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作者：Johnson, Travis L.; So, Eric C.
作者单位：University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT)
摘要：We show that the cost of trading on negative news, relative to positive news, increases before earnings announcements. Our evidence suggests that this asymmetry is due to financial intermediaries reducing their exposure to announcement risks by providing liquidity asymmetrically. This asymmetry creates a predictable upward bias in prices that increases preannouncement, and subsequently reverses, confounding short-window announcement returns as measures of earnings news and risk premia. These f...
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作者：Conley, Timothy; Goncalves, Silvia; Hansen, Christian
作者单位：Western University (University of Western Ontario); University of Chicago
摘要：We review developments in conducting inference for model parameters in the presence of intertemporal and cross-sectional dependence with an emphasis on panel data applications. We review the use of heteroskedasticity and autocorrelation consistent (HAC) standard error estimators, which include the standard clustered and multiway clustered estimators, and discuss alternative sample-splitting inference procedures, such as the Fama-Macbeth procedure, within this context. We outline pros and cons ...
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作者：Li, Yinghua; Lin, Yupeng; Zhang, Liandong
作者单位：Arizona State University; Arizona State University-Tempe; National University of Singapore; Singapore Management University
摘要：This study exploits the staggered adoption of the inevitable disclosure doctrine (IDD) by U.S. state courts as an exogenous shock that generates variations in the proprietary costs of disclosure. We find that firms respond to IDD adoption by reducing the level of disclosure regarding their customers' identities, supporting the proprietary cost hypothesis. Our results are stronger for firms in industries with a higher degree of entry threats, for firms in more volatile industries, and for firms...
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作者：Schroth, Josef
作者单位：Bank of Canada
摘要：This paper studies the role of optimal managerial compensation in reducing uncertainty about manager reporting objectives. It is shown that, paradoxically, firm owners allow managers with higher propensity to manipulate the short-term stock price to push for higher powered and more short-term-focused equity incentives. Such managers also work harder, and manipulate more, but may not generate higher firm profits. The model is consistent with existing empirical findings about the relationship be...
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作者：Bentley, Jeremiah W.; Christensen, Theodore E.; Gee, Kurt H.; Whipple, Benjamin C.
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University System of Georgia; University of Georgia; Stanford University
摘要：Researchers frequently proxy for managers' non-GAAP disclosures using performance metrics available through analyst forecast data providers (FDPs), such as I/B/E/S. The extent to which FDP-provided earnings are a valid proxy for managers' non-GAAP reporting, however, has been debated extensively. We explore this important question by creating the first large-sample data set of managers' non-GAAP earnings disclosures, which we directly compare to I/B/E/S data. Although we find a substantial ove...
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作者：Rogers, J. L.; Skinner, D. J.; Zechman, S. L. C.
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作者：Tang, Vicki Wei
作者单位：Georgetown University
摘要：This paper examines whether third-party-generated product information on Twitter, once aggregated at the firm level, is predictive of firm-level sales, and if so, what factors determine the cross-sectional variation in the predictive power. First, the predictive power of Twitter comments increases with the extent to which they fairly represent the broad customer response to products and brands. The predictive power is greater for firms whose major customers are consumers rather than businesses...
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作者：Li, Shelley Xin; Sandino, Tatiana
作者单位：University of Southern California; Harvard University
摘要：Many service organizations rely on information sharing systems to boost employee creativity to meet customer needs. We conducted a field experiment in a retail chain, based on a registered report accepted by JAR, to test whether an information sharing system recording employees' creative work affected the quality of creative work, job engagement, and financial performance. We found that, on average, this system did not have a significant effect on any of these outcomes. However, it significant...
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作者：Defond, Mark L.; Lennox, Clive S.
作者单位：University of Southern California
摘要：We investigate whether Public Company Accounting Oversight Board (PCAOB) inspections affect the quality of internal control audits. Our research design improves on prior studies by exploiting both cross-sectional and time-series variation in the content of PCAOB inspection reports, while also controlling for audit firm and year fixed effects, effectively achieving a difference-in-differences research design. We find that when PCAOB inspectors report higher rates of deficiencies in internal con...
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作者：Minnis, Michael; Sutherland, Andrew
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：Using a data set that records banks' ongoing requests of information from small commercial borrowers, we examine when banks use financial statements to monitor borrowers after loan origination. We find that banks request financial statements for half the loans and this variation is related to borrower credit risk, relationship length, collateral, and the provision of business tax returns, but in complex ways. The relation between borrower risk and financial statement requests has an inverted U...
