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作者：Holman, Blake; Commerford, Benjamin P.; Kinserdal, Finn
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Kentucky; Norwegian School of Economics (NHH)
摘要：Complex accounting estimates are becoming increasingly important to financial statements. Yet, such estimates create ample opportunities for bias. Although both management and independent auditors are tasked with ensuring these estimates are free from error and bias, evaluating the appropriateness of these measures can be quite difficult. Drawing on unconscious thought theory, we predict and find across three experiments that engaging in unconscious thought can improve accounting practitioners...
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作者：Ferracuti, Elia; Lind, Gary
作者单位：Duke University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Research shows that investors acquire and process less firm-specific information on days when many firms announce earnings (hereafter earnings clusters). We show that investors gather more macroeconomic information during earnings clusters, that this behavior is amplified during negative economic shocks and concurrent macroeconomic announcements, and that these information acquisition patterns have implications for equity valuations. Our findings are consistent with the benefit of extracting m...
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作者：Zeng, Sipeng; Zhou, Kuo
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Jilin University
摘要：Combining hedge funds' quarterly position information with their access records on the SEC's EDGAR server, we explore whether hedge funds proactively gather and analyze textual information in 10-K filings related to their stock holdings, and how these behaviors affect their positions. We find that hedge funds adjust their positions according to the textual information in the annual reports they download. Meanwhile, analyzing these reports helps them to generate excess returns. Overall, our evi...
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作者：Choi, Jung Ho; Xie, Chloe L.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：This paper provides early evidence on the integration and impact of generative artificial intelligence (GenAI) in accounting at the accountant and task levels. Using survey data from 277 professional accountants, we document substantial heterogeneity in adoption patterns, perceived benefits, and concerns about GenAI. Using proprietary field data from an AI-enabled accounting platform serving 79 small- and medium-sized enterprises, we analyze over 200,000 transaction-level records. We document ...
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作者：Kim, Eunjee; Pham, Hai
作者单位：Texas A&M University System; Texas A&M University College Station; University System of Maryland; Towson University
摘要：This paper hypothesizes that information flows from target firms to large shareholders during activist campaigns and that these flows have governance consequences. Focusing on actively managed mutual fund families, we find that informed trading by large-holding fund families increases during activist campaigns relative to smaller-holding fund families invested in the same firms. The effect is stronger for firms that attend more invitation-only investor events, face greater threats from activis...
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作者：Ewertz, Jonas; Knickrehm, Charlotte; Nienhaus, Martin; Reichmann, Doron
作者单位：Ruhr University Bochum; Goethe University Frankfurt
摘要：We examine the usefulness of machine learning approaches for measuring vocal tone in corporate disclosures. We document a substantial mismatch between the widely adopted actor-based training data underlying these approaches and speech in corporate disclosures. We find that existing models achieve near-perfect vocal tone classification within their training domain. However, when tested on actual executive speech during conference calls, their performance declines to chance levels. We thus intro...
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作者：Tian, Xuan; Yan, Jiawen; Zuo, Luo
作者单位：Tsinghua University; National University of Singapore
摘要：We investigate whether shared auditors promote the dissemination of innovative knowledge among their clients, thereby fostering follow-on innovation. We find that a company cites more patents from another company when they are audited by the same audit office. To address concerns about potential confounding factors stemming from commonalities in the fundamentals of the two companies, we leverage a quasi-exogenous shock to auditor sharing: the demise of Arthur Andersen and the subsequent increa...
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作者：Crandall, Richard; Garavaglia, Shannon; Mongold, Cassie
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Operating cash flows are a critical input to valuation activities. Research and practice indicate that the most common method of presenting operating cash flows, the indirect method, is viewed as overly complex. We experimentally examine whether two theoretically motivated factors represent shortcomings of the indirect method: (1) inadequate linking of related components of net income and changes in working capital accounts, and (2) inconsistent income statement labeling between components of ...
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作者：Ecker, Frank; Li, Xitong; Li, Yilan; Wu, Fan
作者单位：Frankfurt School Finance & Management; Hautes Etudes Commerciales (HEC) Paris; ESSEC Business School; Chinese University of Hong Kong
摘要：This paper provides descriptive evidence on how stock market participants use Generative Artificial Intelligence (GenAI) to process investment-related information. Using a data set of 1.7 million stock-related queries from one of China's largest GenAI platforms during the first half of 2024, we document that user queries address a wide range of topics and tasks and vary systematically with usage intensity and financial sophistication. Query activity increases around corporate disclosure events...
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作者：Cai, Wei; Prat, Andrea; Yu, Jiehang
作者单位：Columbia University
摘要：Prior research has pointed to differences in organizational capital as a reason for the persistent performance discrepancies among otherwise similar firms. In this paper, we develop and validate a new measure of organizational capital. Based on over a million crowd-sourced employee reviews scraped from Glassdoor, we construct the measure of organizational capital at the firm-year level using the word embedding model and ChatGPT-generated synthetic reviews. Our measure varies over time in accor...
