-
作者：Duguay, Raphael; Rauter, Thomas; Samuels, Delphine
作者单位：Yale University; University of Chicago
摘要：We examine how open procurement data affect the competitiveness of award procedures and the execution of government contracts. The European Union recently made its historical procurement notices available for bulk download in a cohesive and user-friendly database. Comparing government contracts above and below EU procurement size thresholds, we find that, after the open data initiative, procurement officials are more likely to award treated contracts through open bidding. In cross-sectional an...
-
作者：Chang, Wonjae; Dambra, Michael; Schonberger, Bryce; Suk, Inho
作者单位：City University of Hong Kong; State University of New York (SUNY) System; University at Buffalo, SUNY; University of Colorado System; University of Colorado Boulder; Korea University
摘要：Beginning in 2018, U.S. public firms were required to report the ratio of the chief executive officer's (CEO) compensation to their median employee's compensation in the annual proxy statement. Exploiting the staggered reporting of pay ratios, we find little evidence that total CEO compensation changes in response to pay ratio disclosure reform. However, we do find that boards significantly adjust the mix of compensation awarded by reducing the sensitivity of CEO pay to equity price changes, p...
-
作者：Bird, Andrew; Karolyi, Stephen A.; Ruchti, Thomas G.
作者单位：Chapman University System; Chapman University; United States Department of the Treasury; Office of the Comptroller of the Currency; Office of Financial Research; United States Department of the Treasury
摘要：We examine the joint response to political uncertainty along two margins: changes in real activity and voluntary disclosure. We focus on within-firm variation in exposure to ex ante competitive U.S. gubernatorial elections using data on preelection poll margins and firms' state exposures. Despite real activity falling in the years leading up to a close election, we find that voluntary disclosure increases both in frequency and content, including mentions of risk in filings that reference state...
-
作者：Geertsema, Paul; Lu, Helen
作者单位：University of Auckland
摘要：We use machine learning for relative valuation and peer firm selection. In out-of-sample tests, our machine learning models substantially outperform traditional models in valuation accuracy. This outperformance persists over time and holds across different types of firms. The valuations produced by machine learning models behave like fundamental values. Overvalued stocks decrease in price and undervalued stocks increase in price in the following month. Determinants of valuation multiples ident...
-
作者：Nicoletti, Allison; Zhu, Christina
作者单位：University of Pennsylvania
摘要：We examine the economic consequences of a rule designed to improve consumers' understanding of mortgage information. The 2015 TILA-RESPA Integrated Disclosures rule (TRID) simplifies the mortgage disclosures provided to consumers. As a consequence, TRID-affected mortgages become a less attractive investment opportunity to banks. Our main results document that mortgage applications affected by TRID are less likely to be approved following the rule's effective date. We find evidence consistent w...
-
作者：Tomar, Sorabh
作者单位：Southern Methodist University
摘要：I examine the effects of the U.S. Greenhouse Gas (GHG) Reporting Program, which requires thousands of industrial facilities to measure and report their GHG emissions. I show that facilities reduce their GHG emissions by 7.9% following the disclosure of emissions data. The evidence indicates that benchmarking-whereby facilities use the disclosures of their peers to assess their own relative GHG performance-spurs emission reductions. Firms' concerns about future legislation appear to motivate th...
-
作者：Liu, Jiancheng (Duncan); Shi, Wei; Zeng, Cheng; Zhang, Guochang
作者单位：University of Macau; Deakin University; Hong Kong Polytechnic University; University of Hong Kong
摘要：We investigate how the mandatory adoption of International Financial Reporting Standards (IFRS) by publicly listed firms in the European Union affects peer private firms. We find that private firms' capital investment decreases significantly after the IFRS mandate, relative to public firms. Private firms also display decreased investment when benchmarked against firms relatively insulated from the impact of the IFRS mandate, but the magnitude of the effect is smaller in this case. These result...
-
作者：Cohen, Shira; Kadach, Igor; Ormazabal, Gaizka; Reichelstein, Stefan
作者单位：California State University System; San Diego State University; University of Navarra; IESE Business School; University of Mannheim; Stanford University
摘要：Using a wide sample of international publicly traded firms, this paper studies the rapidly increasing practice of incorporating Environmental, Social, and Governance (ESG) metrics in executive compensation contracts. Our evidence suggests that this compensation practice varies at the country, industry, and firm levels in ways that are consistent with efficient incentive contracting. We also observe that reliance on ESG metrics in executive compensation arrangements is associated with engagemen...
-
作者：Gallo, Lindsey A.; Lynch, Kendall V.; Tomy, Rimmy E.
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：We study the role of a relatively new type of external firm monitor, an on-site government-appointed Corporate Monitor, and assess whether such appointments reduce firms' propensity to violate laws. Using a sample of deferred and nonprosecution agreements, we first document the determinants of Monitor appointment. We find firms that voluntarily disclose wrongdoing and have more independent directors are less likely to have Corporate Monitors, whereas those with more severe infractions, mandate...
-
作者：Goldstein, Itay; Yang, Shijie; Zuo, Luo
作者单位：University of Pennsylvania; Southern University of Science & Technology; National University of Singapore; Cornell University
摘要：Using the implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system from 1993 to 1996 as a shock to information dissemination technologies, we examine how a significant reduction in disclosure processing costs affects the real economy. We find that the EDGAR implementation leads to an increase in corporate investment and that this effect is concentrated in value firms. We provide evidence that improved equity financing and enhanced managerial incentives are likely...
