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作者：Amiraslani, Hami; Deller, Carolyn; Ittner, Christopher D.; Keusch, Thomas
作者单位：INSEAD Business School; University of Pennsylvania; University of Pennsylvania; INSEAD Business School
摘要：We examine the relation between board risk oversight and environmental and social (E&S) performance. Our study is motivated by heightened awareness of E&S risks and growing calls for their inclusion in the purview of board risk oversight. Using a novel proprietary dataset on board risk oversight for an international sample, we find that firms with more extensive board risk oversight are more likely to institute E&S compensation, set environmental (but not social) targets, adopt policies that a...
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作者：Delis, Fotis; Delis, Manthos D.; Laeven, Luc; Ongena, Steven
作者单位：Audencia; European Central Bank; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Norwegian University of Science & Technology (NTNU); Centre for Economic Policy Research - UK
摘要：We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009-2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensi...
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作者：Park, Min; Yoon, Aaron; Zach, Tzachi
作者单位：University of Kansas; Northwestern University; University System of Ohio; Ohio State University
摘要：We assess whether and how financial analysts incorporate information about downside ESG risk. Using a unique dataset on firm-day level negative ESG incidents, we find that analysts' outputs (i.e., stock recommendations, EPS forecasts, and target prices) are associated with negative future ESG risk events, especially those that are financially material. Further investigation suggests that analysts incorporate ESG risk not only through adjusting future cash flow expectations (i.e. the numerator)...
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作者：Wu, Yue Rio; Huang, Sterling; Tsang, Albert; Wang, Kun Tracy
作者单位：Xiamen University; New York University; NYU Shanghai; Southern University of Science & Technology; Australian National University
摘要：We examine how generalist CEOs influence innovation outcomes across 25 countries from 2001 to 2019. We assemble a novel, extended dataset of generalist CEOs and find that generalist CEOs positively affect innovation, particularly in countries with abundant innovation resources. This finding aligns with the notion that generalist CEOs leverage their broad knowledge and cross-industry experience to integrate resources across institutional environments, thereby fostering innovation activities. Ho...
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作者：Ashraf, Musaib; Donelson, Dain C.; Mcinnis, John; Mergenthaler, Richard D.
作者单位：Michigan State University; University of Wisconsin System; University of Wisconsin Madison; University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine the effect of fair value standards on firms' litigation risk. The discretion required by fair value allows plaintiffs to second guess managers' judgments, potentially increasing litigation risk. Alternatively, the complexity of fair value may decrease litigation risk if it's more difficult to demonstrate scienter. Our evidence suggests firms that rely more on fair value standards are relatively less likely to be sued. We find no evidence of a relation between fair value and the risk...
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作者：Cabezon, Felipe
作者单位：Virginia Polytechnic Institute & State University
摘要：I report and analyze a recent one-size-fits-alltrend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components - salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites - disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogeno...
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作者：Hepfer, Bradford F.; Judd, Hannah W.; Rice, Sarah C.
作者单位：Texas A&M University System; Texas A&M University College Station; Brigham Young University
摘要：Using the IPO setting, we test whether firms signal the quality of their investments in innovation activities by claiming R&D tax credits. We find the presence and amount of the R&D credit are each associated with lower information asymmetry and with higher investor demand at IPO. Conservatively, we estimate that sample firms realize additional IPO proceeds of 32-45 percent of their creditable R&D expenditures, indicating economically significant non-tax benefits associated with the R&D credit...
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作者：Bourveau, Thomas; Gao, Xingchao; Li, Rongchen; Zhou, Frank S.
作者单位：Columbia University; University of Toronto; University of Pennsylvania
摘要：We investigate a 2012 comply-or-explain regulation implemented by China's Shanghai Stock Exchange. The regulation requires eligible firms to pay 30% of their current-year profits as cash dividends or explain the reasons why they do not meet this requirement through a public conference call. Using firms listed on the Shenzhen Stock Exchange as a control group, our difference-in-differences estimates suggest that firms subject to the regulation decreased tunneling, irrespective of whether they c...
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作者：Armstrong, Daphne M.; Glaeser, Stephen; Hoopes, Jeffrey L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We use textual analysis of mandatory accounting filings to develop firm-level, time-varying measures of exposure to individual government agencies including the Securities Exchange Commission (SEC) and Internal Revenue Service (IRS). The measures vary predictably across industries and with agency-specific events such as the Sarbanes Oxley Act at the SEC and budget cuts at the IRS. The measures positively relate to undisclosed agency investigations and financial statement downloads. Firms' tota...
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作者：Breuer, Matthias; Leuz, Christian; Vanhaverbeke, Steven
作者单位：Columbia University; University of Chicago; KU Leuven
摘要：We investigate the impact of reporting regulation on corporate innovation. Exploiting thresholds in Europe's regulation, we find that forcing firms to disclose financial statements reduces the number of innovating firms and the average firm's innovation spending, but it does not reduce industry-wide total innovation spending. Our results suggest that the regulation imposes proprietary costs on firms, which discourages innovation activity, especially by smaller firms. We also show that the regu...
