-
作者：Jiang, Yile (Anson)
作者单位：University of Hong Kong
摘要：This paper studies whether firms opportunistically make proprietary claims in mandatory environmental disclosure programs with trade secret exemption rules. Examining the mandatory chemical disclosure program in the fracking industry, I find evidence of opportunistic withholding of information among operators that are less likely to have trade secrets. Specifically, I find that these operators claim fewer chemicals as trade secrets when the operating site is in close proximity to water quality...
-
作者：Jiang, Xu; Laux, Volker
作者单位：Duke University; University of Texas System; University of Texas Austin
摘要：Visionary CEOs have strong beliefs about the right course of action for their firms. How should a board of directors that does not necessarily share the visionary CEO's confidence advise and monitor the CEO? We consider a model in which the board can acquire costly information about the firm's optimal strategic direction. The board not only advises the CEO on strategy, but also must approve it, and the CEO exerts effort to implement the strategy. We find that the board gathers less information...
-
作者：Lins, Karl V.; Roth, Lukas; Servaes, Henri; Tamayo, Ane
作者单位：Utah System of Higher Education; University of Utah; University of Alberta; European Corporate Governance Institute; Centre for Economic Policy Research - UK; University of London; London Business School; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：During the revelation of the Harvey Weinstein scandal and the reemergence of the #MeToo movement, firms with a nonsexist corporate culture, proxied by having women among the five highest-paid executives, earn excess returns of 1.3% relative to firms without female top executives. These returns are driven by changes in investor preferences toward firms with a nonsexist culture. Institutional ownership increases in firms with a nonsexist culture after the Weinstein/#MeToo events, particularly fo...
-
作者：Krueger, Philipp; Sautner, Zacharias; Tang, Dragon Yongjun; Zhong, Rui
作者单位：University of Geneva; Swiss Finance Institute (SFI); University of Zurich; University of Hong Kong; University of Western Australia
摘要：We compile a novel data set on mandatory environmental, social, and governance (ESG) disclosure around the world to analyze the stock liquidity effects of such disclosure mandates. We document a positive effect of ESG disclosure mandates on firm-level stock liquidity. The effects are strongest if the disclosure requirements are implemented by government institutions, not on a comply-or-explain basis, and coupled with strong enforcement by informal institutions. Firms with weaker information en...
-
作者：Gu, Zhihui; Sun, Wei; Zhou, Frank s.
作者单位：Nankai University; Nankai University; China Agricultural University; University of Pennsylvania
摘要：Can culture explain regional differences in minority shareholder expropriation? Examining regional variation in China, we document that the influence of historical Confucian values persists, despite decades of political movements clamping down on these values, and that these values reduce minority shareholder expropriation in local public firms. The effect on minority shareholder expropriation, in part, operates through the establishment of oversight mechanisms (i.e., greater financial reporti...
-
作者：[Anonymous]
-
作者：Kohler, Maximilian; Mahlendorf, Matthias d.; Seiter, Mischa; Vogelsang, Timo
作者单位：Ulm University; Frankfurt School Finance & Management
摘要：This field experiment investigates how different levels of aggregation in relative performance information (RPI) impact employee performance in environments with multiple tasks. We randomly assign store employees of a retail chain to three groups: RPI on overall performance (control group), RPI on separate tasks, and RPI on both overall performance and separate tasks. We do not find evidence that providing separate task RPI instead of overall RPI affects performance or effort allocation. Howev...
-
作者：Zhu, Chunmei
作者单位：Chinese University of Hong Kong
摘要：GAAP provisions in loan contracts specify how to address the effect of accounting changes on financial covenants. I document a pronounced upward trend in and the dominance of frozen-on-request (FOR) GAAP provisions, which incorporate accounting changes unless either the borrower or the lender requests a freeze. FOR GAAP streamlines the process of incorporating accounting changes into covenant calculations by obviating the need for renegotiations and prevents opportunistic GAAP freezes by requi...
-
作者：Raghunandan, Aneesh; Ruchti, Thomas g.
作者单位：University of London; London School Economics & Political Science
摘要：The Occupational Safety and Health Administration (OSHA) is decentralized, wherein field offices coordinated at the state level undertake inspections. We study whether this structure can lead to interstate frictions in sharing information and how this impacts firms' compliance with workplace safety laws. We find that firms caught violating in one state subsequently violate less in that state but violate more in other states. Despite this pattern, and in keeping with information frictions, viol...
-
作者：Kim, Alex g.; Nikolaev, Valeri v.
作者单位：University of Chicago
摘要：To what extent does the narrative context surrounding the numbers in financial statements alter the informativeness of these numbers, that is, contextualize them? Answering this question empirically presents a methodological challenge. Leveraging recent advances in deep learning, we propose a method to uncover the value of contextual information learned from the (deep) interactions between numeric and narrative disclosures. We show that the contextualization of accounting numbers makes them su...
