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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：Dagostino, Ramona; Nakhmurina, Anya
作者单位：University of Virginia; Yale University
摘要：This paper studies how partisan alignment between city leaders and state governors shapes information processing and bond pricing in the municipal bond market. Using a novel data set on 1,045 U.S. cities from 2005 to 2019, we show that cities with the same political affiliation as the state governor face 9 basis points lower borrowing costs than misaligned cities. The effect is stronger for riskier bonds, in states where governors hold greater authority, and for fiscally dependent cities. Alig...
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作者：Dube, Svenja; Lee, Hye Seung (grace); Wang, Danye
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Fordham University; University of Iowa
摘要：We examine whether and, if so, how retail consumers change their shopping in response to firm-specific negative environmental, social, and governance (ESG) news. Using an event study methodology, we do not find significant changes in consumer foot traffic in response to negative ESG news, on average. However, the average consumer reacts negatively when such news is covered by national or global media outlets, which elevates consumer awareness. In addition, we provide evidence of the heterogene...
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作者：Laux, Volker; Mahieux, Lucas
作者单位：University of Texas System; University of Texas Austin; Tilburg University
摘要：Regulators are contemplating or mandating precise measurement of financial climate-risk exposure to promote sustainable investments. We show that such mandates can be counterproductive in the presence of social funds that catalyze change by subsidizing the adoption of cleaner production technologies. Firms can exploit a social fund's impact motive by measuring their climate-risk exposure imprecisely. This strategic imprecision prevents the fund from distinguishing between firms that require su...
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作者：Chen, Chen; Huang, Difang
作者单位：Monash University; Chinese Academy of Sciences; Nanjing Institute of Geology & Paleontology, CAS; Academy of Mathematics & System Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：Policy makers and researchers are concerned that the expected credit loss (ECL) approach may exacerbate procyclicality. Using administrative loan-level and firm-level data in China, we find that banks adopting the ECL model reduced their credit supply and became more prudent in lending decisions after the onset of the COVID-19 pandemic, compared to banks using the incurred credit loss (ICL) approach. Our findings are more pronounced for banks that experienced greater loan loss provisions induc...
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作者：Balakrishnan, Karthik; Bernard, Darren; Rennekamp, Kristina M.; Steenhoven, Blake
作者单位：Rice University; Indian School of Business (ISB); University of Washington; University of Washington Seattle; Cornell University; Queens University - Canada
摘要：Capital flows increase in response to new public information. Conventional explanations typically conclude that this reflects a rational response to reduced risk. However, investors may also be overconfident in their ability to benefit from new information, even when it is publicly available and does not provide a relative advantage. We exploit two complementary settings to examine how this better-than-average mechanism affects capital flows. Archival evidence from horse race betting markets s...
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作者：Xie, Chloe
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines how market participants trade on private information about firm fundamentals using the largest known case of informed trade of earnings announcements. From 2011 to 2015, a cartel of sophisticated traders illegally obtained early access to and traded on over 1,000 firm earnings announcements. Using this setting, I identify the information in earnings announcements that these market participants found most price relevant. The informed traders preferred announcements with larg...
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作者：Zhi, Weijia
作者单位：The Chinese University of Hong Kong, Shenzhen
摘要：This study examines the relation between CEOs' preferences for environmental protection (nature-loving preferences) and corporate environmental actions. Drawing on social ecology research, I develop a proxy for CEOs' nature-loving preferences based on their childhood exposure to greenspace and validate it using their positive discussions of nature during earnings conference calls. Findings show a significant positive association between CEOs' nature-loving preferences and their firms' particip...
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作者：Choi, Jung Ho; Li, Dan; Macciocchi, Daniele
作者单位：Stanford University; Singapore Management University; University of Miami
摘要：We examine the labor market consequences of the 2020 Regulation S-K requiring human capital disclosure in 10K filings. Using large-sample job-level data and a Generative Large Language Model (GLLM), we observe that public firms subject to the regulation increase their disclosure of diversity, equity, and inclusion (DEI) information in job postings relative to a matched sample of large private firms. The increase in job-posting disclosure is more pronounced among firms facing greater external p...
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作者：Amberger, Harald; Gallemore, John; Wilde, Jaron
作者单位：Vienna University of Economics & Business; University of North Carolina; University of North Carolina Chapel Hill; University of Iowa
摘要：Effective policymakers must balance the demands of formulating a corporate tax system that raises revenue and spurs economic activity (e.g., investment) while promoting a level playing field across firms. Balancing these tradeoffs has likely caused tax systems to become more complex over time, increasing firms' difficulty in understanding and complying with tax regulations. We investigate the impact of tax system complexity on the responsiveness of firm-level investment to tax policy changes. ...
