-
作者：Basu, Riddha; Chen, Gary; Pierce, Spencer
作者单位：George Washington University; DePaul University; State University System of Florida; Florida State University
摘要：We examine the influence of labor unions on non-GAAP reporting. We find managers are less likely to provide non-GAAP earnings disclosures after employees unionize. This relation arises because non-GAAP earnings metrics typically exclude expenses/losses and thus are higher than GAAP earnings. We also find some evidence that managers are more likely to disclose non-GAAP earnings metrics that are lower than GAAP earnings following unionization than they were prior to unionization. Additionally, w...
-
作者：Li, Shuo; Wang, Rencheng; Zhang, Liandong
作者单位：Shanghai Jiao Tong University; Singapore Management University
摘要：We examine how labor market competition affects the quality of workplace information on social media. Using employer reviews on Glassdoor for U.S. publicly listed firms from 2011 to 2022, we find that reviews become less informative about actual workplace practices when firms face more intense competition for labor, consistent with competition inducing workplace information management. The decline in review informativeness is more pronounced when employees have narrower external networks, when...
-
作者：Allen, Abigail; Lewis-Western, Melissa F.; Valentine, Kristen
作者单位：Brigham Young University
摘要：US GAAP requires most intangible investments to be expensed as incurred, potentially distorting performance measurement. We examine whether voluntary non-GAAP disclosures mitigate these distortions for intangible-intensive firms. We find that intangible-intensive firms are more likely to report non-GAAP performance metrics when GAAP earnings lack relevance and that the resulting exclusions are of higher quality. Challenging the prevailing view that high-quality exclusions are limited to transi...
-
作者：Hung, Mingyi; Ru, Yi; She, Guoman; Wang, Lynn Linghuan
作者单位：University of British Columbia; Hong Kong University of Science & Technology; Renmin University of China; National University of Singapore
摘要：We investigate the role of politicians' horizon incentives in banks' response to a forward-looking provisioning model. We argue that horizon incentives, defined as the tendency of politicians to focus on short-term performance in the late stage of an official term, motivate banks to use the discretion of provisioning to obfuscate reporting. Using the mandatory shift to the expected credit loss model in China, we find that the increases in the magnitudes and timeliness of loan loss provisions f...
-
作者：Burd, Carlyle S.
作者单位：North Carolina State University
摘要：This study examines the determinants and implications of the volume of tax-related numbers reported in the financial statements. I document that the volume of tax numbers increases with tax reporting requirements and decreases with the complexity of the tax rate, implying that firms with greater proprietary costs decrease their numeric disclosures once they meet mandatory reporting requirements. With respect to implications, I document that firms reporting more tax numbers improve the transpar...
-
作者：Baldenius, Tim; Li, Jing; Qiu, Lin
作者单位：Columbia University; University of Hong Kong; Purdue University System; Purdue University
摘要：Relative performance evaluation (RPE) is widely used to filter out common shocks, but it is prone to collusion. We study the performance of RPE when agents are differentially productive (or evaluated in a biased manner). While such diversity is always costly in a static setting, it can be useful in repeated interactions, because it makes it harder for agents to collude. We identify conditions under which the principal prefers independent or joint performance evaluation if agents are identical ...
-
作者：Haley, Suzanne; Shaffer, Matthew; Sloan, Richard
作者单位：California State University System; San Jose State University; California State University System; San Jose State University; University of Virginia; University of Southern California
摘要：Recent years have witnessed significant growth in corporate sustainability reporting. Yet existing research provides mixed evidence on the information content of these reports for investors. We examine the stock market reaction to the announcement of a sample of US corporate sustainability reports incorporating Sustainability Accounting Standards Board metrics that are intended to provide financially material information to investors. Using standard measures of information content, we cannot f...
-
作者：Hagenberg, Thomas C.; Miller, Brian P.; Sharma, Anish; Yohn, Teri Lombardi
作者单位：Northwestern University; State University System of Florida; University of Florida; University System of Georgia; University of Georgia; Emory University
摘要：We study whether exogenous improvements in stock liquidity, unrelated to the information environment, affect managers' disclosure choices. We exploit the 1997 Nasdaq reforms, which exogenously improved stock liquidity by reducing the non-information asymmetry components of the bid-ask spread, and find that Nasdaq firms reduced voluntary disclosure relative to a control group of unaffected firms. This evidence is consistent with managers substituting between components of the bid-ask spread whe...
-
作者：Huang, Kanyuan; Wang, Yakun; Wong, T. J.; Zhang, Tianyu
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Southern California
摘要：We examine how removing user anonymity affects social media's ability to generate value-relevant information for the stock market. Using a difference-in-differences design that exploits the differential timing of adopting real-name verification policies by the two most popular investment-related social media websites in China, we find that content on the treated site becomes significantly more informative about future stock returns and earnings after the policy takes effect. This effect is pri...
-
作者：Skinner, A. Nicole; Valentine, Kristen
作者单位：University of Colorado System; University of Colorado Boulder; University System of Georgia; University of Georgia
摘要：We investigate whether green innovators voluntarily provide innovation disclosure to reduce processing costs for stakeholders and gain green-specific disclosure benefits. We observe that green patenting firms provide more innovation disclosure in conference calls than do other innovating peers, controlling for patent value. Using a patent-call unit of analysis, we also provide within-firm evidence that managers highlight their green inventions more on conference calls relative to their other i...
