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作者：Fritsch, Felix; Zhang, Qi; Zheng, Xiang
作者单位：University of Mannheim; Chinese University of Hong Kong; Nanyang Technological University
摘要：We examine firms' trade-offs in their voluntary disclosure decisions following negative media coverage of climate change incidents. By combining a keyword discovery algorithm and a fine-tuned BERT model, we identify hard and soft climate disclosures on Twitter. Our findings indicate that firms tend to issue climate tweets as a rapid response to negative climate incidents. Additionally, firms with a history of hard climate change disclosure, as measured by ESG reports, are more likely to issue ...
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作者：Bilicka, Katarzyna; Casi, Elisa; Seregni, Carol; Stage, Barbara M. B.
作者单位：Utah System of Higher Education; Utah State University; National Bureau of Economic Research; Norwegian School of Economics (NHH); University of Pennsylvania; WHU - Otto Beisheim School of Management
摘要：We investigate the effects of a qualitative tax disclosure mandate aimed at improving tax transparency and compliance by imposing reputational costs for firms. We use, as an exogenous shock, the 2016 UK reform that required large businesses to disclose their tax strategy. We find that treated firms-those that must publish a tax strategy report-also significantly increase the volume of tax strategy disclosure in their annual reports, but this disclosure contains more boilerplate. The standalone...
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作者：Zhang, Biwen
作者单位：University of California System; University of California Berkeley
摘要：Sell-side analysts commonly transition to buy-side money managers. I examine whether and how these career transitions shape sell-side analysts' behavior, relying on the granular career information of 6,310 analysts in the United States. I identify analysts who transition from the sell-side to the buy-side and find that these analysts issue inflated recommendations on stocks of interest to their future buy-side employers. This favoritism is (1) present only during the year preceding their trans...
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作者：Ferracuti, Elia; Lind, Gary
作者单位：Duke University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Research shows that investors acquire and process less firm-specific information on days when many firms announce earnings (hereafter earnings clusters). We show that investors gather more macroeconomic information during earnings clusters, that this behavior is amplified during negative economic shocks and concurrent macroeconomic announcements, and that these information acquisition patterns have implications for equity valuations. Our findings are consistent with the benefit of extracting m...
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作者：Flake, Jared
作者单位：Boise State University
摘要：Managers prioritize favorable analysts during earnings calls, reinforcing analysts' incentives for optimism. However, managers also frequently interact with unfavorable analysts, and this study examines the determinants and benefits of these interactions. I find that managers interact more with unfavorable analysts when compelled to do so. I then examine two likely benefits of these interactions. First, unfavorable analysts attenuate their negative views after interacting with managers. Second...
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作者：Cai, Wei; Campbell, Dennis; Yu, Jiehang
作者单位：Columbia University; Harvard University
摘要：We examine the effect of internal employee coordination on customer trust, focusing specifically on employees' responsiveness to each other as an important, quantifiable, and objective aspect of internal coordination. Using proprietary data from a company with exogenous assignment of employees to teams that serve individual customers, we study how inter-employee responsiveness influences customer trust. Each customer is served via an app-based group chat by a randomly assigned team of employee...
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作者：Hayes, Rachel M.; Jiang, Feng; Pan, Yihui; Tang, Huayi
作者单位：Utah System of Higher Education; University of Utah; State University of New York (SUNY) System; University at Buffalo, SUNY; Utah System of Higher Education; University of Utah; University of Kentucky
摘要：Using consumer complaints filed with the Consumer Financial Protection Bureau as a measure for the quality of financial products and services, we present evidence of racial disparities in the service quality received by consumers. Consumers in high-minority communities file more complaints than those in low-minority communities, and the racial gap in financial complaints increased by more than 60% during the COVID-19 pandemic. Using a triple-difference approach, we establish the role of corpor...
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作者：Phillips, Matthew A.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper investigates why commercial lenders make markets for the loans that they sell on the secondary market. Using loan-level data, I find that origination lenders with extensive borrower relationships and more reputational capital at stake are more likely to serve as market makers. Greater participation of origination lenders as market makers is associated with lower trading costs for their borrowers' loans. This association remains even in conditions where origination lenders could expl...
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作者：Volant, David
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：This study examines the capital market implications of common investor relations (IR) representation, a phenomenon in which multiple public firms share the same external IR representative. Using a difference-in-differences research design, I document that common IR representation is associated with greater overlap in institutional ownership and sell-side analyst coverage as well as similarities in disclosure practices among clients-even those operating in different industries. These effects cu...
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作者：Stice-lawrence, Lorien; Wong, Yu ting forester; Zhao, Wuyang
作者单位：University of Southern California; City University of Hong Kong; McGill University
摘要：We estimate the prevalence and drivers of short squeezes after short-selling attacks. Positive returns after attacks have a disproportionate tendency to fully reverse and are accompanied by heightened short covering, consistent with the presence of short squeezes. We assess and find no support for non-squeeze drivers of these positive return reversals and show they are more likely to be accompanied by squeeze-related news articles, increased stock volatility, and disruptions in the stock lendi...
