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作者：Kang, Byoung Uk; Nam, Jonathan Sangwook
作者单位：Hong Kong Polytechnic University
摘要：This study examines the informational role of local newspapers in institutional investments. Exploring local newspaper closures across US counties, we document that institutional investors significantly reduce their holdings in firms located near the closed newspapers. The post-closure decrease in institutional holdings is concentrated for non-local or non-hedge fund institutions. In contrast, institutions that are likely to possess information advantages-local institutions or hedge funds-do n...
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作者：Hou, Fangfang; Ng, Jeffrey; Xu, Xinpeng; Zhang, Janus Jian
作者单位：Xiamen University; University of Hong Kong; Hong Kong Polytechnic University; Hong Kong Baptist University
摘要：Lenders are reluctant to finance firms' innovation activities because such activities tend to be opaque, with a high likelihood of negative outcomes that could hamper loan repayment. We posit that public credit registries (PCRs), which play an important role in credit information sharing in many countries, can facilitate financing by reducing adverse selection and moral hazard and increasing bank competition. Using the staggered establishment of PCRs in different countries and an international...
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作者：Johnson, Joseph A.; Kelly, Khim; Olczak, Wioleta
作者单位：University of South Carolina System; University of South Carolina Columbia; State University System of Florida; University of Central Florida; Marquette University
摘要：The provision of more frequent feedback to employees is increasing, although prior research has found mixed results as to the effect of increased feedback frequency on employee performance. Narcissism research identifies narcissistic oversensitivity as a key narcissistic subdimension that may result in particularly strong responses to performance feedback. We predict and find in an experiment that increased performance feedback frequency has a more negative impact on the performance accuracy o...
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作者：Gong, Guojin; Jiang, Xin Daniel; Xie, Biqin
作者单位：University of Connecticut; University of Waterloo; United States Department of the Treasury; Office of Financial Research
摘要：This study examines whether using cash-flow-based performance metrics (CFM) in CEO compensation contracts affects the design of loan contracts. Cash-flow-based performance evaluation explicitly motivates the CEO to improve the firm's cash flows, which may enhance debt repayment ability and reduce credit risk. We thus hypothesize that lenders, anticipating this incentive effect, offer lower loan spreads and reduce cash-flow-based performance covenants when firms use CFM in CEO compensation cont...
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作者：Brown, Stephen V.; Hinson, Lisa A.; Tucker, Jennifer Wu
作者单位：University of Connecticut; State University System of Florida; University of Florida
摘要：Firms are required to provide financial information via the financial statements and the management discussion and analysis (MD&A), a narrative explanation of the financial statements. Our study examines how firms use the MD&A channel when their financial statement channel is inadequate. We focus on two textual attributes of the MD&A: non-GAAP disclosure and forward-looking statements. We find that firms with less adequate financial statements discuss non-GAAP measures more and provide a large...
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作者：Elliott, W. Brooke; Loftus, Serena; Winn, Amanda
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University of Kansas
摘要：We examine how disclosure delivery mode-oral versus written-influences investors' reactions to managers' tone language. We hypothesize that listening to disclosures, relative to reading them, causes managers' qualitative word choices to have a greater impact on investors' judgments. We theorize that this effect occurs because oral delivery mode promotes heuristic processing and qualitative tone language is an easy-to-process disclosure element. The results from an experiment in a conference ca...
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作者：Nan, Lin; Tang, Chao; Wang, Xin; Zhang, Gaoqing
作者单位：Purdue University System; Purdue University; Hong Kong University of Science & Technology; University of Minnesota System; University of Minnesota Twin Cities; Carnegie Mellon University
摘要：In this paper, we investigate the real effects of information transparency in crowdfunding markets. Our analysis shows that the crowdfunding market features an under-implementation inefficiency, driven by two types of uncertainty that consumers face: fundamental uncertainty about the entrepreneur's implementation cost, and strategic uncertainty due to potential coordination failures among consumers. We find that when both fundamental and strategic uncertainties are present, eliminating the fun...
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作者：Bargeron, Leonce; Bonaime, Alice; Docimo, William; Feng, Mei; Thomas, Shawn
作者单位：University of Kentucky; University of Arizona; University of Connecticut; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper studies voluntary disclosures that firms have suspended, resumed, or completed their open market repurchase programs. Voluntary disclosures of repurchase status updates are common and value-relevant. They also inform subsequent repurchase activities: voluntary disclosers are more likely to complete their repurchase programs and to initiate new repurchase programs than firms with undisclosed repurchase status changes. Moreover, firms that disclose repurchase suspensions experience la...
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作者：Eugster, Florian; Kallunki, Jenni; Kallunki, Juha-Pekka; Nilsson, Henrik
作者单位：University of St Gallen; Swiss Finance Institute (SFI); University of Oulu; Aalto University; Stockholm School of Economics; University of St Gallen
摘要：This article examines the effect of managers' personality trait of extraversion on the voluntary disclosure of their firms. Our results from analyzing archival data from Sweden show that the extraversion scores of CEOs and CFOs obtained from psychological tests are positively associated with the voluntary disclosure scores of their firms. The effect of managerial extraversion on disclosure is, moreover, stronger when managerial discretion or managerial job demands are higher. We also find that...
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作者：Drake, Katharine D.; Goldman, Nathan C.; Lusch, Stephen J.; Schmidt, Jaime J.
作者单位：University of Arizona; North Carolina State University; Texas Christian University; University of Texas System; University of Texas Austin; North Carolina State University
摘要：Given that tax-related critical audit matters (tax CAMs) were prevalent among accelerated filers (18.5% of observations) during the initial year of CAM disclosures, we examine whether an auditor's disclosure of tax CAMs is associated with variation in tax-related financial reporting quality, tax avoidance, and tax-related earnings management. Finding an association between tax CAMs and one of these tax outcomes would indicate that the new auditor reporting standard has indirectly affected inve...
