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作者：Bratten, Brian; Cheng, Sung-Yuan (Mark); Kleppe, Tyler J.
作者单位：University of Kentucky; State University System of Florida; University of South Florida
摘要：We examine the relation between mandatory environmental disclosure and corporate green innovation. Adopting a difference-in-differences research design, we find that the adoption of state-level greenhouse gas emissions disclosure mandates is associated with an increase in the quantity of patents related to climate change mitigation/adaptation technologies (i.e., green innovations). This increase is stronger among firms with more environmental investors, suggesting investor preferences influenc...
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作者：Coleman, Braiden; Fronk, Karson; Hall, Matthew; Twedt, Brady
作者单位：University System of Georgia; University of Georgia; Texas Christian University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Despite the rapid growth of podcasts as a source of investment information, we know little about their potential capital market effects. We find that the release of podcasts that provide listeners with firm-specific investment analysis is associated with significant increases in trading activity, particularly among retail investors. When released following earnings announcements, investing podcasts appear to provide information to less-informed investors that helps them better process the news...
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作者：Chen, Fengqin; Ng, Jeffrey; Saffar, Walid; Yang, Detian
作者单位：Shanghai University of Finance & Economics; University of Hong Kong; Hong Kong Polytechnic University; Fudan University
摘要：We examine whether private firm disclosure affects the price that public firms pay for their bank loans. Using global data on syndicated loans, we find that private firm disclosure significantly reduces public firms' loan spreads. This finding supports a positive information externalities view whereby private firm disclosure helps banks evaluate public borrowers' credit risk within the industry context and reduces information asymmetry between banks and borrowers. Consistent with this mechanis...
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作者：Lee, Kyungran; Lee, ShinWoo; Sadka, Gil
作者单位：Hong Kong Baptist University; University of Texas System; University of Texas Dallas
摘要：This paper examines the consequences of adopting ASC 606, a new revenue recognition standard, on revenue uncertainty and debt contracting, using a quasi-natural experiment surrounding its adoption. We find that affected firms experience an increase in revenue uncertainty, as indicated by both higher analyst forecast dispersion and absolute analyst forecast error. Consequently, the cost of debt rises for affected firms, as covenants are used less in debt contracts reflecting a decreased effecti...
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作者：Ashraf, Musaib; Deore, Aishwarrya; Krishnan, Ranjani
作者单位：Michigan State University; Georgetown University
摘要：We examine the role of identity in corporate governance, focusing on an important dyad: audit committee chair and chief financial officer. Drawing on identity theory, which argues that people have lower trust in those they perceive to be different from themselves, we posit that the audit committee chair's trust in the chief financial officer is lower when the two are different genders. We find that a gender difference between the two is associated with greater monitoring by the chair, consiste...
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作者：Chen, Xi
作者单位：University of Bristol
摘要：This paper examines how climate risk transparency influences house prices and credit supply. I contend that inadequate property-level climate risk disclosures induce homebuyers to demand a risk aversion discount on house prices, creating a potential market for lemons. Employing a stacked difference-in-differences design, I find that flood risk disclosure laws, by enhancing dwelling-specific flood risk transparency, raise house prices on average by 7.6%. Results strengthen in states with strict...
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作者：Ciconte, William A.; Rozario, Andrea M.; Urcan, Oktay
作者单位：University of Kansas; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We explore the capabilities and dangers of artificial intelligence (AI) usage in accounting research. We focus on mining U.S. securities regulations as an economic shock, testing the causal effect of these shocks on U.S. firms' voluntary disclosure, and writing a complete academic paper, conditional upon finding statistically significant results. Overall, this research experiment demonstrates the capacity for AI to provide efficiencies in research. AI-generated papers are not ready to be submi...
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作者：Godsell, David
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study investigates the effect of national security-related foreign investment screening laws on managers' investment choices. These laws weaken takeover markets by granting regulators broad new powers to revise or reject foreign takeovers of firms in national security-related industries. I identify exogenous variation in national security-related foreign investment screening laws using the enactment of a U.S. national security-related foreign investment screening law known as the Foreign ...
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作者：Cohen, Daniel; Liang, Chuchu; Lourie, Ben; Nekrasov, Alexander
作者单位：Vanderbilt University; University of California System; University of California Irvine; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We examine whether firms use late trade credit payments to meet cash flow forecasts using unique data on overdue payments to suppliers. We find that firms meeting or just beating analysts' quarterly operating cash flow forecasts exhibit higher proportions of overdue payments and longer past due durations. This behavior varies with market incentives to meet cash flow forecasts, expected costs to suppliers, and buyers' flexibility to adjust payment timing. Strategic late payments are concentrate...
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作者：Chircop, Justin; He, Shaohua; Liu, Jiancheng (Duncan); Zhang, Guochang
作者单位：Lancaster University; University of Macau; University of Hong Kong
摘要：We examine the effect of private firm information dissemination on analysts' forecast accuracy for public firms, utilizing the mandatory adoption of electronic business registers in EU countries as a (plausibly) exogenous shock. Our findings reveal a significant improvement in analysts' earnings forecast accuracy following the registers' implementation that enhanced private firms' information dissemination, indicating positive information spillovers to public firms. This effect strengthens (i)...
