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作者：Bushee, Brian J.; Goodman, Theodore H.; Sunder, Shyam V.
作者单位：University of Pennsylvania; Purdue University System; Purdue University; University of Arizona
摘要：This paper provides evidence that financial reporting quality (FRQ) influences the holding costs of trading strategies. While prior research has focused on the benefits of investment strategies based on poor FRQ (i. e., larger returns due to a greater amount of private information), we examine whether poor FRQ imposes greater holding costs on certain trading strategies. We show that poor FRQ motivates sophisticated investors with short-term horizons to tilt their portfolios away from value sto...
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作者：Rackliffe, Usha; Waymire, Gregory B.
作者单位：Emory University; Emory University
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作者：Bao, Dichu; Kim, Yongtae; Mian, G. Mujtaba; Su, Lixin (Nancy)
作者单位：Hong Kong Polytechnic University; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); Zayed University; Lingnan University
摘要：Prior studies provide conflicting evidence as to whether managers have a general tendency to disclose or withhold bad news. A key challenge for this literature is that researchers cannot observe the negative private information that managers possess. We tackle this challenge by constructing a proxy for managers' private bad news (residual short interest) and then perform a series of tests to validate this proxy. Using management earnings guidance and 8-K filings as measures of voluntary disclo...
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作者：Brochet, Francois; Miller, Gregory S.; Naranjo, Patricia; Yu, Gwen
作者单位：Boston University; University of Michigan System; University of Michigan; Rice University
摘要：We examine how managers' ethnic cultural background affects their communication with investors. Using earnings conference calls with executives from 42 countries, we find that managers from ethnic groups that have a more individualistic culture use a more optimistic tone and exhibit greater self-reference. Managers' ethnic culture has a lasting effect and persists for executives whose work experience later exposes them to different ethnic cultures. The effect of ethnic heritage is observed in ...
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作者：Mauler, Landon M.
作者单位：State University System of Florida; Florida State University
摘要：I examine whether analysts' tax forecasts are informative to investors and whether analysts' tax forecasts impact firm behavior. Using I/B/E/S data from 2002-2014, I find that investors utilize both analysts' pre-and after-tax earnings forecasts in evaluating firm performance, indicating analysts' tax forecasts are value-relevant. Furthermore, evidence that investors discount earnings management through the income tax expense is limited to firms with tax forecast coverage. In examining the imp...
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作者：Heinrichs, Anne; Park, Jihwon; Soltes, Eugene F.
作者单位：Columbia University; Harvard University
摘要：Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors who do not hold a position in the firm are a leading consumer. We show that buy-side non-holders who consume calls are more likely to hold positions in competitors and to purchase the stock in the future. In addition, many invest...
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作者：Pfister, Jan A.; Lukka, Kari
作者单位：University of Turku
摘要：This field study investigates an empirical setting where the introduction of new formal results controls-stretch targets for productivity that are seemingly unachievable with current process efficiencies-is associated with high productivity gains over extended periods of time. Contrary to findings from the prior management accounting research, employees meet the targets by being creative and risk-taking in continuously innovating processes, despite the pressure induced by high target-level dif...
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作者：Hurley, Patrick J.; Mayhew, Brian W.; Obermire, Kara M.
作者单位：Northeastern University; University of Wisconsin System; University of Wisconsin Madison; Oregon State University
摘要：We use experimental economic markets to examine the impact of changing institutional design features on audit quality. Specifically, we manipulate auditors' economic accountability to managers by altering who hires the auditor-a manager or an independent third party-and auditors' psychological accountability to investors by explicitly stating that the auditor is hired on the investors' behalf. Our design shifts auditors' accountability from managers, who have directional goal preferences, to i...
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作者：Goncharov, Igor; Peter, Caspar David
作者单位：Lancaster University; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：Firms coordinate their actions with industry peers, thereby affecting product market competition. Using the cartel setting, we investigate how financial reporting transparency affects industry coordination. Economic theory predicts that transparency might either prolong cartel duration through increased contracting efficiency, or destabilize cartels due to earlier detection of deviating members. We test these predictions on firms indicted by the European Commission for anticompetitive behavior...
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作者：Nichol, Jennifer E.
作者单位：Northeastern University
摘要：This study examines the effects of incentive contract framing on misreporting and entitlement. I conduct a 2 3 2 between-subjects experiment, manipulating incentive contract framing (Bonus/Penalty) and the awareness of the opportunity to misreport (Before Effort/After Effort). I predict and find that (1) penalty contracts cause a higher rate and degree of misreporting, and (2) this greater misreporting occurs due to a greater sense of entitlement to the incentive funds. Collectively, this stud...
