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作者：Sani, Jalal; Shroff, Nemit; White, Hal
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Massachusetts Institute of Technology (MIT); University of Notre Dame
摘要：This paper examines whether portfolio disclosure requirements for actively managed investment funds affect the investment decisions of the firms they own. We argue that mandatory portfolio disclosures reduce fund managers' incentive to collect and trade on private information, which reduces the stock price informativeness of their portfolio, and thus portfolio firm managers' ability to learn from their firms' stock prices. Using a difference-in-differences design around the May 2004 SEC regula...
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作者：Du, Kai; Huddart, Steven; Jiang, Xin Daniel
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Waterloo
摘要：SEC-mandated, machine-readable structured filings are an alternative source to Compustat for companies' accounting data. Discrepancies between as-filed and Compustat data, potentially a result of Compustat's standardizations, are more pronounced for firms with complex financial reporting. We show that these data discrepancies affect inferences in four research settings: (i) properties of accrual accounting, including accruals-cash flow relationships and abnormal accruals; (ii) real earnings ma...
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作者：Chy, Mahfuz; Kyung, Hoyoun
作者单位：University of Missouri System; University of Missouri Columbia
摘要：We find that bond issuers receive bank loans with 12% fewer covenants when the sec-ondary corporate bond market becomes more transparent. The treatment effect is more pronounced when bond trades are more informative, when stock prices are less infor-mative, and when the likelihood of future debt-equity agency conflicts is higher. The ev-idence suggests that bond prices reflect forward-looking information that mitigates banks' information risk in debt contracting. As such, banks impose fewer co...
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作者：Arikan, Mazhar; Kara, Mehmet; Masli, Adi; Xi, Yaoyi
作者单位：University of Kansas; California State University System; San Diego State University
摘要：We examine how the partisan alignment between chief executive officers (CEOs) and the United States president influences corporate disclosure outcomes. We predict and find evidence that more partisan-aligned CEOs display greater optimism in their corporate disclosures. CEO partisan alignment is positively associated with the likelihood of issuing a management earnings forecast and issuing overly optimistic forecasts. More partisan -aligned CEOs also use a more optimistic tone in the corporate ...
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作者：Hales, Jeffrey
作者单位：University of Texas System; University of Texas Austin
摘要：This paper summarizes and discusses Cohen et al. (2023), including how their results fit into a larger set of open questions about how sustainability-oriented information gets used in capital markets. Two key messages emerge. The first is that investors are not a monolith. The second message is that the information environment in which investors have been operating has changed dramatically over the past two decades and is likely to continue to evolve for the foreseeable future. Both messages h...
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作者：Lennox, Clive; Wang, Chunfei; Wu, Xi
作者单位：University of Southern California; Central University of Finance & Economics
摘要：Public accounting firms are owned by all equity partners, but day-to-day management is generally delegated to a team of leaders. Using data from China, this study examines which equity partners are selected to the firm's national leadership team, and whether firmwide audit quality is related to leadership attributes. We find that a partner is more likely to be selected as a leader if the partner is more experienced in public company auditing and has attracted more new clients to the firm. Firm...
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作者：Lu, Hai; Shin, Jee-Eun; Zhang, Mingyue
作者单位：University of Toronto; Peking University; University of Waterloo
摘要：We study financial reporting and disclosure practices in China using survey methods similar to prior studies of U.S. firms (i.e., Graham et al., 2005; Dichev et al., 2013). Comparing earnings features, motives to manage and smooth earnings, and voluntary disclosure practices between the two countries, we reveal three major differences. First, Chinese firms exhibit a stronger preference for predictive, relative to verifiable, attributes of earnings that can signal stable firm performance to the...
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作者：[Anonymous]
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作者：Campbell, Brett; Drake, Michael; Thornock, Jacob; Twedt, Brady
作者单位：Yale University; Brigham Young University; University of Oregon
摘要：We examine the determinants and market consequences associated with earnings announcements going viral on social media, a phenomenon we label earnings virality. Using a comprehensive panel of historical Twitter data, we find that the typical earnings announcement receives relatively little social media coverage, but others go viral on social media, quickly reaching the feeds of millions of people. We find that viral earnings announcements generally have Twitter content that is more extreme in ...
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作者：Ye, Mao; Zheng, Miles Y.; Zhu, Wei
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We investigate the effect of tick size, a key feature of market microstructure, on managerial learning from stock prices. Using a randomized controlled tick-size experiment, the 2016 Tick Size Pilot Program, we find that a larger tick size increases a firm's investment sensitivity to stock prices, suggesting that managers glean more new information from stock prices to guide their investment decisions as the tick size increases. Consistently, we also find that changes in managerial beliefs, as...
