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作者：Jiang, John (Xuefeng); Petroni, Kathy R.; Wang, Isabel Yanyan
作者单位：Michigan State University
摘要：In 2007, Pink Sheets LLC assigned each Pink Sheets (R) company to a disclosure tier and on its website affixed a colorful graphic to its stock symbol signifying the company's public disclosure level. This unique innovation allows us to investigate the impact of increased salience of disclosure practices on liquidity. Using a difference-in-difference design, we find evidence that firms classified into the Current Information category experienced an increase in liquidity while firms classified i...
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作者：Dou, Paul; Truong, Cameron; Veeraraghavan, Madhu
作者单位：Monash University
摘要：This study examines whether cultural dimensions such as individualism and uncertainty avoidance can explain the variation in the profitability of the earnings momentum strategies in international markets. Using the time-varying cultural indices of Tang and Koveos (2008) for 30,383 firms from 41 countries over the period 1995-2008, we show that the level of individualism in a country is positively associated and the level of uncertainty avoidance is negatively associated with earnings momentum ...
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作者：Drake, Michael S.; Gee, Kurt H.; Thornock, Jacob R.
作者单位：Brigham Young University; Stanford University; University of Washington
摘要：Each year, the NCAA basketball tournament (March Madness) is a daytime distraction for millions of people, providing a largely exogenous shock to investor attention. We investigate whether March Madness influences the market response to earnings by diverting investor attention away from earnings news. We find that the price reaction to earnings news released during March Madness is muted. This result generally holds across several samples and additional analyses. We also find that the result i...
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作者：Hannan, R. Lynn
作者单位：Tulane University
摘要：Kachelmeier, Thornock, and Williamson (2016) investigate experimentally whether an employer's value statement can affect the way employees cognitively represent how they should approach a multi-attribute task, and therefore performance. Counter-intuitively, but consistent with their theory, they find that the value statement negatively affects performance for piece-rate incentivized participants. In my discussion, I elaborate on my comments from the 2013 CAR Conference. Specifically, I discuss...
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作者：Bae, Gil S.; Choi, Seung U. K.; Rho, Joon H. W. A.
作者单位：Korea University; Chungnam National University
摘要：Higher audit fees associated with auditor industry specialization could represent higher unit price charged by industry specialist auditors (ISAs) or the provision of a greater quantity of audit services. This study exploits a field setting in Korea, where the disclosure of audit hours is required in company annual reports, and finds that ISAs charge significantly higher total audit fees but also expend significantly greater audit hours than non-ISAs. When audit fees and hours are considered t...
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作者：Kovacs, Tunde
作者单位：University of Massachusetts System; University of Massachusetts Lowell
摘要：This study examines the role of intra-industry information transfers in the analyst forecast-based post-earnings announcement drift. I find that subsequent same-industry-peer earnings announcements influence a firm's post-earnings announcement drift if these subsequent announcements confirm the firm's initial earnings surprise and the firm's industry exhibits ex ante positive (common effect) intra-industry information transfers. The results suggest that underreaction to industry-specific infor...
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作者：Plumlee, Marlene A.
作者单位：Utah System of Higher Education; University of Utah
摘要：Johnstone (2016) provides a theoretical analysis of how information might increase uncertainty and a firm's cost of equity capital (COEC). The author's analysis serves to highlight outcomes that he suggests receive limited attention in prior studies. He focuses on how more information might result in greater, rather than less, uncertainty and whether a decrease in uncertainty leads to a lower COEC. I discuss how his study provides an incremental contribution to the theoretical literature and w...
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作者：Hribar, Paul; Yang, Holly
作者单位：University of Iowa; Singapore Management University
摘要：This paper examines how overconfidence affects the properties of management forecasts. Using both the over-optimism and miscalibration dimensions of overconfidence to generate our predictions, we examine three research questions. First, we examine whether overconfidence increases the likelihood of issuing a forecast. Second, we examine whether overconfidence increases the amount of optimism in management forecasts. Third, we examine whether overconfidence increases the precision of the forecas...
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作者：Evans, John H., III; Moser, Donald V.; Newman, Andrew H.; Stikeleather, Bryan R.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of South Carolina System; University of South Carolina Columbia
摘要：Firms have increasingly adopted open work environments. Although openness is thought to have benefits, it could also expose firms to an unanticipated cost. An open (closed) internal reporting environment makes it more (less) likely that managers will observe a colleague's communications with senior executives. This increase in what one manager knows about another manager's communication to senior executives could facilitate employee collusion to extract resources from the firm. To test whether...
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作者：Pae, Suil; Song, Chang Joon; Yi, Andrew C.
作者单位：Sungkyunkwan University (SKKU); Hanyang University
摘要：This study provides evidence that managers' career concerns affect their earnings guidance decisions. We hypothesize that CEOs who are relatively more concerned about assessments of their abilities have stronger incentives to guide the market expectations of earnings downwards to increase the likelihood of meeting or beating the expectations. Consistent with this hypothesis, we find that (i) short-tenured CEOs, CEOs promoted from inside the firm, and nonfounder CEOs are more likely to provide ...
