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作者：Akins, Brian
作者单位：Rice University
摘要：This study finds that better reporting quality is associated with less uncertainty about credit risk as captured by disagreement among the credit rating agencies. The results also show that reporting quality is more important in reducing uncertainty when debt market participants have less access to private information. To mitigate endogeneity concerns, I use the quasi-natural experiment induced by a change in accounting standards that improved reporting quality. Implementation of the standard ...
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作者：Anantharaman, Divya; Chuk, Elizabeth C.
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of California System; University of California Irvine
摘要：Experts have long conjectured that pension accounting rules, by which pension expense depends on a managerial estimate that is directly tied to the riskiness of plan assets (i.e., the expected rate of return, or ERR, on plan assets), encourage risk-taking with pension investments. The recent passage of IAS 19, Employee Benefits (Revised) (hereafter, IAS 19R) eliminates the ERR and replaces it with a managerial estimate unrelated to plan asset riskiness (the discount rate). We demonstrate that ...
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作者：Cardinaels, Eddy; Chen, Clara Xiaoling; Yin, Huaxiang
作者单位：KU Leuven; Tilburg University; University of Illinois System; University of Illinois Urbana-Champaign; Nanyang Technological University
摘要：Many companies administer wage policies based on tournaments or have different salaries attached to various promotion-based ranks within the company. Employees, however, do not always receive information about pay-level differences at higher ranks prior to joining the company. While some companies openly disclose prize spread information across these ranks, others keep such information secret. In this paper, we experimentally investigate whether the availability of tournament prize spread info...
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作者：Lin, Yupeng; Mao, Ying; Wang, Zheng
作者单位：National University of Singapore; Lingnan University; City University of Hong Kong
摘要：We document peer effect as an important factor in determining corporate voluntary disclosure policies. Our identification strategy relies on a discontinuity in the distribution of institutional ownership caused by the annual Russell 1000/2000 index reconstitution. Around the threshold of the Russell 1000/2000 index, the top Russell 2000 index firms experience a significant jump in institutional ownership compared with their closely neighbored bottom Russell 1000 index firms due to index funds'...
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作者：Messier, William F., Jr.; Schmidt, Martin
作者单位：Norwegian School of Economics (NHH); heSam Universite; ESCP Business School
摘要：This paper reports on the first experimental study to examine how materiality and client pressure affect auditors' judgments of two detected misstatements that have offsetting effects on the client's income. One hundred forty-three experienced German auditors completed a case that varied the misstatement distribution (same or different accounts), the presence or absence of client pressure, and quantitative materiality of the misstatements nested in the client pressure condition (net amount les...
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作者：Koo, David S.; Lee, Dongyoung
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; McGill University
摘要：We examine the role of the chief marketing officer (CMO) in corporate voluntary disclosure of future revenues. Using a sample of S&P 1500 firms for the period from 2003 to 2011, we find that the presence of an influential CMO in top management is positively associated with the likelihood of a firm issuing a management revenue forecast. We also find that firms with an influential CMO provide more accurate revenue forecasts than other firms. These findings extend to long-window change analyses a...
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作者：Einhorn, Eti
作者单位：Tel Aviv University
摘要：This study analyzes corporate voluntary disclosures to the capital market in the presence of competing information sources, from which traders can subsequently obtain additional public and private information. The analysis demonstrates that the anticipated access of traders to additional information sources may significantly alter the voluntary disclosure strategy of firms. It may explain a deviation from the conventional full disclosure equilibrium to equilibrium with partial and selective di...
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作者：Gu, Feng
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
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作者：Jung, Michael J.; Naughton, James P.; Tahoun, Ahmed; Wang, Clare
作者单位：New York University; Northwestern University; University of London; London Business School; University of Iowa
摘要：We examine whether firms use social media to strategically disseminate financial information. Analyzing S&P 1500 firms' use of Twitter to disseminate quarterly earnings announcements, we find that firms are less likely to disseminate when the news is bad and when the magnitude of the bad news is worse, consistent with strategic behavior. Furthermore, firms tend to send fewer earnings announcement tweets and rehash'' tweets when the news is bad. Cross-sectional analyses suggest that incentives ...
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作者：Lo, Kin; Wu, Serena Shuo
作者单位：University of British Columbia; Queens University - Canada
摘要：We examine the impact of Seasonal Affective Disorder (SAD) on financial analysts. We hypothesize and find that analysts are more pessimistic, less precise, and more asymmetric in their boldness in the fall, as indicated by their forecasts of quarterly earnings. The effects are apparent in all forecast horizons analyzed and robust across multiple specifications. Importantly, pessimism in fall forecast revisions shows analyst-specific persistence, providing a strong indication that the effect is...
