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作者：Chang, Anne Yanru; Dong, Xi; Martin, Xiumin; Zhou, Changyun
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Washington University (WUSTL); Southwestern University of Finance & Economics - China
摘要：We are among the first to investigate how Generative AI (GenAI) shapes investors' trading activities. Using an AI-sentiment measure extracted from earnings-call transcripts to proxy for textual signals, we find notable shifts in trading behaviors around earnings calls. Before the wide deployment of ChatGPT, short selling was aligned with AI-sentiment, whereas retail trading was not. However, following ChatGPT's deployment, the alignment of retail traders with AI-sentiment significantly increas...
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作者：Le, Anthony
作者单位：University of Chicago
摘要：In this study, I explore how accounting rules-in particular the restrictiveness of GAAP-have impacted the labor market for accountants. I find that when the rules become more restrictive, there are fewer students majoring in accounting and fewer accountants and auditors overall. The overall number of accounting positions that firms recruit for does not decrease when the rules become more restrictive; however, the nature of accountants' work changes. There is less focus on tasks such as applyin...
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作者：Du, Mengqiao; Zhang, Rachel Xi
作者单位：National University of Singapore
摘要：Women often lack the opportunity to join exclusive social clubs, limiting the benefits they derive from their social networks. We investigate whether, when given the opportunity to interact with the right people in a professional setting, women gain greater advantages from these connections for career performance and advancement compared to men. Using a unique data set that documents when, where, and with whom financial analysts interact at investor conferences, we find that female analysts sh...
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作者：Lourie, Ben; Nekrasov, Alexander; Truong, Phong; Zhu, Chenqi
作者单位：University of California System; University of California Berkeley; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Leveraging micro-level data on individual employees' bank and credit card transactions, we examine the impact of earnings announcement (EA) news on employee spending. Utilizing an event study methodology, we find strong evidence that EA news elicits significant reactions in employee spending. These reactions are stronger for employees located in the firm's headquarters state, with longer tenure, possessing investment experience, or earning higher wages, consistent with these employees being mo...
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作者：Kim, A. G.; Nikolaev, V. V.
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作者：Kallunki, Jenni; Kallunki, Juha-pekka; Landsman, Wayne; Myllymaki, Emma-riikka; Niemi, Lasse
作者单位：University of Oulu; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Audencia; Aalto University; Stockholm School of Economics
摘要：Using a novel data set of misconduct records for Finnish CEOs and directors and their parents, we explore whether corporate executives' financial misconduct is associated with similar behavior by their parents. Controlling for various other factors of executive financial misconduct, we find that executives are significantly more likely to engage in financial misconduct, including accounting, tax, and other financial offenses, if their parents have a history of financial misconduct. This interg...
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作者：Larocque, Stephannie; Watkins, Jessica; Weisbrod, Eric
作者单位：University of Notre Dame; University of Kansas
摘要：We compare the earnings information produced by the five largest forecast data providers (FDPs)-Bloomberg, Capital IQ, FactSet, I/B/E/S, and Zacks-and observe substantial differences across FDPs in both forecasted and actual street earnings values, and thus the earnings surprise, for the same firm-quarter. We provide evidence that differences in the earnings surprise across FDPs for the same firm-quarter (i.e., FDP differences) have economically meaningful implications for price responsiveness...
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作者：Braun, Verena; Gox, Robert F.; Niggemann, Felix P.; Schafer, Ulrich
作者单位：University of Zurich; University of Vienna
摘要：This study examines how the subjectivity in measuring fair values of assets without readily observable market prices affects investment efficiency and shareholder value. When fair values are objective measures of asset value, they facilitate efficient investment decisions that align with shareholder interests. In contrast, firms' reliance on subjective valuation inputs causes underinvestment in long-term projects. If fair values are highly subjective, they may lead firms to favor less profitab...
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作者：Caskey, Judson; Huang, Kanyuan; Saavedra, Daniel
作者单位：Purdue University System; Purdue University; Chinese University of Hong Kong
摘要：Most loan contracts in the United States contain a provision for lender voting rules. We study the optimal voting rule that allows lenders to waive a covenant violation. When lenders have heterogeneous preferences, lenient voting rules increase the probability of waivers that allow inefficient investments. Stringent voting rules tend to allocate the marginal vote to lenders who deny waivers after false alarms so that they can renegotiate the loan to extract value from the firm, which incurs de...
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作者：Buhrle, Theresa; Casi, Elisa; Stage, Barbara; Voget, Johannes
作者单位：Norwegian School of Economics (NHH); WHU - Otto Beisheim School of Management; University of Mannheim
摘要：We study the economic consequences of anti-loss trafficking rules, which disallow the use of loss carryforwards as a tax shield after a substantial ownership change. We use staggered changes to these rules in the EU27 Member States, Norway, and the United Kingdom from 1998 to 2019 and find that limiting the transfer of tax losses is related to the number of mergers and acquisitions (M&A) declining by 18%, driven by loss-making targets. Turning to broader industry dynamics, we find decreases in...
