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作者：Duguay, Raphael; Li, Chenchen; Zhang, Frank
作者单位：Yale University
摘要：This paper studies how mandatory greenhouse gas disclosure affects new business formation. We find a significant increase in business entry following the implementation of the Greenhouse Gas Reporting Program in affected industries, relative to unaffected controls. We propose two channels. First, through a production channel, disclosure pressures incumbent firms to reduce emissions by scaling back production or reallocating resources toward cleaner technologies, weakening incumbents' competiti...
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作者：deHaan, Ed; Huang, Allen H.; Kannan, Srijith; Qiu, Lu
作者单位：Stanford University; Hong Kong University of Science & Technology; Southwestern University of Finance & Economics - China
摘要：We analyze over 27,000 social media livestreams by Chinese mutual funds to investigate whether they achieve regulators' goal of improving retail investment decisions. Our findings indicate that livestreams generate significant inflows, often within minutes of their start times. Yet rather than educating investors, livestreams amplify return-chasing behavior and predict sharp declines in fund performance. Investors who buy in response to livestreams would earn higher returns by holding index fu...
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作者：Gallo, Lindsey A.; Jin, Hengda; Sridharan, Suhas A.
作者单位：University of Michigan System; University of Michigan; Texas A&M University System; Texas A&M University College Station; Mays Business School; Emory University
摘要：This paper examines time-series variation in the relationship between aggregate earnings and GDP (AEG). Using quarterly data from 1979-2019, we document that aggregate earnings are positively associated with future real GDP after 2000 but not before. We further show that this variation does not result from an association between aggregate earnings and the corporate profits component of GDP. Instead, we discover that aggregate special items-not core earnings-drive the post-2000 AEG by conveying...
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作者：Barcellos, Leonardo P.; Emett, Scott A.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：A large literature documents that many households underinvest in equities, but the beliefs underlying this behavior remain poorly understood. We study Americans' cynicism toward public companies as a belief structure that helps explain limited market participation, examining its prevalence, underlying mechanisms, and strategies to attenuate it. In a nationally representative survey, we find that corporate cynicism is widespread and negatively predicts individuals' propensity to invest in stock...
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作者：Behn, Markus; Couaillier, Cyril
作者单位：European Central Bank
摘要：We analyse how capital management motives and accounting discretion have affected euro area banks' provisioning behaviour since the adoption of expected credit loss accounting (IFRS 9). Using granular loan-level data, we investigate provisioning dynamics around firm-level credit events and the macroeconomic shock induced by the COVID-19 pandemic. We find that capital management motives have a strong impact on provisioning under IFRS 9, with less capitalised banks generally provisioning less th...
