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作者：Chen, Shuping; Miao, Bin; Shevlin, Terry
作者单位：University of Texas System; University of Texas Austin; National University of Singapore; University of California System; University of California Irvine
摘要：We construct a new, parsimonious, measure of disclosure quality-disaggregation quality (DQ)-and offer validation tests. DQ captures the level of disaggregation of accounting data through a count of nonmissing Compustat line items, and reflects the extent of details in firms' annual reports. Conceptually, DQ differs from existing disclosure measures in that it captures the fineness of data and is based on a comprehensive set of accounting line items in annual reports. Unlike existing measures, ...
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作者：Abernethy, Margaret A.; Dekker, Henri C.; Schulz, Axel K-D.
作者单位：University of Melbourne; Vrije Universiteit Amsterdam; Monash University
摘要：There is a debate in the literature as to whether employee selection is a substitute or complement to incentive contracting. We argue that incentive contracts and selection can be both complements and substitutes conditional on the contracting difficulty faced by the firm. We examine these control choices in a setting where contracting difficulties arise due to the firm's choice of strategy and from the volatility created by the firm's external environment. We select a firm's commitment to org...
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作者：Lee, Lian Fen; Hutton, Amy P.; Shu, Susan
作者单位：Boston College
摘要：We examine how corporate social media affects the capital market consequences of firms' disclosure in the context of consumer product recalls. Product recalls constitute a product crisis exposing the firm to reputational damage, loss of future sales, and legal liability. During such a crisis it is crucial for the firm to quickly and directly communicate its intended message to a wide network of stakeholders, which, in turn, renders corporate social media a potentially useful channel of disclos...
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作者：Brown, Nerissa C.; Stice, Han; White, Roger M.
作者单位：University of Delaware; State University System of Florida; University of Florida; Emory University
摘要：We examine the influence of mobile communication on local information flow and local investor activity using the enforcement of statewide distracted driving restrictions, which are exogenous events that constrain mobile communication while driving. By restricting mobile communication across a potentially sizable set of local individuals, these restrictions could inhibit local information flow and, in turn, the market activity of stocks headquartered in enforcement states. We first document a d...
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作者：Cho, Young Jun
作者单位：Singapore Management University
摘要：Using the adoption of SFAS 131, I examine the effect of segment disclosure transparency on internal capital market efficiency. SFAS 131 requires firms to define segments as internally viewed by managers, thereby improving the transparency of managerial actions in internal capital allocation. I find that diversified firms that improved segment disclosure transparency by changing segment definitions upon adoption of SFAS 131 experienced an improvement in capital allocation efficiency in internal...
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作者：Loureiro, Gilberto; Taboada, Alvaro G.
作者单位：Universidade do Minho; University of Tennessee System; University of Tennessee Knoxville
摘要：We examine whether and how an exogenous shock to the information environment changes insiders' ability to learn from outsiders. We document three main findings. First, we find an increase in investment-to-price sensitivity following the adoption of International Financial Reporting Standards (IFRS). Second, we show that the relation between the market reaction to M&A deal announcements and the likelihood of deal completion becomes stronger after IFRS adoption. Third, we find significant improv...
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作者：Brown, Lawrence D.; Call, Andrew C.; Clement, Michael B.; Sharp, Nathan Y.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
摘要：Our objective is to penetrate the black box of sell-side financial analysts by providing new insights into the inputs analysts use and the incentives they face. We survey 365 analysts and conduct 18 follow-up interviews covering a wide range of topics, including the inputs to analysts' earnings forecasts and stock recommendations, the value of their industry knowledge, the determinants of their compensation, the career benefits of Institutional Investor All-Star status, and the factors they co...
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作者：Bertomeu, Jeremy; Cheynel, Edwige
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Columbia University
摘要：How should a firm measure a productive asset used as collateral? To answer this question, we develop a model in which firms borrow funds subject to collateral constraints. We characterize the qualities of optimal asset measurements and analyze their interactions with financing needs, collateral constraints, and interest rates. Because of real effects, complete transparency would reduce contracting efficiency and, hence, the measurement must be suitably adapted to credit conditions. The optimal...
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作者：Bushman, Robert M.; Williams, Christopher D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：This paper investigates the extent to which delayed expected loan loss recognition (DELR) is associated with greater vulnerability of banks to three distinct dimensions of risk: (1) stock market liquidity risk, (2) downside tail risk of individual banks, and (3) codependence of downside tail risk among banks. We hypothesize that DELR increases vulnerability to downside risk by creating expected loss overhangs that threaten future capital adequacy and by degrading bank transparency, which incre...
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作者：Meng, Xiaojing
作者单位：New York University
摘要：Earlier studies have shown that reputational concerns tend to reduce agents' opportunistic behavior. However, a recent study by Morris argued that analysts' (experts') reputational concerns may discourage truthful communication when they try to avoid being perceived as being misaligned with investors. In this paper, I examine the effect of reputational concerns on communication in a setting where analysts can choose their precision endogenously. Because both misaligned and aligned analysts wan...
