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作者：Wong, T. J.; Yu, Gwen; Zhang, Shubo; Zhang, Tianyu
作者单位：University of Southern California; University of Michigan System; University of Michigan; Shanghai Jiao Tong University; The Chinese University of Hong Kong, Shenzhen
摘要：We examine how firms respond to requests for enhanced disclosure that we make on an online investor platform. Exploiting variation in firms' customer and supplier disclosures, we ask a randomized set of non -disclosing firms to provide information on their customers' and suppliers' identities. We find that the firms' probability of disclosure depends on the basis we give for the demanddrequests appealing to disclosure's usefulness to investors lead to more frequent disclosure, while those appe...
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作者：Bertomeu, Jeremy
作者单位：Washington University (WUSTL)
摘要：This study presents a model in which behavioral investors shape their current expectations based on statistical analysis of historical non -disclosure events. Investors may hold overly optimistic expectations following a non -disclosure event, thereby disrupting unraveling toward forthcoming disclosures. While a regulator can mandate disclosure, this protective intervention has its drawbacks. Overprotection prevents investors from learning from losses and leads to cycles of high compliance fol...
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作者：Kelley, Stacie O.; Lewellen, Christina M.; Lynch, Daniel P.; Samuel, David M. P.
作者单位：University of Wisconsin System; University of Wisconsin Madison; North Carolina State University; Singapore Management University
摘要：This study empirically examines whether firms reclassify related-party payments to avoid the base erosion and anti-abuse tax (BEAT) of the Tax Cuts and Jobs Act (TCJA). We leverage the BEAT filing threshold and use both a difference-in-differences design among U.S. firms and a tripledifference design utilizing the parent company's location to provide evidence that firms reclassify related-party payments to avoid the BEAT. This effect is stronger in firms with greater preTCJA income shifting in...
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作者：Baldenius, Tim; Deng, Mingcherng; Li, Jing
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Hong Kong
摘要：This paper explores the effects of public information such as accounting earnings in a competitive lending setting with risk shifting. Debt financing creates incentives for borrowers to take on excessive risks, in particular in bad states of the world. If a privately informed inside creditor bids against outside creditors to extend a loan, public information levels the playing field, which affects the bidding and risk shifting. Nonetheless, a perfect public signal would yield the least efficie...
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作者：Gardner, Jesse; Sloan, Richard G.; Yoon, Joon Sang
作者单位：Clemson University; University of Southern California; The Chinese University of Hong Kong, Shenzhen
摘要：Distinguishing between recurring and nonrecurring components of earnings is a critical task in financial analysis and valuation. Academics and quantitative investors often rely on measures of recurring and nonrecurring components derived from standardized financial databases. We use unobserved components modeling and the Kalman smoother to obtain efficient ex-post estimates of the recurring and nonrecurring components of annual earnings. We then show that popular measures are significantly mis...
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作者：[Anonymous]
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作者：Imperatore, Claudia; Pundrich, Gabriel; Verdi, Rodrigo S.; Yost, Benjamin P.
作者单位：Bocconi University; State University System of Florida; University of Florida; Massachusetts Institute of Technology (MIT); Boston College
摘要：We study the role of litigation risk in M&A &A valuations. Specifically, we hypothesize that litigation risk leads to strategic valuations in fairness opinions (FOs) obtained in M&A &A transactions. Employing a regulatory shock to merger litigation risk and focusing on the most common valuation techniques - peer firm comparables and DCF analysis - we find that target-sought FOs exhibit lower valuations when litigation risk is high. The effect is concentrated in deals with greater agency confli...
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作者：Chen, Jason V.; Kama, Itay; Lehavy, Reuven
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan
摘要：Theoretical research demonstrates the important role of uncertainty in shaping a firm's cost elasticity. We contribute to this literature by analyzing the inherent tension between the effects of uncertainty about unit contribution margin (CM) and sales volume on cost elasticity. We identify the occurrence of words implying uncertainty in managerial forward -looking statements and employ a novel methodology to construct distinct measures of the managerial perceptions of overall, unit CM, and vo...
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作者：Arif, Salman; Sul, Edward
作者单位：University of Minnesota System; University of Minnesota Twin Cities; George Washington University
摘要：Economists have long observed that stock price bubbles are associated with corporate over- investment. We study the ex-ante identification of bubbles (i.e. stock price booms followed by busts) by examining industry-level investments in net operating asset (NOA) accruals and stock returns for 49 countries around the world. Consistent with overinvestment in operating assets being key to bubble formation, we document five findings: (1) NOA accruals positively forecast the eventual crash of an ind...
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作者：Armstrong, Christopher S.; Kepler, John D.; Larcker, David F.; Shi, Shawn X.
作者单位：Stanford University; University of Washington
摘要：We use a proprietary database with detailed, employee-specific compensation contract information for rank-and-file corporate accountants who are directly involved in the financial reporting process to assess their influence on their firms' financial reporting quality. Theory predicts that paying above-market wages can both attract employees with more human capital and subsequently encourage better performance. Consistent with audit committees structuring accountants' compensation to mitigate f...
