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作者：Birru, Justin; Gokkaya, Sinan; Liu, Xi; Markov, Stanimir
作者单位：University System of Ohio; Ohio State University; University System of Ohio; Ohio University; Ohio State University; University System of Ohio; Miami University; University of Texas System; University of Texas Dallas
摘要：Sell-side quantitative equity research analysts (Quants) conduct econometric analyses of stock returns to uncover market anomalies and assist equity analysts and institutional clients with stock selection. We present novel evidence that establishes their role in helping analysts and mutual fund clients discover market anomalies and capital markets evolve toward greater pricing efficiency. Specifically, we find that analysts and mutual fund clients with greater access to Quants make recommendat...
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作者：Glaeser, Stephen; Lang, Mark
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We review the accounting literature on innovation, focusing on the economic attributes of innovation that collectively differentiate innovation from other assets: novelty, nonrivalry, and partial excludability. These attributes help innovation drive economic growth but create unique information-based challenges that accounting information and researchers are well suited to address. We discuss the definition and measurement of innovation and highlight common mistakes researchers make when measu...
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作者：Holzman, Eric R.; Marshall, Nathan T.; Schmidt, Brent A.
作者单位：Indiana University System; Indiana University Bloomington; University of Colorado System; University of Colorado Boulder; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Little is known about how the SEC selects its targets for investigation. We study this subject using a new database of formal SEC investigations. We predict and find that case selection is associated with a firm's (i) likelihood of regulatory noncompliance, (ii) exposure to private sector scrutiny, and (iii) conspicuous public trigger events. The relationship between investigations and regulatory noncompliance and private sector scrutiny preferences is sensitive to SEC constraints, whereas the...
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作者：Choi, Jung Ho; Gipper, Brandon
作者单位：Stanford University
摘要：We combine U.S. Census data with SEC enforcement actions to examine employees' ' outcomes, such as wages and turnover, before, during, and after periods of fraudulent financial reporting. We find that fraud firms' ' employees lose about 50% of cumulative annual wages, compared to a matched sample, and the separation rate is much higher after fraud periods. Yet, employment growth at fraud firms is positive during fraud periods; these firms overbuild and hire new, lower- paid employees concurren...
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作者：Li, Qianqian; Watts, Edward M.; Zhu, Christina
作者单位：Stanford University; Yale University; University of Pennsylvania
摘要：An important debate exists around the extent to which retail investors make sustainable investments and, if they do, why. We contribute to this debate by investigating the aggregate trading patterns of retail investors around a comprehensive sample of key environmental, social, and governance (ESG) news events for U.S. firms. We show that ESG news events appear to be an important factor in retail investors' portfolio allocation decisions. Yet, inconsistent with arguments about retail investors...
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作者：Demerjian, Peter
作者单位：University System of Georgia; Georgia State University
摘要：Minnis, Sutherland, and Vetter (MSV) documents a sharp decline in lenders' collection of attested financial statements (including unqualified audits, reviews, and compilations) over the period 2002 to 2017. They attribute this change to lenders adopting new technology and new non-bank lenders entering the lending market. In this discussion, I explore several dimensions of their findings. First, I provide a framework for usefulness of financial statement information in debt contracting. Using t...
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作者：Tomy, Rimmy E.; Wittenberg-Moerman, Regina
作者单位：University of Chicago; Northwestern University
摘要：We study credit access in informal economies where market institutions, such as financial reporting systems, auditing, and courts, are nonexistent or function poorly. Using the setting of a large bazaar in India, we find that community membership plays a vital role in access to credit. Wholesalers are more likely to provide credit and offer greater amounts of credit to within- community retailers, and are more lenient when these retailers are delinquent. Furthermore, wholesalers who lent prefe...
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作者：Dou, Yiwei; Hung, Mingyi; She, Guoman; Wang, Lynn Linghuan
作者单位：New York University; Hong Kong University of Science & Technology; University of Hong Kong
摘要：In 2013, the U.S. Consumer Financial Protection Bureau released a database of consumer complaints filed against banks under its supervision ( CFPB banks ). We find that after the disclosure, rival banks exhibit a greater increase in mortgage approval rates in markets with more intensive mortgage complaints about CFPB banks. The effect is weaker when rivals have more expertise in the local market, are less concerned about credit risk due to mortgage sales, and locate in areas with more alternat...
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作者：Belnap, Andrew; Hoopes, Jeffrey L.; Wilde, Jaron H.
作者单位：University of Texas System; University of Texas Austin; University of North Carolina; University of North Carolina Chapel Hill; University of Iowa
摘要：Internal and external parties meaningfully shape corporate tax outcomes. However, we lack a holistic understanding of the major parties involved and their comparative effects. Using proprietary IRS data for public and private firms, we identify the top executives, corporate accountants, external accounting firms, and individual tax preparers and examine the comparative importance of these parties on corporate tax outcomes. We find that external individual tax preparers matter much more than th...
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作者：Lang, Mark; Pinto, Jedson; Sul, Edward
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Texas System; University of Texas Dallas; George Washington University
摘要：We examine broad effects of MiFID II, which mandated unbundled pricing of analyst research in the European Union beginning in 2018. We find significant reductions in sellside analyst following, particularly for firms for which the marginal analyst was less important (larger, older, less volatile firms with greater coverage and more accurate forecasts). High quality analysts (more accurate, experienced, and in positions of seniority) were more likely to leave the sell-side and move to the buy-s...
