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作者：Hope, Ole-Kristian; Porumb, Vlad-Andrei; Rusanescu, Simona; Vyas, Dushyantkumar
作者单位：University of Toronto; University of Manchester; Alliance Manchester Business School; University of Groningen; University of Toronto
摘要：Corporate spinoffs are important events that are accompanied by valuation and credit-risk implications for the parent firm. Among other benefits, spinoffs can improve corporate focus and enhance valuation transparency. In the debt-contracting context, however, spinoffs can also be associated with negative outcomes for the divesting firms. We examine whether banks, due to their timely access to material private information, are able to ascertain the likelihood and the implications of impending ...
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作者：Giedt, Jenny Zha
作者单位：George Washington University; George Washington University
摘要：This study examines the benefits and costs to a company of publicly announcing that it is seeking a potential sale or merger. I find that the announcement leads to increased market attention and a more robust merger and acquisition sales process-the benefits of improved transparency. However, I also find evidence of the announcement alienating stakeholders and increasing business disruption-the costs of credible disclosure. I document the countervailing valuation effects of these benefits and ...
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作者：Becker, Sebastian D.; Endenich, Christoph
作者单位：Hautes Etudes Commerciales (HEC) Paris; ESSEC Business School
摘要：Entrepreneurial ecosystems play a key role in the development of startups not only by providing support-such as flexible office space and access to skilled employees, mentors, and investors-but moreover by promoting concrete ideals about good entrepreneurship. However, we know less about the role that ecosystems play in managerial practices of startups. In our empirical analysis of management control systems (MCSs) in earliest-stage startups, we witness a strong influence of entrepreneurial id...
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作者：Godsell, David; Jung, Boochun; Mescall, Devan
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Hawaii System; University of Hawaii Manoa; University of Saskatchewan; University of Illinois System; University of Illinois Urbana-Champaign
摘要：A rich literature suggests that investor relations officers (IROs) fulfill a one-way information intermediary role by transmitting firm information to investors. We advance this literature with empirical evidence suggesting IROs are two-way information intermediaries who also return investment efficiency-increasing investor feedback to firm insiders. Exploiting granular investor relations activity data for 1,375 global firms, we document that firm investment efficiency is higher when IROs spen...
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作者：Fung, Simon Yu Kit; Jiang, Like; Pittman, Jeffrey; Wang, Yu; Zhang, Shafu
作者单位：Deakin University; University of Melbourne; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Dongbei University of Finance & Economics; Hunan University
摘要：We examine whether auditors share private information about some clients in their portfolio to benefit other clients (i.e., brokerage houses). This is a salient issue in China, where there are concerns about auditors leaking information to related parties, and where we observe variation in connectedness between brokerage houses and companies through shared auditors. We document that brokerage houses that share an auditor with a company issue comparatively more accurate earnings forecasts for t...
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作者：Huang, Allen H.; Wang, Hui; Yang, Yi
作者单位：Renmin University of China
摘要：We develop FinBERT, a state-of-the-art large language model that adapts to the finance domain. We show that FinBERT incorporates finance knowledge and can better summarize contextual information in financial texts. Using a sample of researcher-labeled sentences from analyst reports, we document that FinBERT substantially outperforms the Loughran and McDonald dictionary and other machine learning algorithms, including naive Bayes, support vector machine, random forest, convolutional neural netw...
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作者：Liu, Alfred Z. Z.; Pincus, Morton; Xu, Sean Xin
作者单位：McMaster University; University of California System; University of California Irvine; Tsinghua University
摘要：This study investigates the financial and operational implications of enterprise systems (ESs) in corporate risk management. Using matched difference-in-differences analyses based on ES implementation events, we document a significant reduction in the volatility of operating cash flows following ES implementations. We further show that ES implementers have better post-implementation operational efficiency than matched non-ES firms and better manage sales, costs of sales, working capital, and o...
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作者：Nam, Jonathan Sangwook; Thompson, Rachel A.
作者单位：Hong Kong Polytechnic University; North Dakota State University Fargo
摘要：This study examines the impact of cross-firm financial statement comparability on regulatory oversight of accounting quality. Required to review each firm's periodic filings at least once every three years, the SEC learns about the degree to which a firm's accounting system is comparable to those of its peers. We posit that the SEC's ex ante knowledge about financial statement comparability, gleaned from prior-year filing reviews, facilitates its evaluation of firms' accounting quality during ...
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作者：Blann, James J.; Kleppe, Tyler J.; Shipman, Jonathan E.
作者单位：Arizona State University; Arizona State University-Tempe; University of Kentucky; University of Arkansas System; University of Arkansas Fayetteville
摘要：We investigate whether the PCAOB's decision to expand the number and location of its inspection offices in 2009 improved the reliability of US audits. We use a difference-in-differences empirical design to consider the impacts of the expansion on audit quality and find that audit quality significantly improved following the PCAOB's expansion in markets where new offices opened relative to markets without an office opening. We find that the improvement in audit quality appears to be driven by a...
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作者：Jones, Stewart; Moser, William J.; Wieland, Matthew M.
作者单位：University of Sydney; University System of Ohio; Miami University; University System of Ohio; Miami University
摘要：This study uses machine-learning methods to predict next-period change in profitability based on a model proposed by Penman and Zhang (2004, Working paper, Columbia University and University of California, Berkeley; PZ). We find that new machine-learning methods predict out of sample substantially better than traditional regression methods and provide richer interpretations about the role and impact of different predictor variables through their nonlinear relationships and interaction effects....
