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作者：Chen, Cai; Dube, Svenja; Froymovich, Shiran
作者单位：The Chinese University of Hong Kong, Shenzhen; City University of New York (CUNY) System; Baruch College (CUNY); State University of New York (SUNY) System; Binghamton University, SUNY
摘要：This paper examines how increased competition among environmental, social, and governance (ESG) rating agencies relates to ESG rating quality. We exploit the entry of Sustainalytics as a new ESG rating agency in 2010. We conduct a difference-in-differences analysis and provide three main findings. First, we find that higher competition decreases incumbents' ESG rating disagreements of the same scope. The negative relation between competition and ESG rating disagreement persists for same-scope ...
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作者：Flake, Jared
作者单位：Boise State University
摘要：Managers prioritize favorable analysts during earnings calls, reinforcing analysts' incentives for optimism. However, managers also frequently interact with unfavorable analysts, and this study examines the determinants and benefits of these interactions. I find that managers interact more with unfavorable analysts when compelled to do so. I then examine two likely benefits of these interactions. First, unfavorable analysts attenuate their negative views after interacting with managers. Second...
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作者：Cai, Wei; Campbell, Dennis; Yu, Jiehang
作者单位：Columbia University; Harvard University
摘要：We examine the effect of internal employee coordination on customer trust, focusing specifically on employees' responsiveness to each other as an important, quantifiable, and objective aspect of internal coordination. Using proprietary data from a company with exogenous assignment of employees to teams that serve individual customers, we study how inter-employee responsiveness influences customer trust. Each customer is served via an app-based group chat by a randomly assigned team of employee...
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作者：Goyal, Vidhan K.; Urban, Daniel; Zhao, Wenting
作者单位：Hong Kong University of Science & Technology; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Technical University of Munich
摘要：We study how stock index inclusion affects corporate financing using a global sample of 198 index events-primarily new index launches-across 21 markets. Firms added to indexes issue more public debt but not equity, leading to a sustained increase in leverage. Inclusion draws greater attention from analysts and the media and increases the likelihood of receiving credit ratings. As a result, indexed firms benefit from more liquid bond markets and lower yield spreads, prompting greater reliance o...
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作者：Dai, Ruiting; Dong, Xuanjun; Shroff, Nemit; Tan, Qin
作者单位：Drexel University; Shanghai University of Finance & Economics; Massachusetts Institute of Technology (MIT); City University of Hong Kong
摘要：We examine whether U.S. immigration policy, specifically the H-1B visa program, affects the likelihood of financial misconduct. We argue that employers have leverage over employees on H-1B visas because such employees must maintain H-1B-eligible employment to legally reside in the United States. We posit that companies relying on H-1B visas to hire workers in accounting roles have an increased ability to misreport their financial statements due to the greater costs H-1B employees face if they ...
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作者：Fritsch, Felix; Zhang, Qi; Zheng, Xiang
作者单位：University of Mannheim; Chinese University of Hong Kong; Nanyang Technological University
摘要：We examine firms' trade-offs in their voluntary disclosure decisions following negative media coverage of climate change incidents. By combining a keyword discovery algorithm and a fine-tuned BERT model, we identify hard and soft climate disclosures on Twitter. Our findings indicate that firms tend to issue climate tweets as a rapid response to negative climate incidents. Additionally, firms with a history of hard climate change disclosure, as measured by ESG reports, are more likely to issue ...
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作者：Bilicka, Katarzyna; Casi, Elisa; Seregni, Carol; Stage, Barbara M. B.
作者单位：Utah System of Higher Education; Utah State University; National Bureau of Economic Research; Norwegian School of Economics (NHH); University of Pennsylvania; WHU - Otto Beisheim School of Management
摘要：We investigate the effects of a qualitative tax disclosure mandate aimed at improving tax transparency and compliance by imposing reputational costs for firms. We use, as an exogenous shock, the 2016 UK reform that required large businesses to disclose their tax strategy. We find that treated firms-those that must publish a tax strategy report-also significantly increase the volume of tax strategy disclosure in their annual reports, but this disclosure contains more boilerplate. The standalone...
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作者：Grieder, Manuel; Schuhmacher, Karl
作者单位：Zurich University of Applied Sciences; Emory University
摘要：We conduct an experiment to investigate the use of peer evaluations for compensation purposes. Although organizations often rely on peer evaluations for incentive compensation, it is not well understood how peer feedback should be used and designed to ensure non-distorted evaluations and motivate effort provision. We study peer evaluations in form of bonus allocation proposals, thereby enabling a quantifiable test of our hypothesis. We distinguish between discretionary use (i.e., allocation by...
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作者：Ali, Waqar; Bens, Daniel A.; Cassar, Gavin
作者单位：Hautes Etudes Commerciales (HEC) Paris; INSEAD Business School
摘要：Complexity in applying financial accounting standards can have real operational effects if firms alter their actions in response to increased reporting costs. We examine whether the introduction of ASU 2017-12, designed to reduce compliance burden and better align hedge accounting rules with risk management practices, led to more effective hedging. Using detailed hedging disclosures, we show that firms that adopt the ASU expand the use of hedge-accounted derivatives and reduce exposures to int...
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作者：Brown, Jennifer l.; Casas-arce, Pablo; Kenchington, David g.; White, Roger m.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：We examine whether the local administration of sales taxes (as opposed to a more streamlined state administration) affects the real economy for businesses complying with the tax. We study this question in the Florida hotel industry, as counties in Florida can choose to locally administer the county-level tourist tax or have the state administer the county-level tax along with the state-level tourist tax. Local administration is popular because it supports local employment (of tax administrator...
