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作者：Beck, Matthew J.; Mauldin, Elaine G.
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作者：Gu, Zhaoyang; Li, Zengquan; Yang, Yong George; Li, Guangqing
作者单位：Chinese University of Hong Kong; Shanghai University of Finance & Economics
摘要：We examine how hometown, school, and workplace ties between financial analysts and mutual fund managers affect their business decisions. We show that a fund manager is more likely to hold stocks covered by analysts with whom she is socially connected, and that she also makes higher profits from these holdings. Such social tie-related holding returns are higher among more opaque firms. In return, a fund manager tends to cast her star analyst votes in favor of her connected analysts, and her fun...
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作者：Arya, Anil; Mittendorf, Brian; Ramanan, Ram N. V.
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Organizations with a mission that extends beyond profit to achieve broader objectives are becoming increasingly common. This paper studies such hybrid entities-firms that value the profits they generate, as well as the utility they provide to customers-and details their implications for industry disclosure practices. The findings demonstrate that disclosure incentives are perturbed not just from being a hybrid entity, but also from competing with such entities. Accounting for both competitive ...
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作者：Davidson, Robert H.; Dey, Aiyesha; Smith, Abbie J.
作者单位：Virginia Polytechnic Institute & State University; Harvard University; University of Chicago
摘要：We study the role of individual CEOs in explaining corporate social responsibility (CSR) scores. We find that CEO fixed effects explain 59 percent of the variation in CSR scores, whereas firm fixed effects explain 23 percent of the variation in CSR scores. Specifically, firms led by materialistic CEOs have lower CSR scores, fewer strengths, and more weaknesses. Finally, we document that CSR scores in firms with non-materialistic CEOs are positively associated with accounting and stock price pe...
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作者：Lourie, Ben
作者单位：University of California System; University of California Irvine
摘要：Equity analysts are often hired by firms they cover. I document the extent to which this revolving door phenomenon impairs analysts' independence. I do this by examining the presence of biased research reports issued during the year before analysts are employed by a firm they cover. I find that during their final year, revolving door analysts bias their EPS forecasts, their target prices, and their recommendations in a direction that suggests that they are attempting to gain favor from their p...
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作者：Black, Johnathan; Chen, Jeff Zeyun; Cussatt, Marc
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作者：Utke, Steven
作者单位：University of Connecticut
摘要：I examine the role of heterogeneous shareholder-level taxes in organizational form decisions and in subsequent changes in investor stock ownership. Specifically, I investigate the decision to form a master limited partnership (MLP), which is a tax-advantaged entity for tax-sensitive shareholders, but a tax-disadvantaged entity for tax-exempt shareholders. Consistent with shareholder-level taxes influencing organizational form decisions, I find that firms owned by more tax-exempt shareholders a...
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作者：Gao, Pingyang; Zhang, Gaoqing
作者单位：University of Chicago; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study firms' investment in internal controls to reduce accounting manipulation. We first show that peer managers' manipulation decisions are strategic complements: one manager manipulates more if he believes that reports of peer firms are more likely to be manipulated. As a result, one firm's investment in internal controls has a positive externality on peer firms. It reduces its own manager's manipulation, which, in turn, mitigates the manipulation pressure on managers at peer firms. Firms...
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作者：Liang, Pierre Jinghong; Zhang, Gaoqing
作者单位：Carnegie Mellon University; University of Minnesota System; University of Minnesota Twin Cities
摘要：In this paper, we analyze the social value of accounting objectivity in maintaining financial stability. Building on an early influential accounting study by Ijiri and Jaedicke (1966), we operationalize two informational properties, accuracy (free of collective bias) and objectivity (degree of consensus), in a correlated information structure and embed them into a model of runs on financial institutions. We show that when compared with the accuracy property, the objectivity property exhibits a...
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作者：Lyle, Matthew R.
作者单位：Northwestern University
摘要：This study finds that the association between future stock returns and information quality depends on how option-like is the firm's equity. Firms that have more growth options are more option-like. The association between future stock returns and information quality is negative (positive) for those firms with equity that is least (most) option-like. These results are consistent with traditional asset pricing theory and are robust to numerous empirical specifications. Collectively, these findin...
