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作者：Bratten, Brian; Cheng, Sung-Yuan (Mark); Kleppe, Tyler J.
作者单位：University of Kentucky; State University System of Florida; University of South Florida
摘要：We examine the relation between mandatory environmental disclosure and corporate green innovation. Adopting a difference-in-differences research design, we find that the adoption of state-level greenhouse gas emissions disclosure mandates is associated with an increase in the quantity of patents related to climate change mitigation/adaptation technologies (i.e., green innovations). This increase is stronger among firms with more environmental investors, suggesting investor preferences influenc...
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作者：Coleman, Braiden; Fronk, Karson; Hall, Matthew; Twedt, Brady
作者单位：University System of Georgia; University of Georgia; Texas Christian University; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Despite the rapid growth of podcasts as a source of investment information, we know little about their potential capital market effects. We find that the release of podcasts that provide listeners with firm-specific investment analysis is associated with significant increases in trading activity, particularly among retail investors. When released following earnings announcements, investing podcasts appear to provide information to less-informed investors that helps them better process the news...
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作者：Chen, Fengqin; Ng, Jeffrey; Saffar, Walid; Yang, Detian
作者单位：Shanghai University of Finance & Economics; University of Hong Kong; Hong Kong Polytechnic University; Fudan University
摘要：We examine whether private firm disclosure affects the price that public firms pay for their bank loans. Using global data on syndicated loans, we find that private firm disclosure significantly reduces public firms' loan spreads. This finding supports a positive information externalities view whereby private firm disclosure helps banks evaluate public borrowers' credit risk within the industry context and reduces information asymmetry between banks and borrowers. Consistent with this mechanis...
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作者：Chen, Xi
作者单位：University of Bristol
摘要：This paper examines how climate risk transparency influences house prices and credit supply. I contend that inadequate property-level climate risk disclosures induce homebuyers to demand a risk aversion discount on house prices, creating a potential market for lemons. Employing a stacked difference-in-differences design, I find that flood risk disclosure laws, by enhancing dwelling-specific flood risk transparency, raise house prices on average by 7.6%. Results strengthen in states with strict...
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作者：Ciconte, William A.; Rozario, Andrea M.; Urcan, Oktay
作者单位：University of Kansas; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We explore the capabilities and dangers of artificial intelligence (AI) usage in accounting research. We focus on mining U.S. securities regulations as an economic shock, testing the causal effect of these shocks on U.S. firms' voluntary disclosure, and writing a complete academic paper, conditional upon finding statistically significant results. Overall, this research experiment demonstrates the capacity for AI to provide efficiencies in research. AI-generated papers are not ready to be submi...
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作者：Godsell, David
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study investigates the effect of national security-related foreign investment screening laws on managers' investment choices. These laws weaken takeover markets by granting regulators broad new powers to revise or reject foreign takeovers of firms in national security-related industries. I identify exogenous variation in national security-related foreign investment screening laws using the enactment of a U.S. national security-related foreign investment screening law known as the Foreign ...
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作者：Chircop, Justin; He, Shaohua; Liu, Jiancheng (Duncan); Zhang, Guochang
作者单位：Lancaster University; University of Macau; University of Hong Kong
摘要：We examine the effect of private firm information dissemination on analysts' forecast accuracy for public firms, utilizing the mandatory adoption of electronic business registers in EU countries as a (plausibly) exogenous shock. Our findings reveal a significant improvement in analysts' earnings forecast accuracy following the registers' implementation that enhanced private firms' information dissemination, indicating positive information spillovers to public firms. This effect strengthens (i)...
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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...
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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...
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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 ...
