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作者：Fischer, Paul; Haushalter, David; Miller, Brian; Pisciotta, Kevin
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; State University System of Florida; University of Florida; University of Kansas
摘要：We analyze how incentives affect the reporting of fair values using mutual funds' valuations of Level 3 equity holdings. We conjecture that the observed stickiness of reported values arises because funds defer revaluation until they can make a sufficiently compelling and objective case to avoid costly accusations of aggressive valuation. Consistent with our conjecture, we find that funds' revaluations of the same security are clustered in time and tightly distributed, and revaluations of non-t...
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作者：Hoopes, Jeffrey L.; Menzer, Tyler S.; Wilde, Jaron H.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Texas Christian University; University of Iowa
摘要：Cryptocurrency has been the subject of heightened regulatory and investor attention in recent years, and regulators and policymakers across the globe are deliberating on how to account for, regulate, tax, and oversee digital assets and cryptocurrency marketplaces. Yet researchers have a limited understanding of key attributes of those who deal in crypto assets, such as whether their financial sophistication differs from that of other investors. Using U.S. administrative data, we provide eviden...
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作者：Chen, Xiangpei; Gore, Angela K.; Potepa, James
作者单位：Loyola University Chicago; George Washington University; American University
摘要：We explore reporting nonrecurring gains and losses (extraordinary and special items) among municipalities. We begin by documenting the nature, type, and frequency of reporting, finding that surprisingly few municipalities report items, including those with FEMA disasters and despite GASB standards. Results suggest municipalities with CPA-finance directors are significantly more likely to report items, while less likely reported among those led by unelected bureaucrats (council-manager politica...
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作者：Rim, Hyun Jung; Giedt, Jenny Zha
作者单位：George Washington University
摘要：Companies' strategic alternatives announcements lead to negative future stock returns. First, we investigate whether this anomaly exists. We demonstrate that it is significant and pervasive across years, industries, firm size, and information environments and that it is not driven by confounding variables nor risk. We then investigate why the market misprices the announcements and find that investors appear overly optimistic about a potential merger or acquisition and do not fully incorporate ...
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作者：Call, Andrew C.; Kara, Mehmet C.; Peterson, Matt; Weisbrod, Eric
作者单位：University of Southern California; University System of Georgia; University of Georgia; University of Kansas
摘要：We examine Twitter discussion of sell-side analysts' stock recommendation revisions. While many investors lack direct access to analyst research, we observe revision-related Twitter discussion associated with approximately 90 percent of the revisions in our sample, usually within three hours of their announcement. Revision-related Twitter discussion is greater for upgrades and for analysts from larger brokerages. Examining within-revision intraday price discovery, we observe increased price di...
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作者：Chen, Yangyang; Goyal, Abhinav; Veeraraghavan, Madhu; Zolotoy, Leon
作者单位：City University of Hong Kong; University of Birmingham; Manipal Academy of Higher Education (MAHE); University of Melbourne
摘要：Using federal judge ideology as an exogenous measure of issuing firms' litigation risk, we document that the initial public offerings (IPOs) of the firms headquartered in more liberal circuits are more underpriced. The effect is mitigated when plaintiffs' pleading standards are more stringent and is amplified when judges have more discretion in their decisions. The effect is also amplified among deep pocketed issuing firms, while it is mitigated among issuing firms hiring reputable intermediar...
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作者：Dechow, Patricia M.; Ge, Weili; Loh, Wei Ting; McVay, Sarah
作者单位：University of Washington; University of Washington Seattle; Singapore Management University
摘要：We propose a framework to assess the decision-usefulness of heterogeneous disclosure practices that managers use to convey information to market participants. We illustrate an application of our framework to non-GAAP earnings, management earnings guidance, and earnings conference calls. We first identify key quality attributes for each disclosure practice and then develop a list of quality metrics that we apply to a small pilot sample. We focus on metrics that are easily measured in real time ...
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作者：Zhang, Xiao
作者单位：Shanghai University of Finance & Economics
摘要：In 2016, the California Department of Insurance introduced a public database of carbon-intensive holdings of certain California-licensed insurers. The database lowers the cost to external stakeholders of assessing insurers' carbon investments by removing the need to analyze complex statutory filings. Using a difference-in-differences design, I find that, after the introduction of the database, affected insurers (i.e., those included in the database) reduce their carbon-intensive holdings by ap...
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作者：Zeng, Jean (Jieyin)
作者单位：National University of Singapore
摘要：I investigate whether managers learn about who is buying and selling their firm's stock before public disclosure. I examine insider trading prior to the disclosure of Schedule 13Ds and 13Gs, which are required when activist or passive investors acquire more than 5% ownership, respectively. These disclosures trigger a significant price jump of 6.1% for 13Ds and 1.7% for 13Gs. I document elevated insider net purchases before the disclosures, peaking on the day blockholders cross the 5% threshold...
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作者：Jia, Ning; Li, Ningzhong; Ma, Guang; Xu, Da
作者单位：Tsinghua University; University of Texas System; University of Texas Dallas; Rutgers University System; Rutgers University New Brunswick
摘要：We provide early evidence of corporate responses to generative artificial intelligence (GAI) through managerial discussions of GAI in conference calls after ChatGPT's release in November 2022. Following the release, these managerial discussions increase substantially, and most discussions have positive tone and contain action initiatives. The increase is more pronounced for larger firms, growth firms, younger firms, and those in high-tech industries. The largest increase is observed in the ind...
