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作者：Breuer, Matthias
作者单位：Columbia University
摘要：This paper examines the impact of mandatory reporting and auditing of firms' financial statements on industry-wide resource allocation. Using threshold-induced variation in the share of mandated firms in a given industry, I document that reporting mandates facilitate ownership dispersion in capital markets and spur competition in product markets. I, however, do not find that reporting mandates unambiguously improve the efficiency of industry-wide resource allocation. With respect to auditing m...
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作者：Kleymenova, Anya; Tuna, Irem
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of London; London Business School
摘要：This paper studies the consequences of regulating executive compensation at financial institutions by examining the introduction of the UK Remuneration Code in 2010, which aimed to change the decision-making horizon and risk-taking incentives of bank executives. We find that, although both banks and nonbanks show increased contribution and sensitivity to systemic risk in the United Kingdom post-2010, this increase is lower for UK banks, in line with the intent of the regulation. However, UK ba...
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作者：Chen, Jason V.; Gee, Kurt H.; Neilson, Jed J.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：The SEC prohibits the presentation of non-GAAP measures before corresponding GAAP measures; however, a large proportion of non-GAAP reporters present non-GAAP EPS before GAAP EPS in their earnings announcements. This noncompliance raises questions about whether firms use prominence to highlight higher or lower quality non-GAAP information. For firms reporting non-GAAP EPS between 2003 and 2016, prominent non-GAAP EPS is associated with higher quality non-GAAP reporting. Further tests reveal th...
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作者：Lopez-espinosa, German; Ormazabal, Gaizka; Sakasai, Yuki
作者单位：University of Navarra; IESE Business School; University of Navarra; IESE Business School; European Corporate Governance Institute; University of Navarra; IESE Business School
摘要：This paper provides early evidence on the effect of global regulation mandating a switch from loan loss provisioning (LLP) based on incurred credit losses (ICLs) to LLP based on expected credit losses (ECLs). Using a sample of systemically important banks from 74 countries, we find that ECL provisions are more predictive of future bank risk than ICL provisions. Corroborating that the switch to ECL provisioning results in more information to assess bank risk, we also observe that the announceme...
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作者：Dechow, Patricia M.; Erhard, Ryan D.; Sloan, Richard G.; Soliman, Mark T.
作者单位：University of Southern California
摘要：Implied equity duration was originally developed to analyze the sensitivity of equity prices to discount rate changes. We demonstrate that implied equity duration is also useful for analyzing the sensitivity of equity prices to pandemic shutdowns. Pandemic shutdowns primarily impact short-term cash flows, thus they have a greater impact on low-duration equities. We show that implied equity duration has a strong positive relation to U.S. equity returns and analyst forecast revisions during the ...
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作者：Maslar, David A.; Serfling, Matthew; Shaikh, Sarah
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Washington; University of Washington Seattle
摘要：Economic downturns create uncertainty about a firm's operations and make it disproportionately harder for outside market participants to assess the firm's prospects. We posit that in this environment, management earnings forecasts will be more informative to investors and analysts. Consistent with this prediction, we find larger stock price reactions and analyst forecast revisions to news in management forecasts during downturns. Holding the amount of news in forecasts constant, stock price re...
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作者：Bertomeu, Jeremy; Cheynel, Edwige; Cianciaruso, Davide
摘要：Does managing the production of information add value in economic environments where a manager may claim to be uninformed and withhold unfavorable news? We examine this question by nesting an optimal persuasion mechanism, controlling how evidence is organized, within a voluntary disclosure framework. Information has productive consequences because the firm uses it to make a continuous operating decision. The optimal reporting strategy features coarse information at the most unfavorable reporte...
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作者：Hail, Luzi; Muhn, Maximilian; Oesch, David
作者单位：University of Pennsylvania; University of Chicago; University of Zurich
摘要：We examine the relation between disclosure quality and information asymmetry among market participants following an exogenous shock to macroeconomic risk. In 2015, the Swiss National Bank abruptly announced that it would abandon the longstanding minimum euro-Swiss franc exchange rate. We find evidence suggesting that firms with more transparent disclosures regarding their foreign exchange risk exposure ex ante exhibit significantly lower information asymmetry ex post. The information gap in bi...
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作者：Hayes, Rachel M.; Jiang, Feng; Pan, Yihui
作者单位：Utah System of Higher Education; University of Utah; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We use complaints filed with the Consumer Financial Protection Bureau (CFPB) to study the interplay between social norms and the effectiveness of consumer protection laws. We find that a higher level of trust in a given location is associated with a lower number of complaints filed against financial institutions in that location. Employing a difference-in-differences approach, we further find that, after the establishment of the CFPB, banks in low-trust areas reduce fees charged to consumers m...
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作者：Martens, Tim; Sextroh, Christoph J.
作者单位：City St Georges, University of London; Tilburg University
摘要：We offer a novel perspective on the role of sell-side analysts as information intermediaries in capital markets by documenting a flow of information in a new direction, namely, from analysts to the firms they cover. We use analyst coverage overlaps and patent citations to examine analyst-induced information spillovers about technology and industry trends. Consistent with analyst coverage-related information flows, firms are more likely to cite another firm's patent if that firm is covered by t...
