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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：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：Boulland, Romain; Bourveau, Thomas; Breuer, Matthias
作者单位：ESSEC Business School; University of Oxford; Goethe University Frankfurt
摘要：We propose a new measure of firms' disclosure based on company websites, which are widely available and contain a wealth of information. For a sample of U.S. public firms, we construct our disclosure measure using historical website data, validate it by correlating it with extant measures of disclosure and information asymmetry, and explore its determinants. We then apply our measure to the study of U.S. private firms' disclosure and French firms' compliance with a nonfinancial disclosure mand...
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作者：Holzman, Eric R.; Miller, Brian P.; Rennekamp, Kristina M.; Sauciuc, Ashley K.
作者单位：Indiana University System; Indiana University Bloomington; State University System of Florida; University of Florida; Cornell University
摘要：This study investigates (1) whether misreporting by corporate executives impacts unethical decision-making by non-peers in unrelated reporting tasks, and (2) whether observing various forms of punishment for corporate misreporting deters this spillover effect. Specifically, we examine the deterrent effects of two common forms of punishment (fines or imprisonment) and a novel form of punishment (public shaming). Across two experiments, we find that participants are more likely to misreport perf...
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作者：Law, Kelvin K. F.; Tan, Jingdan
作者单位：Nanyang Technological University; Hong Kong Polytechnic University
摘要：Using data from over 4,000 Black Lives Matter (BLM) protests across 600 U.S. counties from 2014 to 2021, we examine how BLM activism shapes corporate diversity at different organizational levels. We develop an approach integrating OpenAI's GPT-4 with Chain-of-Thought prompting to classify race and ethnicity. In our validation tests, this method achieves higher accuracy than several tested open-source algorithms. Our main findings are as follows. First, although firms headquartered in protest-a...
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作者：Anderson, Chelsea M.; Fang, Vivian W.; Moon Jr, James R.; Shipman, Jonathan E.
作者单位：University System of Ohio; University of Cincinnati; Indiana University System; Indiana University Bloomington; University System of Georgia; Georgia Institute of Technology; University of Arkansas System; University of Arkansas Fayetteville
摘要：This paper explores U.S. public firms' cryptocurrency holdings and accounting practices from 2013 to 2022 against the backdrop of the recently enacted crypto accounting rule, ASU 2023-08. Descriptive analyses suggest exponential growth in corporate crypto holdings and significant variation in crypto accounting practices, underscoring the rule's necessity. Hypothesis tests using the pre-rule data reveal three insights with direct relevance to the rule. First, firms appear to view crypto assets ...
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作者：Carson, Elizabeth; Lamoreaux, Phillip; Simnett, Roger; Thurheimer, Ulrike; Vanstraelen, Ann
作者单位：Royal Melbourne Institute of Technology (RMIT); Arizona State University; Arizona State University-Tempe; University of New South Wales Sydney; Deakin University; University of Amsterdam; Maastricht University; University of Antwerp
摘要：We investigate the establishment of public audit oversight bodies (POBs) worldwide. We present descriptive evidence on POBs' characteristics and factors influencing the timing of their establishment, finding that countries with stronger institutions, civil law traditions, and higher media attention to audit quality adopt POBs faster. While countries may choose similar POB design features, these choices do not align with the factors driving adoption speed. We also explore whether the finding of...
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作者：Lee, Jimmy; Ng, Shaphan; Yoo, Il Sun; Zhang, Liandong
作者单位：Singapore Management University; University of Hawaii System; University of Hawaii Manoa
摘要：The protection of free speech enhances the ability of various public stakeholders to disseminate privately observed adverse information about public firms, making it difficult for corporate managers to conceal negative information about their companies. Using the staggered enactment of anti-strategic lawsuit against public participation (anti-SLAPP) laws across U.S. states as a shock that strengthens free speech protection, we show that stronger protection is associated with less concealment o...
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作者：Lu, Yifei; Wu, Joanna Shuang; Yang, Yucheng (John)
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Rochester; Chinese University of Hong Kong
摘要：We study how foreign investors' access to corporate information varies with pairwise geopolitical tensions between the investor's and investee's countries. Using a sample of 1,760 country-pairs, we find that geopolitical tensions between a conference call host firm's country and a foreign country relate negatively with investor participation from that foreign country as well as the quality and tone of management responses in the call, suggesting reduced foreign investor information access with...
