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作者：Veenman, David; Verwijmeren, Patrick
作者单位：University of Amsterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Melbourne
摘要：This study presents evidence suggesting that investors do not fully unravel predictable pessimism in sell-side analysts' earnings forecasts. We show that measures of prior consensus and individual analyst forecast pessimism are predictive of both the sign of firms' earnings surprises and the stock returns around earnings announcements. That is, we find that firms with a relatively high probability of forecast pessimism experience significantly higher announcement returns than those with a low ...
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作者：Kroos, Peter; Schabus, Mario; Verbeeten, Frank
作者单位：University of Amsterdam; University of Melbourne
摘要：Firms trade off CFOs' fiduciary duties against their decision-making duties when designing CFO bonus plans. Decreasing bonus incentives tied to financial measures benefits CFOs' fiduciary responsibilities at the expense of motivating their decision-making duties. As prior research indicates that clawbacks increase personal misreporting costs through the loss of previously awarded compensation, we examine whether clawbacks allow firms to increase incentives in CFO bonus contracts. Based on a sa...
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作者：Rouxelin, Florent; Wongsunwai, Wan; Yehuda, Nir
作者单位：University of New South Wales Sydney; Chinese University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：We examine whether aggregate cost stickiness predicts future macro-level unemployment rate. We incorporate aggregate cost stickiness into three different classes of forecasting models studied in prior literature, and demonstrate an improvement in forecasting performance for all three models. For example, when adding cost stickiness to an OLS regression that includes a battery of macroeconomic indicators and control variables, we find that a one-standard-deviation-higher cost stickiness in rece...
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作者：Bauer, Andrew M.; Henderson, Darren; Lynch, Daniel P.
作者单位：University of Waterloo; Wilfrid Laurier University; University of Wisconsin System; University of Wisconsin Madison
摘要：Internal controls influence information quality, thus affecting the ability of supply chain partners, who rely on collaborative systems of information sharing, to reliably contract. Using SOX-related internal control assessments as a proxy for internal control quality and U.S. GAAP-mandated major customer disclosures, we find that supplier internal control quality influences supply chain relationship duration. Specifically, our evidence demonstrates that: (1) poor internal control quality incr...
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作者：Tang, Michael; Venkataraman, Shankar
作者单位：New York University; University System of Georgia; Georgia Institute of Technology
摘要：Theory suggests that the provision of voluntary disclosure, in itself, is informative to investors, but prior empirical research largely focuses on investors' reaction to the content of disclosure. We extend the literature on earnings guidance by experimentally examining how investors react to a firm's historical pattern of guidance provision, holding constant guidance content. We manipulate two dimensions of guidance provision-how often guidance is provided (frequency), and whether guidance i...
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作者：Corona, Carlos; Randhawa, Ramandeep S.
作者单位：Carnegie Mellon University; University of Southern California
摘要：Often, firms reveal oversights and bad decisions publicly through their financial reporting (for instance, restating earnings, impairing goodwill, etc.). These confessions,'' which usually lead to immediate reputation losses, may be attributed to attempts to be perceived as transparent or to attempts to avoid likely litigation costs. In this paper, however, we argue that reputational concerns about perceived ability alone can provide firms with strong enough incentives to confess their mistake...
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作者：Bartov, Eli; Faurel, Lucile; Mohanram, Partha S.
作者单位：New York University; Arizona State University; Arizona State University-Tempe; University of Toronto
摘要：Prior research has examined how companies exploit Twitter in communicating with investors, and whether Twitter activity predicts the stock market as a whole. We test whether opinions of individuals tweeted just prior to a firm's earnings announcement predict its earnings and announcement returns. Using a broad sample from 2009 to 2012, we find that the aggregate opinion from individual tweets successfully predicts a firm's forthcoming quarterly earnings and announcement returns. These results ...
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作者：Chen, Donghua; Kim, Jeong-Bon; Li, Oliver Zhen; Liang, Shangkun
作者单位：Nanjing University; City University of Hong Kong; University of Waterloo; National University of Singapore; Shanghai Lixin University of Accounting & Finance; Central University of Finance & Economics
摘要：Managers of China's state-owned firms work in a closed pyramidal managerial labor market. They enjoy non-transferable benefits if they choose to stay within this system. The higher up are they in this labor market hierarchy (their political ranks), the fewer are their outside employment opportunities. Due to career and wealth concerns, they are cautious and risk-averse when managing firms. We examine the effect of managers' political ranks on firms' stock price crash risk and find a negative a...
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作者：Langenmayr, Dominika; Lester, Rebecca
作者单位：Leibniz Association; Ifo Institut; Stanford University
摘要：We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the tax rate has a positive effect on risk-taking for firms that expect to use losses, and a weak negative effect for those that cannot. Thus, the sign of the tax effect on risky investment hinges on firm-spe...
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作者：Kim, Jeong-Bon; Song, Byron Y.; Stratopoulos, Theophanis C.
作者单位：City University of Hong Kong; University of Waterloo; Hong Kong Baptist University
摘要：This study investigates whether Information Technology (IT) reputation, captured by the accumulation of consistent IT capability signals, influences bank loan contracting even though banks have access to inside information. We predict that IT reputation is associated with better loan terms because it lowers credit risk via its impact on default and information risks. Results based on 4,218 loan facility-years reveal, as predicted, that firms with a reputation for IT capability tend to have mor...
