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作者：DePaul, Adrienne; Murphy, Frank; Vernon, Mary E.
作者单位：University of Connecticut; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In 2017, the European Commission (EC) published a list of non-cooperative tax havens. We study whether country-level tourism and foreign direct investment (FDI) change as a result of this list. Consistent with a reputational cost of the EC's name and shame campaign, there is a modest reduction in EU tourism among listed countries compared to unlisted ones. This relative reduction is concentrated among tourists from countries that view cheating on taxes as less justifiable. In contrast, listed ...
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作者：Bertomeu, Jeremy; Lin, Yupeng; Liu, Yibin; Ni, Zhenghui
作者单位：Washington University (WUSTL); National University of Singapore; Renmin University of China
摘要：This paper explores how the emergence of generative artificial intelligence is reshaping the information environment in capital markets. Leveraging an unexpected ban on ChatGPT in Italy, we examine its impact on the information processing capabilities of market participants. We employ metrics for AI-generated text detection to show that the ban coincides with decreased AI usage by domestic financial analysts and fewer earnings forecasts issued relative to foreign analysts covering the same fir...
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作者：Cuny, Christine; Li, Ken; Nakhmurina, Anya; Watts, Edward M.
作者单位：New York University; McMaster University; Yale University
摘要：This paper examines which municipal disclosures provide informational value to investors. Using the entire universe of post-issuance financial and event disclosures from 2009 to 2022, we find that most municipal bonds do not trade in the weeks following a disclosure. However, some disclosures do provide enough new information to increase trading. Investors trade more on credit-relevant disclosures, such as adverse credit event disclosures, and less on required annual financial statements. Trad...
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作者：Albuquerque, Ana; Carter, Mary Ellen; Guo, Zhe (Michael); Lynch, Luann J.
作者单位：Boston University; Boston College; Fordham University; University of Virginia
摘要：This paper examines complexity in CEO compensation contracts. We develop a measure of compensation complexity and provide empirical evidence that complexity has increased substantially over time. We document that complexity results not only from factors reflecting efficient contracting, but also from external pressures from compensation consultants, institutional investors, proxy advisors, and attempts to benchmark to peers, with these external factors having greater impact in more recent year...
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作者：Hagenberg, Thomas C.
作者单位：Northwestern University
摘要：This study examines whether an increase in the transparency of investment transactions facilitates portfolio mimicking. While there are reported benefits of transparency in enhancing regulatory monitoring and discipline, an increase in the transparency of investment transactions can also facilitate mimicking of peer firms' investment strategies. I exploit an exogenous increase in the broad dissemination of transaction-level investment disclosures of U.S.-based insurers and find a significant i...
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作者：Tantri, Prasanna; Vishen, Nitin
作者单位：Indian School of Business (ISB); Indian Institute of Management (IIM System); Indian Institute of Management Bangalore
摘要：We study the impact of transparency about banks' costs on loan interest rates. The Indian Central Bank required banks to disclose a cost-based benchmark interest rate instead of the prime rate. The banks could price loans using any spread to the cost-based benchmark. We find that this change, which made banks' cost structures more transparent, lowers the interest rates charged and leads to increases in debtor firms' total borrowings and investments. We hypothesize that increased cost transpare...
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作者：Wang, Feifei; Yan, Xuemin Sterling; Zheng, Lingling
作者单位：University System of Ohio; Miami University; Lehigh University; Renmin University of China
摘要：Previous studies find mixed evidence on whether institutional investors exploit capital market anomalies. Examining a large sample of accounting-based anomalies, we find that institutions trade in the wrong direction of overreaction anomalies, but in the right direction of underreaction anomalies. These heterogenous trading patterns, rather than reflecting institutions' differential anomaly trading skills, can be simply explained by institutions' tendency to trade in the same direction as the ...
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作者：Feng, Felix Zhiyu; Luo, Robin Yifan; Michaeli, Beatrice
作者单位：University of Washington; University of Washington Seattle; University of California System; University of California Los Angeles
摘要：We study the optimal dynamic contract that provides incentives for an agent (e.g., SPAC sponsor, VC general partner, CTO) to exploit investment opportunities/targets that arrive randomly over time via a costly search process. The agent is privy to the arrival as well as to the quality of the target and can take advantage of this for rent extraction during the search process and the ensuing production. The optimal contract provides the agent with incentives for timely and truthful reporting via...
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作者：Christensen, Theodore E.; Fronk, Karson E.; Lee, Joshua A.; Nelson, Karen K.
作者单位：University System of Georgia; University of Georgia; Texas Christian University; Brigham Young University
摘要：The Securities and Exchange Commission encourages the presentation of information or data in graphical form to improve users' ability to understand financial disclosures. We find a dramatic increase in the disclosure of both qualitative and quantitative infographics in 10-K filings over time and substantial cross-sectional variation in firms' choices regarding image types, data content, and the placement of infographics within 10-Ks. We provide evidence on factors associated with firms' use of...
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作者：Bonsall, Samuel B.; Gillette, Jacquelyn R.; Pundrich, Gabriel; So, Eric
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Massachusetts Institute of Technology (MIT); State University System of Florida; University of Florida
摘要：We provide the first evidence of systematic bias among an emerging type of credit rating agency that relies on subscriptions from institutional clients as its primary source of revenue. Using data from Egan-Jones Ratings Company (EJR), a representative subscriberpaid rating agency, we show that EJR issues more optimistically biased credit ratings, less timely downgrades, and less accurate ratings for firms held by more EJR clients. Our evidence is consistent with EJR optimistically biasing its...
