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作者：Hope, Ole-Kristian; Liu, Christine; Vyas, Dushyantkumar
作者单位：University of Toronto; BI Norwegian Business School; Bentley University
摘要：Non-arm's-length transactions between a firm and its related parties, or related-party transactions (RPTs), are widely used in emerging economies. We examine the effect of creditor rights on the usage of financing RPTs using the enactment of India's Insolvency and Bankruptcy Code (IBC) of 2016 as a shock to creditor rights. We show that stronger creditor rights make arm's-length external financing more attractive relative to RPT financing. In particular, we find that firms that are ex ante mor...
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作者：Grabner, Isabella; Renders, Annelies; Yang, Lu
作者单位：Vienna University of Economics & Business; BI Norwegian Business School; Monash University
摘要：Firms are facing increasing pressure to provide information about their Corporate Social Responsibility (CSR) commitment. Firms however differ in the quality of how they communicate CSR-related efforts to stakeholders as well as in the intensity of their CSR contracting. We examine the relationship between CSR disclosures and contracting and argue that the designs of the two practices are complements in signaling a CSR commitment. Using hand-collected data to capture disclosure quality of CSR ...
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作者：Kadous, Kathryn
作者单位：Emory University
摘要：This essay is based on my American Accounting Association (AAA) Presidential Scholar Lecture delivered at the 2025 AAA Annual Meeting in Chicago. In this essay, I assert that theory-based scientific research is the best way to solve the practical-and existential-problems that threaten the accounting profession. I provide an example based on my own research into auditors' judgments about complex estimates. I further argue that, although academic researchers and accounting practitioners share go...
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作者：Giese, Vincent; Heese, Jonas
作者单位：University of Mannheim; Harvard University
摘要：This paper examines the effect of financial regulation on nonfinancial violations. Using differences in compliance requirements with Sarbanes-Oxley Act of 2002 (SOX) Section 404, we find that adoption of Section 404 increased firms' propensity for nonfinancial violations. This effect is stronger for firms with greater external scrutiny toward their financial reporting, greater challenges in monitoring their operations, and limited resources. These results, together with an examination of chang...
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作者：Sheneman, Amy G.
作者单位：University System of Ohio; Ohio State University
摘要：Cybersecurity risk is a growing concern for public companies as economic activity increasingly relies on technology. Drawing on finance theory, which posits that lenders possess private information about borrowers, I hypothesize that lenders price cybersecurity risks into loan contracts. A priori, this relation is unclear, given the unpredictable nature of cybersecurity risk and the difficulty lenders face in assessing the likelihood and magnitude of associated losses. Using the private debt m...
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作者：Aleszczyk, Aleksander A.; Vasvari, Florin P.; Vyas, Dushyantkumar
作者单位：New York University; University of London; London Business School; University of Toronto; University of Toronto; University Toronto Mississauga
摘要：We collect data on ranges of hypothetical asset liquidation values disclosed in U.S. Bankruptcy Court filings. We use this historical information to construct a firm-specific measure, RecRisk, which captures asset recovery risk through the uncertainty surrounding asset valuations in liquidation events. We document that higher RecRisk is associated with smaller syndicated loan amounts as a percentage of available collateral, more and tighter performance covenants, and increased loan spreads for...
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作者：Beatty, Anne; Liao, Scott; Weber, Joseph P.
作者单位：University System of Ohio; Ohio State University; University of Toronto; Massachusetts Institute of Technology (MIT)
摘要：Concerns that goodwill impairments unresponsiveness to declining performance produces inflated goodwill led standard-setters to reconsider post-acquisition impairment-only accounting. We use granular largescale data to provide institutionally relevant novel descriptive evidence motivated by this hotly debated accounting standard. Comparing goodwill versus other acquired intangibles growth rates for firms reporting goodwill throughout the 2010-2020 post-FAS 141(R) period provides no evidence of...
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作者：Godwin, R. Thomas; Goodman, Theodore H.; Small, R. Christopher
作者单位：Cornell University; Purdue University System; Purdue University; University of Houston System; University of Houston
摘要：We consider the dynamics of analyst inattention by investigating how analysts allocate their attention when a firm in their portfolio experiences CEO turnover. Our analysis shows that analysts tend to divert their attention toward firms that experience such events, resulting in less attention and a corresponding reduction in forecasting accuracy for nonevent firms. Furthermore, this reduction in accuracy varies with factors related to the costs and benefits of rationally allocating attention t...
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作者：Li, Oliver Zhen; Lin, Yupeng; Zhang, Keyuan
作者单位：National University of Singapore; Shanghai Jiao Tong University
摘要：This paper examines the credit supply-side effect of the U.S. 2003 dividend tax cut on the real economy through the banking sector. We show that C-corporation banks (treatment group), particularly those capital-constrained, increase the supply of small business loans more than S-subchapter banks (control group) following the tax cut, aligning with the old view of dividend taxation and the supply-side effect rooted in credit rationing. Such an enhanced small business loan supply stemming from t...
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作者：Cho, Seunghyun; Jung, Boo Chun; Silva, Felipe B. G.; Yoo, Choong-Yuel
作者单位：Kyungpook National University (KNU); University of Hawaii System; University of Hawaii Manoa; Cornerstone Research; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We study how firms' inventory holdings are affected by natural disasters. Building on the premise that managers often make decisions in line with the availability heuristic, we investigate whether managers increase inventory holdings in response to heightened disaster risk perceptions and the need to hedge against inventory shortages. Through a battery of tests, we show that the occurrence of disasters in neighboring counties triggers inventory stockpiling, an effect that is unlikely to be dri...
