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作者：Li, Yinghua; Shi, Haotian; Sun, Stephen Teng; Xiao, Xiao
作者单位：Arizona State University; Arizona State University-Tempe; University of International Business & Economics; City University of Hong Kong; Wuhan University
摘要：This paper analyzes the impact of the Sarbanes-Oxley (SOX) Act on individuals' decisions to invest their human capital in regulatory compliance. Exploiting geographic variation in SOX-induced growth in the demand for accounting labor and rich survey data on college students, we find that freshmen from regions with greater public company presence exhibit a more marked increase in the propensity to major in accounting after the enactment of SOX. Consistent with the financial incentives mechanism...
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作者：Olbert, Marcel
作者单位：University of London; London Business School
摘要：This paper investigates how tax loss carryforward (LCF) rules influence corporate bankruptcies and market-wide productivity. Analyzing data from 29 European countries, I find that stricter LCF deductibility limits significantly increase bankruptcy likelihoods. This is because stricter LCF deductibility limits lower the present value of net operating losses (NOLs) as tax assets, reducing the incentive to keep struggling firms alive. This effect is especially pronounced for business group firms,...
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作者：Lewis-Western, Melissa F.; Seidel, Timothy A.; Wilkins, Michael S.
作者单位：Brigham Young University; University of Kansas
摘要：Studies provide conflicting evidence on what accounting restatements reveal about industry peers. Gleason et al. () suggest that restatements reflect contemporaneous earnings management, while Kedia et al. () argue that restatements induce peers to begin misstating earnings. We re-examine peers' reporting responses to restatements and find that the results of Kedia et al. () are sensitive to design choices that affect the measurement of key variables. When this measurement error is minimized, ...
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作者：Kim, Jaewoo; Oh, Jun; Seo, Hojun; Zuo, Luo
作者单位：University of Oregon; Purdue University System; Purdue University; National University of Singapore
摘要：We examine the effect of algorithmic trading on forced CEO turnover and how boards respond to it. We find that the sensitivity of forced CEO turnover to stock returns declines with algorithmic trading, suggesting that algorithmic trading weakens directors' learning from market prices. Boards respond to this information loss by placing greater weight on nonmarket-based performance measures, such as accounting performance and analyst expectations, and by meeting more frequently to gather informa...
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作者：Billings, Mary Brooke; Ryan, Stephen G.; Yan, Han
作者单位：New York University; University of British Columbia
摘要：Research finds that climate disasters have had minimal effects on banks' performance to date, and it has devoted limited attention to how banks shape societal exposure to the disasters. This study addresses this puzzle and gap. Examining the share price reactions of banks affected by billion-dollar disasters from 1994-2024, we find that on average these banks lost market value around the disasters exceeding 10 percent of the estimated damages, with this percentage more than doubling during the...
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作者：Huang, Henry He; Liang, Shangkun; Sun, Li; Zhao, Gang
作者单位：Yeshiva University; Central University of Finance & Economics; University of Tulsa; Hangzhou Dianzi University
摘要：This paper explores the impact of the Kangmei case, the first-ever securities class action in China, on shareholder wealth, director turnover, and firm behavior. Around the ruling, we find that China's A-share firms experience higher market returns relative to comparable firms in the United States and Hong Kong. This rise in shareholder wealth is moderated for firms that are likely to experience greater increases in investor compensation and frivolous lawsuits and firms with prior misconduct. ...
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作者：Mayew, William J.; Pinto, Jedson; Wu, Xiaoxi
作者单位：Duke University; University of Texas System; University of Texas Dallas; Bocconi University
摘要：We extract and describe corporate-issued guidance contained in over 23,000 LSEG Guidance Reports of S&P 1,500 firms from 2005 to 2021. Our sample contains 1.735 million Guidance Reports guidance instances that span over 180 guided items and fall into three broad categories: (1) qualitative topics, (2) consolidated financial statements, and (3) other key performance indicators. We identify research opportunities arising from Guidance Reports' rich features, including quantitative or qualitative...
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作者：Capkun, Vedran; Cianciaruso, Davide; Sinha, Kirti
作者单位：Hautes Etudes Commerciales (HEC) Paris; New Economic School; University of Texas System; University of Texas Dallas
摘要：We exploit the introduction of the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) survey to examine whether mandatory patient-experience reporting alters U.S. hospitals' resource allocation. Using a difference-in-differences design, we find that hospitals subject to the mandate reduce the share of spending devoted to clinical care, implying a 0.6% decline in clinical spending share. This equates to approximately $1 million annually for a mid-sized hospital. Consisten...
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作者：Bai, John (Jianqiu); Cao, Yi; Martin, Xiumin; Wan, Chi
作者单位：Hong Kong Polytechnic University; George Mason University; Washington University (WUSTL); California State University System; San Diego State University
摘要：We study the impact of an online market's policy (environmental policy) offering entrepreneurs the option to disclose their environmental engagement on entrepreneurship outcomes, using Kickstarter as a laboratory. Following the policy's implementation, 32.4% of entrepreneurs opted to disclose their environmental commitments. Using the passage of the environmental policy as an instrument, we show that environmental commitment improves funding outcomes, with the funding success rate increasing b...
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作者：Dechow, Patricia M.; Ge, Weili; Loh, Wei Ting; McVay, Sarah
作者单位：University of Washington; University of Washington Seattle; Singapore Management University
摘要：We propose a framework to assess the decision-usefulness of heterogeneous disclosure practices that managers use to convey information to market participants. We illustrate an application of our framework to non-GAAP earnings, management earnings guidance, and earnings conference calls. We first identify key quality attributes for each disclosure practice and then develop a list of quality metrics that we apply to a small pilot sample. We focus on metrics that are easily measured in real time ...
