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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：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 ...
