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作者：Hann, Rebecca N.; Li, Congcong; Ogneva, Maria
作者单位：University System of Maryland; University of Maryland College Park; Duquesne University; University of Southern California
摘要：We examine the macroeconomic information content of aggregate earnings from the labor market's perspective. We use insights from the labor economics literature to characterize the information contained in aggregate GAAP earnings and its components that is relevant for predicting aggregate job creation and destruction. Our results suggest that not only does aggregate earnings news convey information about future labor market aggregates, but its information content is incremental to other macroe...
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作者：Manchiraju, Hariom; Pandey, Vivek; Subramanyam, K. R.
作者单位：Indian School of Business (ISB); University of Southern California
摘要：We use the staggered adoption of the Universal Demand Laws (UD Laws) to examine the effect of an exogenous reduction in shareholders' ability to litigate on the extent of accounting conservatism. On average, we find an increase in reporting conservatism post-UD. The increased conservatism is concentrated in firms that contemplate equity issuance, with a high proportion of monitoring investors, and high corporate governance quality. In contrast, firms with specific short-term incentives for agg...
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作者：Gallimberti, Carlo Maria
作者单位：Boston College
摘要：I examine the relation between borrowers' financial reporting (FR) and the quality of banks' loan portfolios. This relation is theoretically ambiguous as better FR not only improves banks' monitoring of loans, but also grants more creditworthy borrowers cheaper access to alternative public funding, increasing competition and creating adverse selection problems for banks. Using the adoption of Sarbanes-Oxley Act Section 404 to identify improvements in borrowers' FR, I find an overall positive e...
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作者：Cheng, Lin; Roulstone, Darren T.; Van Buskirk, Andrew
作者单位：China Europe International Business School; University System of Ohio; Ohio State University
摘要：We examine how the ordering of information within quarterly earnings announcements influences investor response to those announcements. Specifically, we examine whether earlier discussion of earnings information, and earlier discussion of qualitatively positive or negative information, is associated with stronger responses to that information. Controlling for the linguistic content of the earnings announcement, we find a positive relation between investor response to information and the priori...
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作者：Bartov, Eli; Cheng, C. S. Agnes; Wu, Hong
作者单位：New York University; Hong Kong Polytechnic University; Fudan University
摘要：Does accounting regime play a role in the well-documented phenomenon of overbidding in M&As? The 2001 regulatory change from a goodwill amortization to a non-amortization regime (SFAS 142) affords us a quasi-experimental setting for testing the consequences of M&A accounting rules for acquirers' bidding decisions. Relying on a novel approach to modeling optimal bidding, our primary finding indicates a significant increase in overbidding in the post-2001 period, suggesting that M&A accounting h...
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作者：Cronin, Matthew; Erkens, David H.; Schloetzer, Jason D.; Tinsley, Catherine H.
作者单位：George Mason University; China Europe International Business School; Georgetown University
摘要：We conducted a clustered randomized field experiment with 20 Brazilian distributorships of a multinational direct sales organization to examine whether controlling failure perceptions through formal communications increases performance. We used the organization's weekly sales meetings to deliver a video-based message from the regional head that either communicates workers should view failure as a natural part of learning rather than an indictment of their ability (treatment condition) or simpl...
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作者：Stinson, Shane R.; Doxey, Marcus M.; Rupert, Timothy J.
作者单位：University of Alabama System; University of Alabama Tuscaloosa; Northeastern University
摘要：In an online experiment, the immediate (Roth) versus deferred taxation of retirement income affects taxpayers' investment decisions such that tax-deferred plan investors under-adjust for future tax burdens and overestimate their future wealth compared to Roth investors. When presented with a specific after-tax monetary goal, Roth account holders invest more in higher-risk, higher-return assets than tax-deferred account holders. We investigate four aspects of this investment context that could ...
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作者：Bartov, Eli; Marra, Antonio; Momente, Francesco
作者单位：New York University; Bocconi University
摘要：We advance a theory asserting that CSR performance may exacerbate, not necessarily moderate, a company's negative stock price response to negative events. In testing this theory, we hypothesize and find that CSR performance alleviates (magnifies) the immediate negative stock price response to inadvertent (fraudulent) restatement announcements, and that these findings are robust to specifications that consider alternative CSR measures and a multitude of control variables shown by prior research...
