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作者：Sealy, Chezham (Chez) L.; Simon, Chad A.
作者单位：University of Alabama System; University of Alabama Tuscaloosa; Utah System of Higher Education; Utah State University
摘要：Financial reporting fraud continues to cost companies millions of dollars annually and is a major source of concern for regulators, stakeholders, and auditors. While academic research has largely focused on external auditors' fraud detection efforts, we analyze whether auditors can help prevent occurrences of fraud through low-cost reputational signals of higher strategic reasoning; strategic reasoning refers to strategies that individuals take in light of the anticipated actions of others (se...
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作者：Robinson, Scott A.; Rogers, Jonathan L.; Skinner, A. Nicole; Wellman, Laura A.
作者单位：University of Oregon; University of Colorado System; University of Colorado Boulder
摘要：In this study, we examine whether environmental, social, and governance (ESG) funds' investment decisions are sensitive to the existence and extent of firms' voluntary environmental disclosures. We create our measures of voluntary environmental disclosure using bigrams extracted from the Global Reporting Initiative standards. We provide robust evidence that voluntary environmental disclosure in conference calls is associated with greater ESG fund ownership in the subsequent period, incremental...
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作者：Lada, Monika; Kozarkiewicz, Alina; Haslam, Jim; Kabalska, Agnieszka; Mueller, Frank
作者单位：Warsaw School of Economics; AGH University of Krakow; Durham University; University of Jordan
摘要：The study develops theorizing of external organizational communications that entail impression management. This includes developing linkages to Goffman's work and a Goffmanian research tradition. Our approach innovatively articulates dimensions of impression management entailing the presentation of others and nuanced practices of what we term organizational altercasting (OAC). Altercasting has been conceptualized in a Goffmanian tradition. OAC, seen as implicated in more developed organization...
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作者：Phang, Soon-Yeow; Dharmasiri, Prabashi; Puspitasari, Dani
作者单位：Monash University; Royal Melbourne Institute of Technology (RMIT)
摘要：When evaluating the potential financial effects of climate change, investors demand disclosures of the climate-related risks and opportunities that companies need to manage. We examine how and why management control over climate change performance affects investors' evaluations of such disclosures. In a series of experiments, we find that investors believe that managerial optimism is beneficial and, thus, are more willing to invest when climate-related disclosures focus on opportunities rather...
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作者：Si, Fangbo; Yu, Xiaoxu; Zhang, Huai
作者单位：Jinan University; Central University of Finance & Economics; Nanyang Technological University
摘要：Our study reveals that financial analysts issue more pessimistic forecasts for their investment banking clients' competitors than for unrelated firms. Our evidence is consistent with this behavior stemming from analysts' strategic incentives rather than their true beliefs. We find that analysts' pessimism for the client's competitors is more pronounced when the client is more important to analysts' brokerage houses, when high uncertainty prevents competitors from detecting analysts' strategic ...
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作者：Durney, Michael T.; Johnson, Joseph A.; Sinha, Roshan K.; Young, Donald
作者单位：University of Iowa; University of South Carolina System; University of South Carolina Columbia; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：Many CEOs engage in activism by publicly expressing their views on social, environmental, and political issues, while other CEOs refrain from doing so-a behavior we term CEO inactivism. We use two experiments to examine how CEO (in)activism impacts investor decisions. Our results are consistent with our theoretical predictions. When a CEO expresses an activist position that is consistent versus inconsistent with investors' views, investors invest more in the CEO's firm because they perceive th...
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作者：Cuny, Christine; Dube, Svenja
作者单位：New York University; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This paper examines whether the sensitivity of local government credit ratings to external signals about the local economy varies with the quality of the governments' financial reports. We find the credit ratings of local governments that are required to comply with GAAP are less sensitive to changes in local home values than similarly affected governments that are not required to comply with GAAP. Further, we show that GAAP's moderating role increased after Governmental Accounting Standards B...
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作者：Ji, Yuan; Rozenbaum, Oded
作者单位：University of Texas System; University of Texas Arlington; George Washington University
摘要：Sell-side equity analysts serve as external monitors, yet evidence on how they fulfill this monitoring role remains limited. We examine whether analysts utilize earnings conference calls to monitor firms suspected of real earnings management and assess the implications of such monitoring. Our findings reveal that analysts are more likely to ask about discretionary expenses during conference calls of firms suspected of lowering these expenses to meet or narrowly beat analysts' expectations. The...
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作者：Chen, Lei; Huang, Allen H.; Wang, Xinlu; Xu, Liang
作者单位：Southwestern University of Finance & Economics - China; Hong Kong University of Science & Technology; Jinan University; SKEMA Business School
摘要：Downside risks are ubiquitous and can profoundly impact firm operations and valuation. Failure to adequately assess and manage target firms' downside risks hinders acquirers' ability to integrate and manage these businesses. This article introduces a novel measure of firms' downside risk similarity (DRS) based on risk factor descriptions and examines its implications for mergers and acquisitions (M&A) outcomes. We first validate that the measure is distinct from existing similarity measures an...
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作者：Daoust, Laurence; Hux, Candice T.; Zimmerman, Aleksandra B.
作者单位：Universite de Montreal; HEC Montreal; Northern Illinois University; State University System of Florida; Florida State University
摘要：Researchers have studied the entry of professionals into the public accounting field, their careers at an organization, and their exit from the field. However, they have largely overlooked the mobility of these professionals, whose careers involve firm transfers. Drawing on Bourdieu's sociology and interviews with 31 transferees and 7 non-Big 4 legacy partners, we examine the move of Big 4 professionals to non-Big 4 firms. Our findings show that transferees have an ingrained belief that a Big ...
