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作者：Gottsche, Max; Griffin, Paul A.; Habermann, Florian; Schiemann, Frank; Spandel, Theresa
作者单位：University of California System; University of California Davis; University of Lausanne; Otto Friedrich University Bamberg; University of Hamburg
摘要：The Sustainability Accounting Standards Board (SASB) has classified sustainability topics as material or not material for investors. We leverage the staggered release of the SASB classifications from 2013 to 2016 to examine whether and how they prompt changes in U.S. firms' sustainability performance. We measure sustainability performance using RepRisk scores, which reflect environmental, social, and governance (ESG) incidents. We find that RepRisk scores on sustainability topics classified as...
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作者：Hogan, Chris E.; Stein, Sarah E.; Stuber, Sarah B.
作者单位：Virginia Polytechnic Institute & State University
摘要：A primary argument against fair value measurement is the lack of verifiability, where verifiability is defined as consensus in measurement by independent parties. We evaluate this argument by investigating trends in the consensus of reported fair values. Our findings indicate that consensus increased between 2005 and 2019, as evidenced by reductions in the fair value range and standard deviation. Further analyses suggest that enhanced data availability-driven by public dissemination of trade i...
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作者：Ege, Matthew S.; Imdieke, Andrew J.; Stuber, Sarah B.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Notre Dame
摘要：We use unique disclosures in the insurance industry to examine whether client-engaged specialists (i.e., external actuaries) affect opportunism within the claim loss reserve. Using a fixed-effects approach, we find that external actuaries significantly affect the opportunism in the claim loss reserve, approaching half the effect of the auditor. With respect to actuary characteristics, we find a positive (negative) association between actuary permissiveness (actuary size) and opportunism in the...
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作者：Ali, Ashiq; Fan, Zhongwen; Li, Siman
作者单位：University of Texas System; University of Texas Dallas; City University of Hong Kong; Lingnan University; Xiamen University
摘要：This study examines the relation between U.S. managers' short-term exposure to air pollution and their forecasting ability. We focus on air pollution due to PM2.5, a fine particulate matter that can easily penetrate an indoor, climate-controlled environment. We show that the short-term ambient PM2.5 level at the firm's headquarters before a management earnings forecast issuance is negatively associated with the accuracy of the forecast. Also, the short-term ambient PM2.5 level before an earnin...
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作者：Amiram, Dan; Bozanic, Zahn; Bradshaw, Mark; Rozenbaum, Oded
作者单位：Tel Aviv University; State University System of Florida; Florida State University; Boston College; George Washington University
摘要：The channels through which analyst research data are distributed are complex. The I/B/E/S database is the dominant source for analyst earnings estimates for academics, but there are numerous other channels, some of which are cost prohibitive for many investors. We describe the distribution of analyst research and examine whether a high-cost alternative distribution channel, TR Research, is characterized by higher quality estimates than those available from I/B/E/S. We examine analyst forecast ...
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作者：Lynch, Daniel P.; Mandell, Aaron; Rousseau, Linette M.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Milwaukee; University of Houston System; University of Houston
摘要：This study examines the consequences of tax key audit matters (KAMs) to the valuation of tax attributes and to auditor-provided tax services (APTS). The literature finds that KAM adoption is not associated with investor or audit outcomes, creating an impetus to identify whether specific KAM topics are more consequential. Tax KAMs are an ideal setting because they are prevalent, taxes are economically important, and auditors can provide tax services to their clients. We find that investors disc...
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作者：Campbell, John L.; Dhaliwal, Dan S.; Krull, Linda K.; Schwab, Casey M.
作者单位：University System of Georgia; University of Georgia; University of Arizona; University of Oregon; University of North Texas System; University of North Texas Denton
摘要：We use publicly available information to estimate the country location of multinational firms' cash holdings, examine why investors discount the value of cash held overseas, and examine whether that discount changes after the Tax Cuts and Jobs Act (TCJA) of 2017. We provide three main results. First, our firm-year foreign cash estimates are reasonably accurate, evidenced by high correlations with simulated data and proprietary country-level data, high adjusted R-2 when explaining a firm's tota...
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作者：Cao, Yi; Chen, Long; Tucker, Jennifer Wu; Wan, Chi
作者单位：George Mason University; State University System of Florida; University of Florida; University of Massachusetts System; University of Massachusetts Boston
摘要：We evaluate how well generative AI can perform an important task-identifying product market competitors (peers). We find that machine-generated peers have a high overlap with the peers identified by human experts as well as with the peers identified by established peer identification systems. Machine-generated peers have high correlations with the focal firm in stock returns, sales growth, and gross profit margin in the subsequent year. The correlations are stronger than those derived from ide...
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作者：Dyck, Alexander; Morse, Adair; Zingales, Luigi
作者单位：University of Toronto; University of California System; University of California Berkeley; University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK
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作者：Labro, Eva; Pierk, Jochen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We provide a comprehensive overview of accounting-related regulatory changes (financial accounting, auditing, tax, and other disclosures) in the 27 European Union countries and the United Kingdom since 1993 based on an extensive literature review, survey, and topic and country expert input. Across all countries and years, we find that more than 16 regulatory events occur in a typical difference-in-differences research design that includes pre- and post-periods of four years. On average 3.4 out...
