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作者：Aobdia, Daniel; Li, Edward Xuejun; Ramesh, K.; Shen, Min
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Baruch College (CUNY); City University of New York (CUNY) System; Baruch College (CUNY); Rice University; George Mason University
摘要：Little is known about how the Public Company Accounting Oversight Board (PCAOB) selects audits for inspections. We exploit public data that track PCAOB searches of issuer Securities and Exchange Commission (SEC) filings and the trial transcripts of United States of America v. David Middendorf to provide the first large-sample evidence on confidential PCAOB monitoring activities. We initially validate that PCAOB searches spike during actual inspections of triennially inspected auditors and for ...
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作者：Bourveau, Thomas; Flam, Rachel W.; Le, Anthony
作者单位：University of Oxford; University of London; London Business School; University of Chicago
摘要：We leverage the 2023 court-ordered Freedom of Information Act release of standardized Equal Employment Opportunity (EEO-1) reports to examine the workforce diversity of federal contractors. Using the released data for a sample of more than 19,000 publicly traded and private firms, we provide descriptive evidence on the variation in gender and racial diversity of these companies' workforce. We also document the existence of a racial gap between managers and lower-level employees. A substantial ...
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作者：Wan, Jiayue; Zhang, Yujia; Frazier, Peter I.
作者单位：Cornell University; Cornell University
摘要：Population-wide screening is a powerful tool for controlling infectious diseases. Group testing can enable such screening despite limited resources. Viral concentration of pooled samples are often positively correlated, either because prevalence and sample collection are influenced by location, or through intentional enhancement via pooling samples according to risk or household. Such correlation is known to improve efficiency when test sensitivity is fixed. However, in reality, a test's sensi...
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作者：Chuk, Elizabeth; Lourie, Ben; Yoo, Il Sun
作者单位：University of California System; University of California Irvine; University of Hawaii System; University of Hawaii Manoa
摘要：We examine whether buyers reduce their late payments in response to a regulatory change in the United Kingdom that mandates the public disclosure of their payment practices. We find that UK buyers subject to this regulation reduce their late payments. In cross-sectional tests, we find that this reduction in late payments is more pronounced for buyers with a greater extent of late payments, buyers facing a more concentrated supplier base, and buyer-supplier relationships in which a supplier is ...
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作者：Huang, Ni; Burtch, Gordon; Chen, Pei-yu; Huang, Ao
作者单位：University of Miami; Boston University; Arizona State University; Arizona State University-Tempe
摘要：Matching platforms seek to facilitate market clearing, but congestion arises with imbalances in supply and demand. In online labor markets, when workers can apply to jobs without restriction, they may apply to an excessive volume of positions to maximize their likelihood of securing work, overwhelming employers and making screening difficult if not altogether unmanageable. Prior research has theoretically argued that imposing application costs on workers can mitigate this issue. However, the e...
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作者：Nageswaran, Leela; Jain, Aditya; Gurnani, Haresh
作者单位：University of Washington; University of Washington Seattle; City University of New York (CUNY) System; Baruch College (CUNY); State University of New York (SUNY) System; Stony Brook University
摘要：A retailer can insist on a guaranteed margin contract with its supplier, wherein it requires a margin on each sale. In addition, it may want to have the lowest selling price in a market with competing retailers, and if this strategy of offering the lowest price reduces its margin, the supplier must pay up the difference. There has been recent debate on whether this approach leads to anticompetitive behavior with elevated retail prices, monopolistic market, or diminished market coverage. We ana...
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作者：Golrezaei, Negin; Yao, Evan
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：This article may be used only for the purposes of research, teaching, and/or private study. Commercial use or systematic downloading (by robots or other automatic processes) is prohibited without explicit Publisher approval, unless otherwise noted. For more information, contact permissions@informs.org. The Publisher does not warrant or guarantee the article's accuracy, completeness, merchantability, fitness inclusion of an advertisement in this article, neither constitutes nor implies a guaran...
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作者：Billett, Matthew; Freeman, Kayla; Gao, Janet
作者单位：Indiana University System; Indiana University Bloomington; University System of Georgia; University of Georgia; Georgetown University
摘要：We examine how access to debt markets affects firms' incentives to provide trade credit. Using hand-collected trade credit data between customer-supplier pairs and two exogenous shocks to firms' debt capacity, we show that better access to debt reduces firms' provision of trade credit per dollar of sales. The decline in trade credit is concentrated on ex ante powerful customers, but absent for weak ones, suggesting that better access to debt improves firms' bargaining position relative to powe...
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作者：Kim, Gi H.; Massa, Massimo
作者单位：University of Warwick; INSEAD Business School
摘要：We examine how variations in nonfinancial terms across bonds from the same issuer, referred to as issuer term variability (ITV), relate to bond yield spreads, returns, and investor bases. Our findings show that ITV is positively associated with yield spreads, even after accounting for the issuer's credit ratings and other credit risk proxies. Additionally, bonds with high ITV exhibit greater default risk but deliver lower risk-adjusted returns compared with those with low ITV. We also find tha...
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作者：Gao, Chao; Hu, Grace Xing; Zhang, Xiaoyan
作者单位：Australian National University; Tsinghua University
摘要：Data show that 72% of the earnings announcement premium is realized before, rather than after, earnings releases. We propose that uncertainty risk resolution before the announcement leads to large pre-announcement returns and test the uncertainty risk resolution hypothesis in the cross section. Compelling empirical evidence supports this hypothesis: an interquartile increase in the firm's uncertainty level is associated with a 6.3% greater uncertainty reduction and 0.65% higher market-adjusted...
