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作者：Bhojraj, Sanjeev; Sengupta, Partha; Zhang, Suning
作者单位：Cornell University; United States Department of the Treasury; Office of the Comptroller of the Currency; University of Iowa
摘要：This paper explores the potential role of anti-takeover provisions (ATPs) in long-term value creation. Using a change in the legal environment in Delaware as an exogenous event, we document that a subset of firms with a relatively longer term focus (innovative firms) benefit from ATPs. Particularly, these firms experience an increase in Tobin's Q following a state law change in Delaware that increases the effectiveness of ATPs in defending against hostile takeovers. This increase is greater th...
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作者：Srivastav, Abhishek; Keasey, Kevin; Mollah, Sabur; Vallascas, Francesco
作者单位：University of Leeds; University of Hull
摘要：In a cross-country setting we show the probability of a forced CEO turnover in large banks is positively associated with idiosyncratic tail risk. This finding is strengthened the greater the competition in the banking industry and when stakeholders have more to lose in the case of distress. Overall, the exposure to idiosyncratic tail risk offers valuable signals to bank boards on the quality of the choices made by CEOs. In contrast, systematic tail risk becomes important for forced CEO turnove...
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作者：Bird, Andrew; Edwards, Alexander; Shevlin, Terry
作者单位：Carnegie Mellon University; University of Toronto; University of California System; University of California Irvine
摘要：We hypothesize and find evidence consistent with foreign firms being tax-favored acquirers of U.S. targets with greater locked-out earnings because they can avoid the U.S. tax on repatriations. This effect is economically significant; a standard deviation increase in lockout is associated with a 12% relative increase in the likelihood that an acquirer is foreign. We also find evidence that foreign acquirers of the target firms are more likely to be residents of countries that use territorial t...
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作者：Marinovic, Ivan; Povel, Paul
作者单位：Stanford University; University of Houston System; University of Houston
摘要：We study the effects of introducing competition for CEOs, assuming that the talent of CEOs is not observable and that they can misreport their performance. Without competition for talent, firms maximize their profits by offering inefficiently low-powered incentive contracts. Competition for talent removes those inefficiencies, but it leads to excessively high-powered incentive contracts, causing efficiency losses that can be more severe than the inefficiencies that competition mitigates. If mi...
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作者：Ge, Weili; Koester, Allison; McVay, Sarah
作者单位：University of Washington; University of Washington Seattle; Georgetown University
摘要：We quantify measurable benefits and costs of exempting firms from auditor oversight of internal control effectiveness disclosures. We measure the benefit of exemption as an aggregate $388 million in audit fee savings from 2007-2014. The costs stem from internal control misreporting: an aggregate $719 million of lower operating performance due to non-remediation and a $935 million delay in aggregate market value decline due to the failure to disclose ineffective internal controls. The audit fee...
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作者：Bonsall, Samuel B.; Leone, Andrew J.; Miller, Brian P.; Rennekamp, Kristina
作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Miami; Indiana University System; Indiana University Bloomington; Cornell University
摘要：We propose a new measure of readability, the Bog Index, which captures the plain English attributes of disclosure (e.g., active voice, fewer hidden verbs, etc.). We validate this measure using a series of controlled experiments and an archival-based regulatory intervention to prospectus filing readability. We also demonstrate the importance of understanding the underlying drivers of quantity-based measures of readability. In particular, we caution researchers that a vast amount of the variatio...
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作者：Lo, Kin; Ramos, Felipe; Rogo, Rafael
作者单位：University of British Columbia; FUCAPE Business School
摘要：We explore how the readability of annual reports varies with earnings management. Using the Fog Index to measure readability (Li, 2008), and focusing on the management discussion and analysis section of the annual report (MUM), we predict and find that firms most likely to have managed earnings to beat the prior year's earnings have MD&As that are more complex. This disruption of the overall pattern of readability increasing with the level of earnings found in Li (2008) challenges the ontologi...
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作者：Christensen, Hans B.; Floyd, Eric; Liu, Lisa Yao; Maffett, Mark
作者单位：University of Chicago
摘要：We examine the real effects of mandatory social-responsibility disclosures, which require SEC-registered mine owners to include their mine-safety records in their financial reports. These safety records are already publicly available elsewhere, which allows us to isolate and estimate the incremental real effects of including this information in financial reports. Comparing mines owned by SEC-registered issuers with mines that are not, we document that including safety records in financial repo...
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作者：Holthausen, Robert W.; Kothari, S. P.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); University of Rochester
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作者：Miller, Gregory S.
作者单位：University of Michigan System; University of Michigan
摘要：Dyer et al. (2017) examines trends in 10-K textual disclosure from 1996-2013. Using a set of variables from prior textual research, they show a decrease in characteristics generally considered desirable and an increase in attributes considered undesirable. The trend is driven by disclosures to comply with new regulatory reporting standards. The study takes a high-level approach allowing an overview perspective. However, that approach also means readers should take caution in reaching strong co...
