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作者：Hao, Rubin; Luo, Shikong (Scott); Xue, Jing; Yang, Haoyi
作者单位：University of Macau; University of New Mexico; Nanjing University of Science & Technology; Wenzhou-Kean University
摘要：This study investigates the impact of changing gender bias on the career advancement and forecasting performance of female analysts. By using the #MeToo movement as a shock to the prevailing gender-based discrimination, we find that women experience improvements in participation and promotion in the equity research profession. #MeToo has fostered a more gender-inclusive environment both in the brokerages where analysts work and the firms they cover, as evidenced by more performance based promo...
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作者：Cheng, Stephanie F.; Li, Yimeng; Lin, Pengkai
作者单位：Tulane University; Tsinghua University; Tsinghua University; Singapore Management University
摘要：Form 10-K offers a setting for studying how users process complex, multi-layered disclosures: managerial narratives in the main file alongside separate exhibits, such as contracts and certifications, that provide unfiltered detail. Drawing on rational inattention theory, we investigate how users allocate limited attention across these components. Users typically begin with the main file and selectively access exhibits when the main file appears shorter, less readable, or less confident, indica...
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作者：Green, Jeremiah; Kim, Eunjee; Lourie, Ben; Zhu, Chenqi
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of California System; University of California Irvine
摘要：We study individual investors' paid news subscriptions. Among individual investors, only 4% of individual-quarters include a news subscription, and 1.2% include a financial news subscription. These low rates mask substantial variation across news sources and over time. Within financial news, approximately 30% of aggregate subscription dollars are spent on crowdsourced news, with the remaining 70% spent on traditional financial news. Subscription dollars vary over time, with crowdsourced news a...
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作者：Acito, Andrew A.; Pittman, Jeffrey A.; Truelson, J. Mike
作者单位：Virginia Polytechnic Institute & State University; Memorial University Newfoundland; Mississippi State University
摘要：We examine the impact of auditors' reputation impairments on their private-client market share to explore how conducting low-quality audits affects auditors' broader client portfolios. Prior evidence implies that an audit office loses public-client market share after a client announces a restatement. However, auditors' private clients may be less concerned about auditor reputation and quality, given that they have lower agency costs and their financial statement users are often creditors that ...
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作者：Krupa, Trent J.; Mullaney, Michele S.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We examine whether information processing constraints limit managers' ability to effectively integrate tax planning and core business strategies (i.e., effective tax planning). We propose that artificial intelligence (AI) tools, such as machine learning, can mitigate these constraints by providing enhanced predictive information for key business decisions (e.g., customer demand, supply chain), thereby reducing processing costs. Using a recently developed firm-year measure of investment in AI-r...
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作者：Chen, Yangyang; Lin, Shuping; Ng, Jeffrey; Pan, Yue
作者单位：City University of Hong Kong; Nankai University; University of Hong Kong; Xiamen University
摘要：This study examines whether the revolving-door phenomenon at financial intermediaries, specifically institutions sponsoring initial public offerings (IPOs), affects fraud allegations against their IPO clients in the Chinese market. We find that when sponsor institutions employ former China Securities Regulatory Commission (CSRC) regulators as board members or top managers, the CSRC is less likely to allege fraud against their clients. Evidence shows that this effect is caused more by a reduced...
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作者：Ben-Rephael, Azi; Ronen, Joshua; Ronen, Tavy; Zhou, Mi
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; New York University; Virginia Commonwealth University
摘要：We consider how images (i.e., photos but not graphs, charts, or infographics) in annual reports provide users with information and use machine-learning algorithms to assess their informativeness. We develop a metric of content reinforcement, defined as the degree to which information investors extract from images complements and reinforces details in textual narratives. We find that firms are more likely to use images when they experience greater asset growth, have greater business complexity,...
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作者：Pan, Jing; Sul, Edward; Wang, Sean
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; George Washington University; Southern Methodist University
摘要：Analyzing a panel of earnings announcers from 1998-2022, we document that the aggregate market return on quarterly earnings announcement dates is positively associated with the announcing firm's subsequent three-day abnormal returns. This phenomenon is strongest for firms with extreme earnings surprises and dissipates by day seven, indicating a short-lived delay in incorporating the aggregate news. We also document a sluggish return response to same-day macro news disclosures, especially when ...
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作者：Andres, Christian; Brochet, Francois; Limbach, Peter; Schumacher, Nicola
作者单位：WHU - Otto Beisheim School of Management; Boston University
摘要：This study documents the performance and career outcomes of sell-side analysts with prior accounting education or experience. Analysts with accounting work experience-especially former auditors-issue more accurate earnings forecasts and more profitable sell recommendations. In contrast, analysts with only accounting education or CPA credentials do not outperform. Former auditors also ask more accounting-focused questions during earnings calls, and the firms they cover exhibit higher earnings q...
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作者：Maksymov, Eldar; Westermann, Kimberly D.
作者单位：Arizona State University; Arizona State University-Tempe; California Polytechnic State University San Luis Obispo; California State University System; California Polytechnic State University San Luis Obispo
摘要：Calls for greater transparency in PCAOB inspections have intensified amid persistent concerns about opacity and inconsistency. We integrate prior academic research with in-depth interviews from 29 former PCAOB inspectors to construct a detailed, phase-based account of the inspection process over global network firms. We organize insights into four sequential phases-hiring, training, and performance assessment; planning; execution; and resolution-and present structured taxonomies that combine t...
