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作者：Blackburne, Terrence; Bozanic, Zahn; Johnson, Bret; Roulstone, Darren
作者单位：Oregon State University; State University System of Florida; Florida State University; George Mason University; University System of Ohio; Ohio State University
摘要：We examine whether firms alter their financial reporting decisions during periods of increased regulatory scrutiny. A determinants analysis reveals that the likelihood of an enforcement action for firms investigated by the SEC increases (decreases) with pre-investigation levels of accounting manipulation and irregularities (accounting conservatism). Further, while executive turnover is positively associated with enforcement actions, firms that bring more accounting expertise into their executi...
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作者：Schantl, Stefan F.; Wagenhofer, Alfred
作者单位：University of Melbourne; University of Graz
摘要：Securities regulators frequently punish firms for their managers' misreporting. They argue that this would enhance firms' long-term value by mitigating underinvestment in compliance mechanisms, such as internal controls over financial reporting. Opponents of corporate penalties argue that the penalties would harm the very same investors already harmed by misreporting. We evaluate these arguments in a model with a capital market-oriented misreporting manager and a board of directors that invest...
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作者：Hasan, Iftekhar; Lee, Haekwon; Qiu, Buhui; Saunders, Anthony
作者单位：Bank of Finland; Fordham University; University of Sydney; University of Sydney; New York University
摘要：U sing lenders who become members of the Task Force on Climate-Related Financial Disclosures (TCFD) as an exogenous shock, we examine whether and how lenders' commitment to transparent climate-related disclosures affects borrowers' environmental performance. We find that borrowers of TCFD-member lenders, relative to control firms, significantly improve their environmental performance after the TCFD launch. Lenders' disclosure commitments influence borrowers through credit rationing and monitor...
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作者：Saffar, Walid; Sun, Yuan; Zhang, Janus Jian
作者单位：Hong Kong Polytechnic University; Hong Kong Polytechnic University; Hong Kong Baptist University
摘要：Anti-recharacterization laws significantly increase the rights of securitization creditors by allowing the buyers of securitized assets to exclusively and immediately seize collateral in bankruptcy. However, strengthening the rights of securitization creditors can limit other creditors' ability to recover loans. We find that, after a state adopts an anti-recharacterization law, local banks operating in the same state accrue more loan loss provisions, tighten their loan contracts, and incur hig...
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作者：Lamoreaux, Phillip T.; Liu, Summer Zhujun; Newton, Nathan J.; Zhang, Min
作者单位：Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station; State University System of Florida; Florida State University; Renmin University of China
摘要：Research suggests that board members value financial reporting quality because executive dismissal often follows low reporting quality events. However, inferences about the board's demand for reporting quality in these studies are confounded by board members' reputation incentives because the events examined are public (e.g., restatements). We investigate boards' demand for reporting quality by exploiting a private signal of misreporting: audit adjustments communicated to the Board by the exte...
