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作者：Liu, Xiao; Ma, Zhiming; Ruan, Lufei
作者单位：Nankai University; Peking University; California State University System; San Francisco State University
摘要：This paper examines the effect of creditor protection on the choice of government procurement contract types. We use the staggered adoption of anti-recharacterization laws (ARLs) as a quasi-natural experiment to investigate the research question. ARLs strengthen creditors' rights to repossess collateral in bankruptcy and thus enhance creditor protection. Using a dataset of U.S. government contracts, we find a significant shift from the use of fixed-price contracts to cost-plus contracts after ...
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作者：Rupar, Kathy; Wang, Sean; Yoon, Hayoung
作者单位：University System of Georgia; Georgia Institute of Technology; Southern Methodist University
摘要：We find that the adverse impact of bad news on analysts' valuations is 57% larger when the CEO is Non-White, resulting in more pessimistic valuations for Non-White CEOs relative to their White counterparts. Non-White CEO firms are more likely to surpass analysts' valuation targets in the subsequent 12 months, suggesting that this racial gap lacks economic justification. To provide further evidence of a racial bias: (1) we triangulate our empirical findings with corroborating evidence from a co...
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作者：Li, Xue
作者单位：Indiana University System; Pennsylvania State System of Higher Education (PASSHE); Indiana University Bloomington; Indiana University of Pennsylvania
摘要：Investors increasingly turn to social media for information, even though many sites are saturated with ideological opinions. This paper examines whether ideology-driven social media opinions affect stock market responses to polarizing firm news, using boycotts as the empirical setting. On average, polarizing boycotts are associated with a 1% (2.3%) drop in equity value over the seven (60) trading days after gaining social media traction. Consistent with ideology-driven opinions affecting marke...
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作者：Blankespoor, Elizabeth; deHaan, Ed; Guay, Wayne; Lang, Mark; Shroff, Nemit; Wu, Joanna
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作者：Leonelli, Sinja; Muhn, Maximilian; Rauter, Thomas; Sran, Gurpal S.
作者单位：New York University; Goethe University Frankfurt; University of Chicago
摘要：We combine a large-scale field experiment with a customized survey to study how consumers use and respond to ESG disclosure. In a sample of over 24,000 U.S. households, we first establish that while consumers moderately prefer to purchase from ESG-responsible firms, they rarely consult corporate reporting directly and face various frictions in learning about firm-level activities. In our field experiment, we then inform households about real firm-disclosed activities through several randomized...
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作者：Amberger, Harald J.; Wilde, Jaron H.; Wu, Yuchen
作者单位：Vienna University of Economics & Business; University of Iowa; Zhejiang University of Finance & Economics
摘要：We exploit the staggered adoption of beneficial ownership registers in the EU to study (i) whether and how the requirement to disclose information on an entity's ultimate human owner (ownership transparency) shapes cross-border investment, (ii) whether ownership transparency deters potentially illicit versus likely legitimate activity, and (iii) which types of firms try to avoid ownership disclosure. We find that investment from non-EU financial havens into the EU declines significantly after ...
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作者：Lester, Rebecca; Olbert, Marcel
作者单位：Stanford University; University of London; London Business School
摘要：Taxation is a central economic policy tool, with governments increasingly using tax policy to stimulate local economic growth and also regulate multinational firms. We review the empirical literature that studies the effect of tax policies on firms' investment, employment, and other real outcomes. Building on the neoclassical theory of corporate taxes and tangible investment, we propose an organizing framework for our review that captures the wide set of tax policies and firm responses examine...
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作者：Landsman, Wayne R.; Pena-Romera, F. Dimas; Zhao, Jianxin (Donny)
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Arizona State University; Arizona State University-Tempe; Emory University
摘要：We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5-2.2% from trading in other ...
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作者：Yang, Daniel G.
作者单位：Hong Kong University of Science & Technology
摘要：I examine whether and how foreign bank branch participation in U.S. loan syndicates influences loan contract design. I predict that foreign bank branches' dollar funding liquidity risk and information frictions increase renegotiation costs and affect loan contract design. I find that loan contracts with greater foreign bank branch participation include fewer flexibility-reducing covenants, such as capital expenditure and balance sheet covenants, that restrict borrowers from making positive net...
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作者：Dee, Carol Callaway; Luo, Bing; Wang, Elaine; Zhang, Jing
作者单位：Stetson University; California State University System; San Francisco State University; University of Massachusetts System; University of Massachusetts Amherst; University of Colorado System; Children's Hospital Colorado; University of Colorado Anschutz; University of Colorado Denver
摘要：We examine whether critical audit matter (CAM) reporting improves internal controls over financial reporting. We propose that CAM reporting improves internal control quality. This is because CAM reporting incentivizes early identification and communication of internal control issues among auditors, management, and audit committees, and increases their attention and effort in high-risk CAM areas. We find that, compared to control companies, companies that implement CAM reporting experience a si...
