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作者：Hsu, Charles; Wang, Rencheng; Whipple, Benjamin C.
作者单位：Hong Kong University of Science & Technology; Singapore Management University; University System of Georgia; University of Georgia
摘要：We investigate whether non-GAAP earnings disclosures increase stock price crash risk. Consistent with non-GAAP disclosures allowing managers to inflate investors' perceptions about firm performance, our results indicate that income increasing non-GAAP reporting increases crash risk. We also find that managers can use non-GAAP reporting as a substitute for earnings management to withhold bad news from investors (the traditional explanation for crashes). Finally, we find a positive association b...
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作者：Ball, Ray; Nikolaev, Valeri V.
作者单位：University of Chicago
摘要：Do accruals-based earnings provide better information about future operating cash flows than do operating cash flows themselves, as predicted by the Financial Accounting Stan-dards Board's conceptual framework (FASB, 1978)? While this is a foundational issue in accounting, because it addresses the information added by accrual accounting methods, testing it remains unsettled. We show that when comparing the predictive ability of operating cash flows with that of an equivalent earnings measure c...
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作者：Lee, Charles M. C.; Zhong, Qinlin
作者单位：Stanford University; University of Washington; University of Washington Seattle; Fudan University
摘要：Between 2010 and 2017, Chinese investors used an investor interactive platform (IIP) to ask public companies around 2.5 million questions, the vast majority of which received a reply within two weeks. We analyze these IIP dialogues using a BERT-based algorithm and provide preliminary evidence on their causes and consequences. Our analyses show most questions reflect investors' difficulties in processing information already in the public domain. Controlling for other news, higher IIP activity i...
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作者：Whited, Toni M.
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research
摘要：Armstrong et al. (2022) review the various econometric methods that have been used to draw causal inference in the accounting literature and offer an alternative method for conducting research when causal methods are not applicable. This discussion provides background for the emphasis on causal inference in accounting. It also draws parallels between the authors' proposed quasi-causal method and the structural estimation methods that have been used in finance and that are starting to be used i...
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作者：Hanlon, Michelle; Shroff, Nemit
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We survey 170 inspectors, representing 27% of the inspection staff, from auditor public oversight boards (POBs) in 20 countries to understand whether, how, and why auditors respond to POB oversight. We find that a large majority of inspectors believe that auditors frequently respond to their feedback by changing audit procedures and quality control systems. Inspectors perceive inspections to have broad effects on several aspects of auditing, ranging from documentation to the removal of partner...
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作者：Yang, Ling
作者单位：Queens University - Canada
摘要：I study whether commercial banks' loan loss allowances were inadequate during the 2008 financial crisis because bank managers relied on low-quality information to estimate loan losses. To measure the quality of information collected on bank-held mortgages prior to the crisis, I create a bank exposure-to-mortgage fraud risk index (EFI) that captures overstatement of borrower income in mortgage applications. I find banks that originated more loans in high-risk neighborhoods had less adequate loa...
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作者：Maffett, Mark; Nakhmurina, Anya; Skinner, Douglas J.
作者单位：University of Miami; University of Chicago; Yale University
摘要：We analyze nearly 7,000 shareholder activist campaigns across 56 countries and show that shareholder activism is now a global phenomenon. Our analyses provide evidence on factors that explain the spread of activism and two related questions. First, we measure the extent to which country-level governance regulations facilitate shareholder engagement, a necessary condition for activism, and show that our measure of shareholder-empowering governance regulation explains cross-country variation in ...
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作者：Thompson, Anne M.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：SEC confidential treatment (CT) orders are regulatory exemptions that enable firms to redact proprietary information from SEC filings if the disclosure would cause competitive harm and if the information is immaterial to investors. This study examines the role of firms' political connections in the SEC's decisions to approve versus reject CT requests before and after Congressional intervention and internal SEC scrutiny into the CT process. CT requests from politically connected firms are less ...
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作者：Huang, Allen H.; Lin, An -Ping; Zang, Amy Y.
作者单位：Hong Kong University of Science & Technology; Singapore Management University
摘要：We identify a specific organizational resource in brokerage housesdinformation sharing among analyst colleagues who cover economically related industries along a supply chain. After controlling for brokerage selection effects, we show evidence consistent with the benefit of this resource to analyst research performance. Specifically, we find that analysts whose colleagues cover more economically connected industries have better research performance, especially when their colleagues produce hig...
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作者：Tseng, Kevin
作者单位：National Taiwan University
摘要：This paper provides empirical evidence for the role of technology spillover, an important innovation externality, in asset pricing. Using patent and R&D data, I show that firms with more technology spillover earn 7.7% higher annualized returns than firms with less technology spillover. Exploiting three quasi-natural experiments, I find that the return effect is strengthened (attenuated) when there is a plausibly exogenous increase (decrease) in the flow of technological information across firm...
