-
作者：Thomas, Wayne B.; Wang, Yiding; Zhang, Ling
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Houston System; University of Houston; University of Houston Downtown
摘要：This study examines how algorithmic trading (AT) affects forward-looking disclosures in Management Discussion and Analysis (MD&A) of annual reports. We predict and find evidence that AT relates negatively to modifications in year-over-year forward-looking MD&A disclosures. This evidence is consistent with AT reducing investors' demand for fundamental information, which reduces managers' incentives to supply costly forward-looking disclosures. Cross-sectional tests provide additional evidence t...
-
作者：Cheynel, Edwige; Cianciaruso, Davide; Zhou, Frank S.
作者单位：Washington University (WUSTL); New Economic School; University of Pennsylvania
摘要：Using misstatement data, we find that the distribution of detected fraud features a heavy tail. We propose a theoretical mechanism that explains such a relatively high frequency of extreme frauds. In our dynamic model, a manager manipulates earnings for personal gain. A monitor of uncertain quality can detect fraud and punish the manager. As the monitor fails to detect fraud, the manager's posterior belief about the monitor's effectiveness decreases. Over time, the manager's learning leads to ...
-
作者：Ball, Ray
作者单位：University of Chicago
摘要：The economic role of an accounting regime is to increase welfare through its effects-in conjunction with complementary institutions-on firm and household behavior. I review three major streams of the archival literature (real effects; price effects, including value relevance; and costly contracting), in terms of what they can and cannot reveal as proxies for welfare effects. One conclusion is that the partial correlations and average effects that predominate in this literature have provided va...
-
作者：Beyer, Bianca; Chaskel, Rico; Euler, Simone; Gassen, Joachim; Grosskopf, Ann-kristin; Sellhorn, Thorsten
作者单位：Aalto University; Humboldt University of Berlin; University of Munich
摘要：This paper reports the results of a field experiment investigating how attributes of carbon footprint information affect consumer choice in a large dining facility. Our hypotheses and research methods were preregistered via the Journal of Accounting Research's registration-based editorial process. Manipulating the measurement units and visualizations of carbon footprint information on food labels, we quantify effects on consumers' food choices. Treated consumers choose less carbon-intensive di...
-
作者：Abraham, Jefferson; Olbert, Marcel; Vasvari, Florin
作者单位：University of London; London Business School
摘要：This paper offers the first systematic evidence on environmental, social, and governance (ESG) disclosures provided by a large global sample of private equity (PE) firms. Using historical websites from 2000 to 2022, we develop and validate a novel dictionary-based measure of voluntary PE firm ESG disclosures. Descriptive statistics reveal an increasing time trend in these disclosures, with social topics becoming as important as environmental topics recently. Multivariate analyses show that the...
-
作者：Xu, Guosong
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：Connected financial journalists-those with working relationships, common school ties, or social media connections to company management-introduce a marked media slant into their news coverage. Using a comprehensive set of newspaper articles covering mergers and acquisition (M&A) transactions from 1997 to 2016, I find that connected journalists use significantly fewer negative words in their coverage of connected acquirers. These journalists are also more likely to quote connected executives an...
-
作者：Hofmann, Christian; Indjejikian, Raffi J.
作者单位：University of Munich; University of Michigan System; University of Michigan
摘要：We use an agency model to address the benefits and costs of transparency in a hierarchical organization in which the principal employs a manager entrusted with contracting authority and several workers, all under conditions of moral hazard. We define the principal's transparency choices as a decision to allow workers to observe their coworkers' performances (observability) and as an investment in monitoring worker performance (precision). We find that whereas precision alleviates agency confli...
-
作者：An, Byeongchan; Bushman, Robert; Kleymenova, Anya; Tomy, Rimmy E.
作者单位：Utah System of Higher Education; University of Utah; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Chicago
摘要：We investigate whether improvements in banks' organizational capital and control systems facilitate increased loan origination to minority borrowers. We focus on bank supervisors' enforcement decisions and orders (EDOs) against banks and hypothesize that EDO-imposed improvements in loan policies, internal governance, and employee training mitigate deficiencies in credit assessments and lending decisions that previously disadvantaged minority borrowers. We find that mortgage origination to mino...
-
作者：Kim, Jung Min
作者单位：Northwestern University
摘要：I examine how investors' search for different types of information affects managers' reporting decisions. I distinguish investors' search for information about firm fundamentals (fundamental search) from their search for information about managers' incentives (incentive search). Based on a parsimonious model of misreporting, I predict that fundamental search reduces the earnings response coefficient, which reduces managers' benefits from misreporting, resulting in less misreporting. In contras...
-
作者：Grewal, Jody; Mohan, Aditya; Perez-cavazos, Gerardo
作者单位：University of Toronto; University of California System; University of California San Diego
摘要：We exploit the introduction of the Payment Practices Disclosure Regulation in the United Kingdom (UK) to examine the effects of mandating disclosure of customer-supplier payment practices. We find that nondisclosing small and medium-sized enterprises (SMEs) experience a reduction in their accounts receivable by 8.3%, consistent with an acceleration of their trade credit collections. Further, SMEs exhibit fewer financial constraints after the regulation. We survey managers from large firms and ...
