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作者：Green, Jeremiah; Louis, Henock; Sani, Jalal
作者单位：Texas A&M University System; Texas A&M University College Station; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We provide evidence that the documented weakening of the accrual-cash flow association results not from a loss of accrual accounting usefulness per se, but from the deviation from accrual accounting as it relates to intangible investments. More specifically, the weakening of the negative association is driven by the combined effects of (1) increasing intangible investments, (2) the practice of expensing rather than capitalizing intangible investments, and (3) scaling accruals and cash flows by...
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作者：Allee, Kristian D.; Bushee, Brian J.; Kleppe, Tyler J.; Pierce, Andrew T.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Pennsylvania; University of Kentucky; University of Manchester; Alliance Manchester Business School
摘要：We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Although prior work provides evidence that Reg FD reduced managers' selective disclosure of material information immediately following its promulgation, we posit that private information flows returned as a result of the Securities and Exchange Commission's (SEC's) public enforcement failure in SEC v. Siebel Syst...
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作者：Fiechter, Peter; Hitz, JoRG-MARKUS; Lehmann, Nico
作者单位：University of Neuchatel; University of Gottingen; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We investigate real effects of a widespread corporate social responsibility (CSR) reporting mandate. In 2014, the European Union (EU) passed Directive 2014/95 (hereafter, CSR Directive), mandating large listed EU firms to prepare annual nonfinancial reports beginning from fiscal year 2017 onward. We document that firms within the scope of the directive respond by increasing their CSR activities and that they start doing so before the entry-into-force of the directive. These real effects are co...
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作者：Hribar, Paul; Mergenthaler, Richard; Roeschley, Aaron; Young, Spencer; Zhao, Chris X.
作者单位：University of Iowa; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Kentucky; Arizona State University; Arizona State University-Tempe; Hong Kong Baptist University
摘要：We examine whether managers provide more voluntary disclosure when GAAP limits their reporting discretion in financial statements. We find managers are more likely to disclose non-GAAP earnings, issue more management forecasts, and provide longer yet more readable management discussion and analysis (MD&A) disclosures when GAAP limits their discretion. These effects are stronger when there is greater demand for information and better monitoring. In contrast, these effects are weaker when manage...
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作者：Peng, Lin; Teoh, Siew Hong; Wang, Yakun; Yan, Jiawen
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Cambridge; University of Cambridge; University of California System; University of California Los Angeles; The Chinese University of Hong Kong, Shenzhen; Cornell University
摘要：Using machine learning-based algorithms, we measure key impressions about sell-side analysts using their LinkedIn photos. We find that impressions of analysts' trustworthiness (TRUST) and dominance (DOM) are positively associated with forecast accuracy, especially after recent in-person meetings between analysts and firm managers. High TRUST also enhances stock return sensitivity to forecast revisions, especially for stocks with high institutional ownership. In contrast, the impression of anal...
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作者：Barrios, John M.; Bianchi, Pietro A.; Isidro, Helena; Nanda, Dhananjay
作者单位：Washington University (WUSTL); National Bureau of Economic Research; State University System of Florida; Florida International University; Instituto Universitario de Lisboa; University of Miami
摘要：We examine how similarity in institutional, legal, and social characteristics between a firm's and its directors' home countries, that is, country-pair homophily, affects foreign director appointments. We estimate a gravity model that includes economic and geographic proximity and find that country-pair homophily is a significant determinant of foreign director appointments to corporate boards. We also find that country-pair homophily limits the appointments of foreign directors from high-qual...
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作者：Li, Bin; Venkatachalam, Mohan
作者单位：University of Houston System; University of Houston; Duke University
摘要：Could real-time big data help unravel material firm events? How would it compare with firm disclosure and traditional media in terms of timeliness and completeness? Could big data provide incremental value-relevant information for investors? With these questions in mind, we use a novel data set of cell phone pings (i.e., geolocation signals from mobile devices) to track production disruptions (outages)--material events for U.S. oil refineries. We first validate the construct by examining the e...
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作者：Chen, Xi; Cho, Yang Ha (Tony); Dou, Yiwei; Lev, Baruch
作者单位：New York University; New York University
摘要：We use machine learning methods and high-dimensional detailed financial data to predict the direction of one-year-ahead earnings changes. Our models show significant out-of-sample predictive power: the area under the receiver operating characteristics curve ranges from 67.52% to 68.66%, significantly higher than the 50% of a random guess. The annual size-adjusted returns to hedge portfolios formed based on the prediction of our models range from 5.02% to 9.74%. Our models outperform two conven...
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作者：Binz, Oliver; Graham, John R.
作者单位：INSEAD Business School; Duke University; National Bureau of Economic Research
摘要：We examine whether the Securities Exchange Act of 1934 increased the information content of corporate earnings disclosures. Prior research questions whether the Act improved disclosure quality but generally relies on long-window tests and yields mixed results. We focus on whether the Act increased earnings informativeness, improving upon prior designs by focusing on short earnings announcement windows and employing a difference-in-differences design to control for potential contemporaneous str...
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作者：Feichter, Christoph; Moers, Frank; Timmermans, Oscar
作者单位：Vienna University of Economics & Business; Maastricht University; University of London; London School Economics & Political Science
摘要：We examine the relation between incentive plans based on relative performance and competitive aggressiveness. Using data on executive incentive-compensation contracts in large U.S. firms, we find a positive association between competitive aggressiveness and peer group overlap-that is, the extent to which two firms select each other as peers in these incentive plans. Our findings indicate that managers of such firms take more frequent as well as more complex competitive actions, relative to man...
