2期

最新文章

• What do public company audit clients want from their auditor? AI翻译
  作者：Christensen, Brant; Ege, Matthew; Sharp, Nathan; Wilks, T. Jeffrey
  作者单位：Brigham Young University; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：We survey public company executives and directors to understand what audit clients want from their auditor in today's regulated environment. Our results provide at least three important takeaways. First, executives and directors view elements of auditors' service quality (e.g., timeliness of communications) as at least as important as auditors' technical competence. Second, we find no evidence that stakeholders' preferences for service quality replaces their expectation for technical competenc...
• Why are reported fair values sticky? AI翻译
  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...
• Social media discussion of sell-side analyst research: evidence from Twitter AI翻译
  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...
• Do managers learn about their firm's ownership changes before public disclosure? AI翻译
  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...
• Corporate responses to generative AI: early evidence from conference calls AI翻译
  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...
• ASC 606, revenue uncertainty, and cost of debt: short-term and long-term consequences AI翻译
  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...
• Labor unionization and non-GAAP reporting AI翻译
  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...
• Horizon problems in the implementation of bank reporting regulation: evidence from China AI翻译
  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...
• User anonymity and the informativeness of social media: evidence from a natural experiment AI翻译
  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...
• Green patenting and voluntary innovation disclosure AI翻译
  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...