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作者：Peek, Erik; van Rinsum, Marcel; Stirnkorb, Sebastian
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study investigates the joint effects of investor status and locus of attribution on investors' judgments of management credibility. We study these effects in the context of an adverse event disclosure. Building on social identity and ultimate attribution error theory, we predict and find that under external attribution, current investors perceive management as more credible than prospective investors do. In contrast, we predict and find that investor status does not affect perceived manag...
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作者：Cheng, Lin; Cheng, Qiang; Weng, Liwei; Yan, Mark Yuzhi
作者单位：China Europe International Business School; Singapore Management University; Northeastern University; Hong Kong Baptist University
摘要：This study examines the impact of the presence of institutional dual-holders, whose portfolios hold both loans and equity securities of the same firms, on those firms' voluntary disclosures. Using mergers between institutional shareholders and lenders to the same firms as exogenous shocks to identify firms with institutional dual-holders that have high relative equity ownership, we document that such firms are less likely to provide management forecasts and disclose fewer voluntary 8-K items. ...
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作者：Schedlinsky, Ivo; Schmidt, Maximilian; Sommer, Friedrich; Woehrmann, Arnt
作者单位：University of Munich; University of Bayreuth
摘要：Although it has always been important for firms that employees innovate predefined processes, the working environment in which employees implement these processes has significantly changed. Currently, the working environment is often characterized by employee surveillance; that is, the way in which employees conduct a process is monitored. In the current study, we present the results of an experiment examining the effect of process monitoring on process improvements by employees. Although prev...
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作者：Neel, Michael; Xu, Jianren
作者单位：University of North Texas System; University of North Texas Denton; University of North Texas System; University of North Texas Denton
摘要：Using industry restatement contagion as an external negative shock, we study the effectiveness of enterprise risk management (ERM) in mitigating downside risk and enhancing investor confidence. We find that ERM curbs overinvestment and earnings misstatement among firms when other firms in their industry engage in undisclosed misstatements that are subsequently restated. Following the announcements of these industry restatements, peers with ERM experience a smaller increase in implied volatilit...
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作者：Jackson, Scott B.; Rasso, Jason T.; Zimbelman, Aaron F.
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：We hypothesize that managers use their hierarchical role as reviewers of accounting judgments and estimates to manage earnings, which we call indirect earnings management (IEM). Across a series of experiments using highly experienced financial executives as participants, we provide evidence that IEM (1) is likely used by managers to achieve current and future earnings targets, (2) reduces both cognitive dissonance associated with managing earnings and the extent to which managers think that th...
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作者：Stausholm, Saila; Murphy, Richard; Seabrooke, Leonard
作者单位：Copenhagen Business School; University of Sheffield
摘要：How do global firms manage conflicting constituencies in complex markets? The Big 4 accounting firms have expanded their size and scope to the extent that they need to relate to different constituencies simultaneously, sometimes on controversial issues. This is particularly relevant given their engagement in aggressive tax planning services alongside their traditional professional obligations, as this generates a conflict between discretion offered to offshore clients and accountability offere...
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作者：Axenrod, Michael; Kisser, Michael
作者单位：heSam Universite; ESCP Business School; BI Norwegian Business School
摘要：The Statement of Financial Accounting Standards (SFAS) No. 158 mandates the recognition of previously disclosed off-balance sheet liabilities (OBLs) for sponsors of defined benefit (DB) retirement plans. This recognition significantly increases reported liabilities, with notable variation across DB plan sponsors. We find that unrated DB plan sponsors reduce financial leverage following OBLs recognition, driven by net debt retirements and net equity issuances. These adjustments appear optimal b...
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作者：Chen, Yong; Kim, Minjae; Mcinnis, John; Zhao, Wuyang
作者单位：Texas A&M University System; Texas A&M University College Station; Analysis Group Inc.; University of Texas System; University of Texas Austin; McGill University
摘要：Short interest is currently required to be disclosed twice per month, but regulators have sought to increase this frequency. Meanwhile, short interest information from private third-party vendors has emerged to meet investor demand on a daily basis. We find that daily private-sector data strongly predict bimonthly regulatory disclosure. Furthermore, private-sector data help price discovery, albeit with modest economic magnitude. Investors tend to underreact to the information content of privat...
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作者：Lind, Gary; Ramesh, K.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Rice University
摘要：This study examines whether a simple measure of internet search intensity for publicly traded retail firms can enhance the capital market's firm-level revenue expectations and provide insights into economy-wide retail sales. At the firm level, the search index is predictive of analyst nowcast and forecast errors after controlling for past sales, deferred revenue, firm characteristics, and firm and time fixed effects. An implementable trading strategy generates abnormal returns of roughly 2% to...
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作者：Koo, Minjae; Wang, Annika Yu; Wang, Yin; Zhang, Liandong
作者单位：Korea University; University of Houston System; University of Houston; Singapore Management University
摘要：Product market advertising, while containing little new information, triggers spikes in investor attention. Using weekly advertising data, we find that sell-side analysts issue optimistic earnings forecasts in response to heavier advertising in the prior week. This effect is not driven by confounding earnings or product news. It is more pronounced for experienced analysts and analysts affiliated with brokerages that rely solely on trading revenues. The optimistic forecast bias intensifies the ...
