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作者：Heflin, Frank; Kim, Mark P.; Moon Jr, James R.; Pierce, Spencer R.
作者单位：University System of Georgia; University of Georgia; University of California System; University of California Los Angeles; University System of Georgia; Georgia Institute of Technology; State University System of Florida; Florida State University
摘要：We investigate changes in financial reporting conservatism arising from shareholder lawsuits. We find that sued firms respond to 10b-5 litigation with increased accounting conservatism. Consistent with a spillover effect, we also find that non-sued peer firms that share an auditor increase accounting conservatism following litigation. Despite the FASB having eliminated conservatism as an essential qualitative characteristic from the conceptual framework in 2010, we find the post-suit increase ...
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作者：Awyong, Amanda; Cho, Young Jun; Yang, Holly
作者单位：Hong Kong Baptist University; Singapore Management University
摘要：We examine the role of conference calls in creating information spillover within firms. We find that analyst participation in conference calls is positively associated with subsequent revisions in management forecasts, consistent with analysts' questions prompting managers to collect additional information. We find that this effect strengthens when analysts pose more questions on new topics and when they ask questions with abnormally positive or negative tones. We also find that analyst partic...
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作者：Bogachek, Olga; De Vito, Antonio; Demere, Paul; Grossetti, Francesco
作者单位：Free University of Bozen-Bolzano; University of Bologna; Bocconi University; Bocconi University
摘要：We examine whether narrative discussion in financial disclosures can help corporate stakeholders better predict tax outcomes. To measure qualitative discussion, we use topic modeling analysis to create measures of the thematic content of 10-K disclosures. We find that qualitative discussion in financial disclosures can substantially improve prediction of tax outcomes in in- and out-of-sample tests. We also find that prediction-relevant discussion is distributed throughout the 10-K, supporting ...
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作者：Dai, Lili; Gong, Ping; Jackson, Andrew B.; Peng, Zihang
作者单位：University of New South Wales Sydney; Yale University
摘要：This study implements topical analysis to identify the extent to which managers shift their responses from analysts' questions in earnings conference calls. We refer to this behavior as managerial topic-shifting. Using a sample of conference calls from 2002 to 2017, we find that managers in firms with better performance, more powerful CEOs, and a weaker information environment shift more from the topics of analysts' inquiries. Managers are also more likely to shift topics when analysts' questi...
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作者：Bangert, Jason; Myers, Linda A.; Schmardebeck, Roy
作者单位：University System of Ohio; University of Cincinnati; University of Tennessee System; University of Tennessee Knoxville
摘要：We examine whether disproportionate insider control, or the divergence between insider voting and cash flow rights at dual-class firms, influences the extent to which stock price reflects information about future firm performance. We find that current returns incorporate less information about future earnings and cash flows as disproportionate insider control increases. However, monitoring by influential institutional investors, strong board oversight, and high-quality disclosure significantly...
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作者：Li, Yinghua; Shi, Haotian; Sun, Stephen Teng; Xiao, Xiao
作者单位：Arizona State University; Arizona State University-Tempe; University of International Business & Economics; City University of Hong Kong; Wuhan University
摘要：This paper analyzes the impact of the Sarbanes-Oxley (SOX) Act on individuals' decisions to invest their human capital in regulatory compliance. Exploiting geographic variation in SOX-induced growth in the demand for accounting labor and rich survey data on college students, we find that freshmen from regions with greater public company presence exhibit a more marked increase in the propensity to major in accounting after the enactment of SOX. Consistent with the financial incentives mechanism...
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作者：Zhang, Xiaori; Jiang, Christine; Young, Danqing
作者单位：Guangdong University of Technology; Fudan University; Chinese University of Hong Kong
摘要：We examine the role of algorithmic trading in transmitting intra-industry information. Using a comprehensive U.S. sample, we find that algorithmic trading amplifies the stock price reactions of non-announcing firms to the earnings announcements of industry peers that report earlier in the same fiscal quarter. Further analyses reveal that sector exchange-traded funds serve as an important channel through which algorithmic trading facilitates the diffusion of industry information. Moreover, the ...
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作者：Griffith, Emily E.; Rousseau, Linette M.; Zehms, Karla M.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Houston System; University of Houston
摘要：The PCAOB adopted critical audit matters (CAMs) to meet public demand for informative audit disclosure, but stakeholders are concerned this goal has not been achieved. We explore this disconnect via interviews with 30 highly experienced auditors. We find that audit firms expended considerable resources to implement CAM best practices. However, overwhelming institutional pressure gave rise to informal rules of thumb that prioritize symbolic comfort over substantive change. The first is don't be...
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作者：Chen, A. J. Yuan; Dechow, Patricia M.; Tan, Samuel T.
作者单位：University of British Columbia; University of Southern California; Singapore Management University
摘要：We document that firms vary in their timeliness of support for the Black Lives Matter (BLM) movement following the death of George Floyd in May 2020, and that timeliness is an indicator of authenticity. We predict that firms that speak out quickly in support of BLM (via Twitter or their websites) have made more investments in diversity and inclusion, relative to firms that speak out slowly (via conference calls or annual reports) or that remain silent. Consistent with this prediction, quick-di...
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作者：Gietzmann, Miles; Grossetti, Francesco; Lewis, Craig M.
作者单位：Bocconi University; Bocconi University; Vanderbilt University
摘要：This paper investigates how institutional investor distraction affects the assimilation of narrative content in the MD&A section of the 10-K filing. We introduce the Aggregate Attribute Index (AAI) and an alternative formulation (AltAAI), which capture linguistic features beyond tone to provide a broader measure of corporate narrative richness. Using machine learning and natural language processing, we analyze U.S. firms that follow a staggered reporting strategy, releasing quantitative result...
