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作者：Li, Xue
作者单位：Indiana University System; Pennsylvania State System of Higher Education (PASSHE); Indiana University Bloomington; Indiana University of Pennsylvania
摘要：Investors increasingly turn to social media for information, even though many sites are saturated with ideological opinions. This paper examines whether ideology-driven social media opinions affect stock market responses to polarizing firm news, using boycotts as the empirical setting. On average, polarizing boycotts are associated with a 1% (2.3%) drop in equity value over the seven (60) trading days after gaining social media traction. Consistent with ideology-driven opinions affecting marke...
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作者：Blankespoor, Elizabeth; deHaan, Ed; Guay, Wayne; Lang, Mark; Shroff, Nemit; Wu, Joanna
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作者：Leonelli, Sinja; Muhn, Maximilian; Rauter, Thomas; Sran, Gurpal S.
作者单位：New York University; Goethe University Frankfurt; University of Chicago
摘要：We combine a large-scale field experiment with a customized survey to study how consumers use and respond to ESG disclosure. In a sample of over 24,000 U.S. households, we first establish that while consumers moderately prefer to purchase from ESG-responsible firms, they rarely consult corporate reporting directly and face various frictions in learning about firm-level activities. In our field experiment, we then inform households about real firm-disclosed activities through several randomized...
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作者：Dee, Carol Callaway; Luo, Bing; Wang, Elaine; Zhang, Jing
作者单位：Stetson University; California State University System; San Francisco State University; University of Massachusetts System; University of Massachusetts Amherst; University of Colorado System; Children's Hospital Colorado; University of Colorado Anschutz; University of Colorado Denver
摘要：We examine whether critical audit matter (CAM) reporting improves internal controls over financial reporting. We propose that CAM reporting improves internal control quality. This is because CAM reporting incentivizes early identification and communication of internal control issues among auditors, management, and audit committees, and increases their attention and effort in high-risk CAM areas. We find that, compared to control companies, companies that implement CAM reporting experience a si...
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作者：Miller, Gregory S.; Stockbridge Jr, Douglas R.; Williams, Christopher D.
作者单位：University of Michigan System; University of Michigan; Boston College
摘要：Regulators around the world have begun to require investment companies to provide information regarding fossil fuel investments to external stakeholders. In this paper we examine whether such disclosures impact the investment portfolios and/or investment policies of the disclosing firms. Using a 2016 California disclosure mandate that required some U.S. insurance companies to disclose their fossil fuel investments on a public website, we find the disclosing insurers reduced their fossil fuel i...
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作者：Boylen, Kathleen; Gaertner, Fabio B.; Martin, Melissa A.
作者单位：California State University System; California State University Northridge; University of Wisconsin System; University of Wisconsin Madison; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This paper investigates the relation between executive compensation and corporate tax policies, with a focus on the Tax Cuts and Jobs Act of 2017 (TCJA). Using a pay-performance sensitivity framework, we analyze the differing compensation rewards associated with domestic and foreign pre-tax incomes. Our findings reveal that, before the TCJA, executives received significantly higher rewards for foreign income, encouraging them to shift income abroad. The TCJA reduced this disparity, bringing re...
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作者：Gassen, Joachim; Veenman, David
作者单位：Humboldt University of Berlin; University of Amsterdam
摘要：OLS estimates of linear regression models become imprecise when distributional assumptions about the regression errors are not strictly met. Such situations frequently arise in applied research due to the heavy-tailed distributions of dependent variables. Using simulated data and replication settings, we show how robust regression estimation can produce more policy-relevant inferences by increasing the precision of estimates, improving test power, and tightening confidence intervals. We provid...
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作者：Berger, Philip G.; Tomy, Rimmy E.
作者单位：University of Chicago
摘要：We examine the role of reporting quality in firms' responses to a supply chain shock. Extant research examines the role of financial or managerial reporting quality in recurring operating or investing decisions, but little evidence exists on its role in firm restructuring following adverse shocks. Our setting is the 1999 Taiwan earthquake, which disrupted supply chains for certain U.S. high-technology manufacturers. We find total factor productivity increases for affected firms relative to una...
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作者：Feng, Mei; Lee, Lian Fen; Yin, Benda
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Hong Kong University of Science & Technology
摘要：This paper examines the association between managers' failure to incorporate macroeconomic news and firm performance, focusing on the role of competitors. Measuring this failure using the extent to which management revenue forecast errors reflect U.S. consumer sentiment, we find an asymmetric association. When firms underestimate consumer demand and underproduce, failing to incorporate consumer sentiment news is associated with worse performance, but when they overestimate demand and overprodu...
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作者：Chen, Novia; Hutchens, Michelle; Xia, Junwei
作者单位：University of Houston System; University of Houston; University of Illinois System; University of Illinois Urbana-Champaign; University of North Carolina; University of North Carolina Charlotte; University of Illinois System; University of Illinois Urbana-Champaign
摘要：The municipal bond market has long been criticized for its lack of disclosure, which prior research often attributes to weak regulatory oversight. We offer another explanation: tax clienteles. Most municipal bonds are tax-exempt, and thus primarily attract high-tax retail investors, who may lack the incentive or ability to demand or monitor disclosures. In contrast, taxable bonds attract a broader investor base, including institutional investors who can demand disclosure. We find that issuers ...
