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作者：Heese, Jonas; Perez-Cavazos, Gerardo
作者单位：Harvard University
摘要：We study the effects of visits by headquarters' managers on facility-level misconduct. These visits are central to monitoring, but are difficult to observe for a large sample of firms. We use the staggered introduction of airline routes to identify exogenous reductions in travel time between headquarters and facilities as our measure of visits and test whether the reductions affect misconduct. We find that for the at-risk sample, travel-time reductions decrease the number of violations by 2 pe...
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作者：Arif, Salman; De George, Emmanuel T.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Miami
摘要：This paper examines how low financial reporting frequency affects investors' reliance on alternative sources of earnings information. We find that the returns of semi-annual earnings announcers (i.e., low reporting frequency stocks [LRF]) are almost twice as sensitive to the earnings announcement returns of U.S. industry bellwether peers for non-reporting periods compared to reporting periods. Strikingly, these heightened spillovers are followed by return reversals when investors finally obser...
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作者：Kubick, Thomas R.; Robinson, John R.; Starks, Laura T.
作者单位：University of Nebraska System; University of Nebraska Lincoln; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Texas System; University of Texas Austin
摘要：When determining new equity grants, corporate boards face a tradeoff between the CEO's incentives generated from the grant's duration versus those arising from the convexity of the embedded equity risk. We hypothesize and find that boards lengthen the horizon of new compensation grants in the presence of greater preexisting compensation sensitivity to stock return volatility (vega). In addition, consistent with our hypothesis, we find stronger results in the presence of greater left-tail risk....
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作者：Dechow, Patricia M.; You, Haifeng
作者单位：University of Southern California; Hong Kong University of Science & Technology
摘要：We investigate the determinants of analysts' target price implied returns and the implication of our findings for investment decision-making. We identify four broad sets of factors that help explain the cross-sectional variation in target price implied returns: future realized stock returns, errors in forecasting fundamentals, errors in forecasting the expected return to risk, and biases relating to analysts' incentives. Our results suggest that all four sets help explain target price implied ...
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作者：Pyzoha, Jonathan S.; Taylor, Mark H.; Wu, Yi-Jing
作者单位：University System of Ohio; Miami University; State University System of Florida; University of South Florida; Texas Tech University System; Texas Tech University
摘要：We examine whether tone at the top emphasizing firm-level commercial, audit quality, or both goals (balanced) can nonconsciously affect auditors' engagement-level tendency to accept management's estimates, and whether the effects differ if management engages a specialist. This study is motivated by academics' and regulators' increasing attention on firm-level tone at the top and concerns about management bias in audited estimates, especially when the evidence is prepared by management's specia...
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作者：Liu, Yuanyuan; Huang, Zhongwei; Jiang, Like; Messier, William F., Jr.
作者单位：Xi'an Jiaotong University; City St Georges, University of London; University of Melbourne; Norwegian School of Economics (NHH)
摘要：Financial analysts are required to disclose conflicts of interest (COI) in their research reports, but there is limited evidence on the effectiveness of COI disclosures. We investigate whether the influence of disclosing COI in analyst reports on investors' decision making depends on investment horizon. Experimental results show that short-term investors who view a COI disclosure are significantly less willing to invest in the recommended stock compared to short-term investors who do not view ...
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作者：Cho, Young Jun; Kim, Yongtae; Zang, Yoonseok
作者单位：Singapore Management University; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We examine the relation between information externalities along the supply chain and voluntary disclosure. Information transfers from a major customer's earnings announcement (EA) can substitute for its supplier's disclosure. Conversely, if the customer's EA increases uncertainties regarding the supplier's future prospects, it can increase the demand for disclosure. After controlling for information incorporated in supplier returns, we find that the supplier is more likely to issue earnings gu...
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作者：Abramova, Inna; Core, John E.; Sutherland, Andrew
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We study how short-term changes in institutional owner attention affect managers' disclosure choices. Holding institutional ownership constant and controlling for industry-quarter effects, we find that managers respond to attention by increasing the number of forecasts and 8-K filings. Rather than alter the decision of whether to forecast or to provide more informative disclosures, attention causes minor disclosure adjustments. This variation in disclosure is primarily driven by passive invest...
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作者：Pickard, Matthew D.; Schuetzler, Ryan; Valacich, Joseph S.; Wood, David A.
作者单位：Northern Illinois University; Brigham Young University; University of Arizona
摘要：Recent technological advances make it possible to create automated virtual interviewers, called embodied conversational agents (ECAs). We study how an ECA compares to a human interviewer in three experiments. In experiment 1, we show that two theoretically motivated factors-making the ECA facially and vocally similar to the interviewee-result in the ECA performing similarly to or better than human interviewers for six antecedents of disclosure quality. In two additional experiments, we show th...
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作者：Backof, Ann G.; Martin, Roger D.; Thayer, Jane
作者单位：University of Virginia; University System of Georgia; Georgia Institute of Technology
摘要：During a look-back analysis, auditors review prior-period evidence to understand estimation inaccuracies and assess the reliability of management's estimation process. We find that evidence specificity moderates the relation between the consistency of an estimation inaccuracy with management's incentives and auditors' reliability assessments. The direction of an estimation inaccuracy has no effect on auditors' reliability assessments when the prior-period evidence is less specific. When prior-...
