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作者：Oh, Jun
作者单位：Purdue University System; Purdue University
摘要：I examine how antitrust risk affects firms' voluntary disclosure of mergers and acquisitions (M&As). I hypothesize that firms face a trade-off between the benefits of disclosing M&As to capital markets-namely, incorporating product market benefits into stock prices in a timely manner-and the potential antitrust scrutiny such disclosure can invite, which increases the likelihood of agencies challenging the M&A. Using two quasi-exogenous sources of variations in antitrust enforcement that affect...
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作者：Shi, Yilin; Wu, Jing; Zhang, Yu; Zhou, Yuqing
作者单位：Fudan University; Chinese University of Hong Kong; Peking University; Nanyang Technological University
摘要：This paper investigates how firms manage supplier disclosures to project a greener supply chain. We show that firms selectively reveal relationships with high-ESG suppliers while withholding ties to low-ESG ones. A shift in the supplier's environmental score from the 10th to the 90th percentile increases disclosure probability by 4.4% relative to the mean disclosure rate. Our analysis suggests this selective disclosure reflects greenwashing rather than genuine communication of supply-chain ESG...
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作者：Carter, Mary Ellen; Lee, Lian Fen; Yu, Enshuai
作者单位：Boston College
摘要：We examine whether the threat of requiring Scope 3 emissions disclosures increases affected firms' preference for greater control over production and GHG emissions, which renders outsourcing to foreign countries less desirable. Using the SEC's March 2021 request for input on climate-related disclosures as a shock to the probability that Scope 3 emissions disclosures would be required, we find that affected firms reduce imports relative to unaffected firms. The reduction is concentrated in firm...
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作者：Matsumoto, Dawn; Li Zhang, Jenny; Zheng, Yuxiang
作者单位：University of Washington; University of Washington Seattle; University of British Columbia; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
摘要：We thank the conference participants of the University of Illinois-Chicago Accounting Conference and workshop participants at the University of Notre Dame, Fordham University, Chinese University of Hong Kong for their comments and suggestions. A related version of this paper benefited from the comments of participants at the 2021 HARC Conference and the 2021 FARS Conference, as well as Darren Bernard, Russell Lundholm, Jason Huafeng Chen, Charles Lee, Jesse Chan (discussant), and the workshop ...
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作者：Blankespoor, Elizabeth; deHaan, Ed; Guay, Wayne; Lang, Mark; Shroff, Nemit; Smith, Kevin; 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：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：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：Chu, Jian; Fisman, Raymond; Wang, Yongxiang; Ye, Maoliang
作者单位：Nanjing University; Boston University; Shanghai Jiao Tong University; Southern University of Science & Technology
摘要：Audit design invokes a tradeoff between a monitor's local knowledge and their independence from influence. We study this tradeoff in the context of a pilot program in six Chinese provinces in 2016, in which provincial governments were given control over budgeting and personnel decisions for city audits. Using a difference-in-differences framework we show that, compared to non-pilot provinces, centralization increases detection of suspicious expenditures by over 50%. These improvements occur al...
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作者：Libgober, Jonathan; Michaeli, Beatrice; Wiedman, Elyashiv
作者单位：University of Southern California; University of California System; University of California Los Angeles; Hebrew University of Jerusalem
摘要：We examine how external news with uncertain precision influences investor beliefs, market prices, and corporate disclosures. We find that good external (and public) news is taken with a grain of salt - specifically, it is perceived as unlikely to be precise - confirming investor beliefs that nondisclosing managers are hiding unfavorable (private) information. As a result, better external news may paradoxically lead to lower market valuation. Overall, we find that, amid management silence, equi...
