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作者：Jung, Jay Heon; Kumar, Alok; Lim, Sonya S.; Yoo, Choong-Yuel
作者单位：University of London; City St Georges, University of London; University of Miami; DePaul University; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We find that forecast revisions by analysts with more favorable surnames elicit stronger market reactions. The effect is stronger among firms with lower institutional ownership and for analysts with non-American first names. Following the 9/11 terrorist attacks, and France and Germany's opposition to the Iraq War, revisions by analysts with Middle Eastern and French or German surnames, respectively, generated weaker market reaction. Surname favorability is not associated with forecast quality,...
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作者：Bates, Thomas W.; Neyland, Jordan B.; Wang, Yolanda Yulong
作者单位：Arizona State University; Arizona State University-Tempe; George Mason University; University of Melbourne
摘要：We present evidence that earnout agreements in acquisition contracts provide a substantial source of financing for acquirers. Acquirers in transactions with earnouts are significantly more likely to be financially constrained, face tighter credit market conditions, and use less debt and equity to fund acquisitions. Financially constrained acquirers also book lower fair values for the contingent claim. Earnout use is more likely in transactions that involve liquid sellers, and earnout bids garn...
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作者：Bradley, Daniel
作者单位：State University System of Florida; University of South Florida
摘要：Chan et al. (2018) provide the first large scale study of sell-side analysts owning firms for which they also provide research coverage. Consistent with signaling credibility, they find analysts with ownership positions allocate more effort to these firms and the informativeness of their recommendations are enhanced. However, consistent with analyst conflicts, they find analysts that own the stock issue more optimistic target prices and frequently trade against their outstanding recommendation...
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作者：Bliss, Barbara A.; Partnoy, Frank; Furchtgott, Michael
作者单位：University of San Diego; University of San Diego; Microsoft
摘要：We exploit the exogenous shock of a 2005 U.S. Supreme Court decision on securities class action loss causation requirements to examine two ways that firms bundle information with restatements: positive bundling of good news and noise bundling of additional bad news. We find that positive bundling offsets price declines and results in less litigation. In contrast, noise bundling magnifies price declines, but nevertheless deters litigation by confounding which bad news caused a decline. Non-bund...
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作者：Harris, Jeremiah; O'Brien, William
作者单位：University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This study shows that domestic mergers and acquisitions (M&A) were inhibited by the U.S.'s worldwide tax policy on foreign-earned income. Double Irish structures, a complex web of subsidiaries that reduce foreign tax rates and therefore increase potential repatriation tax rates, are associated with lower levels of domestic M&A by U.S. firms. These results do not reflect a continuation of prior trends or declines in worldwide acquisitiveness and are robust to several econometric approaches. We ...
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作者：Hanley, Kathleen W.; Jagolinzer, Alan D.; Nikolova, Stanislava
作者单位：Lehigh University; University of Cambridge; University of Nebraska System; University of Nebraska Lincoln
摘要：We examine whether fair value (FV) input levels and estimation sources are related to FV inflation, the difference between an insurer's FV estimate and the consensus FV estimate across the security's holders. FV inflation is higher, and self-estimation more likely, when insurers report using Level 3 inputs when the consensus level is 2. Regardless of the level, FV is greater when self-estimated. Public insurers that inflate FV through self-estimation potentially obfuscate detection by reportin...
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作者：Bradshaw, Mark T.; Christensen, Theodore E.; Gee, Kurt H.; Whipple, Benjamin C.
作者单位：Boston College; University System of Georgia; University of Georgia; Stanford University
摘要：We use newly available GAAP forecasts to document that traditionally-identified GAAP forecast errors contain 37% measurement error. Correcting for this measurement error, we settle a long-standing debate regarding investor preference for GAAP versus non-GAAP earnings and provide strong evidence of a preference for non-GAAP earnings. We also revisit the use of non-GAAP exclusions to meet analysts' forecasts when GAAP earnings fall short. Results indicate that 34% of these traditionally-identifi...
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作者：Sutherland, Andrew
作者单位：Massachusetts Institute of Technology (MIT)
摘要：I examine how credit reporting affects where firms access credit and how lenders contract with them. I use within firm-time and lender-time tests that exploit lenders joining a credit bureau and sharing information in a staggered pattern. I find information sharing reduces relationship switching costs, particularly for firms that are young, small, or have had no defaults. After sharing, lenders transition away from relationship contracting, in two ways: contract maturities in new relationships...
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作者：Dambra, Michael; Field, Laura Casares; Gustafson, Matthew T.; Pisciotta, Kevin
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University of Delaware; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Kansas
摘要：The JOBS Act allows certain analysts to be more involved in the IPO process, but does not relax restrictions on analyst compensation structure. We find that these analysts initiate coverage that is more optimistically biased, less accurate, and generates smaller stock market reactions. Investors purchasing shares following these initiations lose over 3% of their investment by the firm's subsequent earnings release. By contrast, issuers, analysts, and investment banks appear to benefit from thi...
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作者：Gao, Pingyang; Jiang, Xu
作者单位：University of Chicago; Duke University
摘要：This paper investigates banks' reporting choices in the context of bank runs. A fundamental-based run imposes market discipline on insolvent banks, but a panic-based run closes banks that could have survived with better coordination among creditors. We augment a bank-run model with the bank's reporting choices. We show that banks with intermediate fundamentals have stronger incentive to misreport than those in the two tails. Moreover, reporting discretion reduces panic-based runs, but excessiv...
