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作者：Drake, Michael S.; Roulstone, Darren T.; Thornock, Jacob R.
作者单位：Brigham Young University; University System of Ohio; Ohio State University; University of Washington; University of Washington Seattle
摘要：The objective of this study is to investigate factors that influence investor information demand around earnings announcements and to provide insights into how variation in information demand impacts the capital market response to earnings. The Internet is one channel through which public information is disseminated to investors and we propose that one way that investors express their demand for public information is via Google searches. We find that abnormal Google search increases about two ...
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作者：Rennekamp, Kristina
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：The SEC's emphasis on the use of plain English is designed to make disclosures more readable and more informative. Using an experiment, I find that more readable disclosures lead to stronger reactions from small investors, so that changes in valuation judgments are more positive when news is good and more negative when news is bad. Drawing on research in psychology to explain this result, I predict and find that processing fluency from a more readable disclosure acts as a subconscious heuristi...
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作者：Chen, Clara Xiaoling; Sandino, Tatiana
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Southern California
摘要：In this study, we examine whether, for a sample of retail chains, high levels of employee compensation can deter employee theft, an increasingly common type of fraudulent behavior. Specifically, we examine the extent to which relative wages (i.e., employee wages relative to the wages paid to comparable employees in competing stores) affect employee theft as measured by inventory shrinkage and cash shortage. Using two store-level data sets from the convenience store industry, we find that relat...
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作者：Ryngaert, Michael; Thomas, Shawn
作者单位：State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Related party transactions (RPTs) are potential means for insiders to expropriate outside shareholders via self-dealing. There are, however, possible benefits to these arrangements for outside shareholders. We find that the overall volume of disclosed RPTs is generally not significantly associated with shareholder wealth as measured by operating profitability or Tobin's Q. However, the results for total RPT volume obscure that ex ante RPTs, transactions that predate a counterparty becoming a r...
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作者：Van Buskirk, Andrew
作者单位：University System of Ohio; Ohio State University
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作者：Bhojraj, Sanjeev; Cho, Young Jun; Yehuda, Nir
作者单位：Cornell University; Singapore Management University; Northwestern University
摘要：We examine whether the previously documented positive association between fund family size and fund performance is affected by significant regulatory changes (i.e., Regulation Fair Disclosure (Reg FD), the Global Settlement (GS), and increased scrutiny as a result of trading scandals) that have occurred in the last decade. Using Reg FD as a beginning point for these structural changes, we find that, while fund family size was positively associated with fund performance in the period prior to t...
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作者：Campbell, Dennis
作者单位：Harvard University
摘要：Theories from the economics, management control, and organizational behavior literatures predict that when it is difficult to align incentives by contracting on output, aligning preferences via employee selection may provide a useful alternative. This study investigates this idea empirically using personnel and lending data from a financial services organization that implemented a highly decentralized business model. I exploit variation in this organization in whether or not employees are sele...
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作者：Hobson, Jessen L.; Mayew, William J.; Venkatachalam, Mohan
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Duke University
摘要：We examine whether vocal markers of cognitive dissonance are useful for detecting financial misreporting. We use speech samples of CEOs during earnings conference calls, and generate vocal dissonance markers using automated vocal emotion analysis software. We begin by assessing construct validity for the software-generated dissonance markers by correlating them with four dissonance-from-misreporting proxies obtained in a laboratory setting. We find a positive association between these proxies ...
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作者：Libby, Robert; Rennekamp, Kristina
作者单位：Cornell University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Prior studies document that managers consider a variety of costs and benefits when deciding whether to issue earnings forecasts. Using an abstract experiment and a survey of experienced financial managers, we provide evidence that managerial overconfidence may also contribute to this decision. Our experiment shows that participants engage in self-serving attribution, giving greater weight to internal than external factors as explanations for good performance. This increases confidence in impro...
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作者：Ammer, John; Holland, Sara B.; Smith, David C.; Warnock, Francis E.
作者单位：University System of Georgia; University of Georgia; University of Virginia; University of Virginia; National Bureau of Economic Research
摘要：Using a comprehensive data set of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. Much of this increased U.S. investment is purchased in the foreign market, implying that the cross-listing effect r...
