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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：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：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：Ferrell, Frank Allen; Manconi, Alberto; Neretina, Ekaterina; Powley, William; Renneboog, Luc
作者单位：Harvard University; Bocconi University; Bocconi University; Tilburg University; European Corporate Governance Institute
摘要：We study plaintiff law firms in corporate litigation, focusing on star firms that dominate settlement outcomes. Stars are associated with larger settlements; however, much of this effect is predicted by the defendant's litigation insurance coverage, suggesting assortative matching of stars with lawsuits that have ex ante larger expected payoffs. Moreover, stars charge higher fees for a given settlement size. Additional tests suggest that visibility and information asymmetry vis-& agrave;-vis l...
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作者：Gao, Ray Rui; Lu, Yifei
作者单位：University of Southern California; University of Illinois System; University of Illinois Urbana-Champaign
摘要：In this paper, we develop novel measures of managerial labor market classification and competition by constructing networks of compensation benchmarking peers disclosed in proxy statements. These networks represent firms' relative positions within the managerial labor market. Our classifications strongly predict executive moves across firms, outperforming a comprehensive set of predictors in the literature. Subsequent tests further demonstrate the strength of our methodology in capturing the m...
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作者：Liu, Yichang; Madsen, Joshua; Zhou, Frank s.
作者单位：Chinese University of Hong Kong; University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania
摘要：Recent SEC regulations require that qualified hedge fund advisers provide their investors with narrative disclosures of their business and operations. We find that 40% of these disclosures omit or de-emphasize information regarding advisers' operational and investment risks when compared to other sources of public information. Funds with such inconsistencies are associated with predictably lower fund performance but do not differ in their fund flows, flow-performance relation, ownership struct...
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作者：Ciconte III, William A.; Kitto, Andrew R.
作者单位：University of Kansas; University of Massachusetts System; University of Massachusetts Amherst
摘要：This study investigates the relation between audit competition, audit quality, and auditor labor hours. Using proprietary data on auditor realization rates, we construct new measures of competition based on theory predicting that abnormal profits will quickly disappear when competition is high but persist over multiple periods when competition is low. We find consistent evidence of persistent abnormal profits among U.S. Big 4 engagements and that individual offices earn persistent abnormal ret...
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作者：Li, Xiaoxing; Brazel, Joseph F.; Gold, Anna; Leiby, Justin
作者单位：Norwegian School of Economics (NHH); North Carolina State University; Vrije Universiteit Amsterdam; University of Illinois System; University of Illinois Urbana-Champaign
摘要：As the use of audit data analytic tests (ADA) becomes increasingly established in practice, auditors will often confront situations in which they inherit ADA developed by others, as opposed to developing the ADA themselves. Despite the potential benefits of ADA, inheriting ADA could decrease auditors' skeptical actions by diminishing their psychological ownership of the ADA. In an experiment where an ADA identifies a fraud red flag, we find that auditors who inherited the ADA are less likely t...
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作者：Moreta, Antonio
作者单位：Pontificia Universidad Catolica de Chile
摘要：This paper studies the effect of reporting regulation on private firms' bank credit and its economic consequences. I exploit the Spanish institutional setting, which provides a unique combination of confidential loan data and regulatory features that generate quasi-exogenous variation in reporting regulation. Using a regression discontinuity design, I find that firms subject to incremental reporting regulation obtain more bank credit primarily through cash flow-based lending, term loans, and l...
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作者：Croom, Joe
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：I use the setting of generative AI (GenAI) to examine how processing tool interactivity affects investors' self-assessments of ability and willingness to invest. Although GenAI can help investors process financial information, I theorize that the interactive nature of GenAI blurs the boundaries between investors' own abilities and those of GenAI, prompting investors to discount their reliance on GenAI and misattribute its abilities to themselves. I rely on the advantages of a laboratory settin...
