have triggered rebate ...
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作者：Campbell, John L.; Khan, Urooj; Pierce, Spencer
作者单位：University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin; State University System of Florida; Florida State University
摘要：Prior research finds that unrealized gains/losses on cash flow hedges are negatively associated with future earnings, and that investors and analysts fail to anticipate this association. These studies speculate that this mispricing is due to either poor derivatives disclosures or the accounting model for cash flow hedges. We examine whether enhanced mandatory derivatives disclosures set forth in FAS 161 improve users' understanding of firms' hedging activities and offer three main findings. Fi...
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作者：Ball, Ryan T.; Cuny, Christine
作者单位：University of Michigan System; University of Michigan; New York University
摘要：This study develops and applies a model-implied measure of information imprecision. We define information imprecision as the degree of noise in investors' prior beliefs about the firm's asset value based on the information set that is currently available. We present a model of credit default swap (CDS) spreads in which the term structure is a function of information imprecision. We exploit observable CDS spreads with short and long maturities to extract an empirical measure of information impr...
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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：Brueggen, Alexander; Grabner, Isabella; Sedatole, Karen L.
作者单位：Maastricht University; Vienna University of Economics & Business; Emory University
摘要：Periodic demand forecasts are the primary planning and coordination mechanism within organizations. Because most demand forecasts incorporate human judgment, they are subject to both unintentional error and intentional opportunistic bias. We examine whether a disaggregation of the forecast into various sources of demand reduces forecast error and bias. Using proprietary data from a manufacturing organization, we find that absolute demand forecast error declines following the implementation of ...
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作者：Gipper, Brandon; Hail, Luzi; Leuz, Christian
作者单位：Stanford University; University of Pennsylvania; University of Chicago
摘要：We analyze the effects of partner tenure and mandatory rotation on audit quality, pricing, and production for a large cross-section of U.S. public firms during 2008-2014. On average, we find no evidence that audit quality declines over the tenure cycle and little support for -fresh-look benefits provided by the new audit partner. Audit fees decline and audit hours increase after mandatory rotation, but then reverse over the tenure cycle. We also find evidence that audit firms use shadowing in ...
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作者：Bloomfield, Robert J.; Rennekamp, Kristina; Steenhoven, Blake; Stewart, Scott
作者单位：Cornell University
摘要：We present 179 investment professionals with a scenario that manipulates whether a male or female analyst persists in pitching a stock pick after it has been voted down. Respondents evaluate analysts as less promotable when they do not persist, but only if the analyst is female. Results are consistent with categorization theory, which suggests that evaluators rely on stereotypes to interpret unexpected behaviors. In male-dominated settings, the same unexpected behavior may be perceived as evid...
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作者：Ang, James S.; Hsu, Charles; Tang, Di; Wu, Chaopeng
作者单位：State University System of Florida; Florida State University; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics; Xiamen University
摘要：We examine whether social media criticisms posted by small investors can predict subsequent firm acquisition decisions. Specifically, we use textual analysis to examine the internet stock message board postings of 303 value-reducing acquisition attempts. Our empirical evidence shows that small investors' negative postings are able to predict a potential acquirer's subsequent decision to withdraw its attempt. We further find that this predictive ability increases with the information quality of...
