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作者：Breuer, Matthias; Labro, Eva; Sapra, Haresh; Zakolyukina, Anastasia A.
作者单位：Columbia University; University of North Carolina; University of Chicago
摘要：Formal theory and empirical research are complementary in building and advancing the body of knowledge in accounting in order to understand real-world phenomena. We offer thoughts on opportunities for empiricists and theorists to collaborate, build on each other's work, and iterate over models and data to make progress. For empiricists, we see room for more descriptive work, more experimental work on testing formal theories, and more work on quantifying theoretical parameters. For theorists, w...
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作者：Bouwens, Jan; Hofmann, Christian; Schwaiger, Nina
作者单位：University of Amsterdam; University of Munich
摘要：We explore how a supervisor's hierarchical rank affects the extent to which employees' targets reflect their past performance. Literature documents that supervisors do not fully ratchet targets for past performance, arguably because the commitment not to penalize successful employees with more difficult targets alleviates the severity of the ratchet effect. We argue that commitment is less credible in organizational hierarchies where a middle manager sets employees' targets. Using data from an...
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作者：Zhang, Yue
作者单位：City University of New York (CUNY) System
摘要：This paper examines the role of peer firm disclosures in shaping corporate research and development (R&D) investments. Drawing on models of two-stage R&D races, I hypothesize that a firm could be either deterred or encouraged by peer disclosure of interim R&D success, depending on peer firms' R&D strength in the race. Using granular, project-level data on clinical trials in the drug development process, I find that a firm's R&D investments in a specific therapeutic area are deterred by disclos...
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作者：Guo, Rui; Tian, Xiaoli (Shaolee)
作者单位：Xiamen University; Georgetown University
摘要：Using the public release of comment letters on EDGAR to capture a regime shift toward regulatory transparency, we examine whether an increase in transparency affects regulators' effort and work performance. We find that the SEC staff reviews more filings and more documents per filing following the disclosure regime shift. These effects are incrementally stronger for firms with comment letters that are expected to attract greater investor or public monitoring. Furthermore, under the new regime,...
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作者：Banerjee, Shantanu; Dasgupta, Sudipto; Shi, Rui; Yan, Jiali
作者单位：Lancaster University; Chinese University of Hong Kong; University of Exeter; University of Liverpool
摘要：We show that information complementarities play an important role in the spillover of transparency shocks. We exploit the revelation of financial misconduct by S&P 500 firms, and in a Stacked Difference-in-Differences design, find that the implied cost of capital increases for close industry peers of the fraudulent firms relative to distant industry peers. The spillover effect is particularly strong when the close peers and the fraudulent firm share common analyst coverage and common instituti...
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作者：Gu, Lifeng; Xie, Jin
作者单位：Southern University of Science & Technology; Yeshiva University; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：Firms' inflexibility in adjusting output prices to economic shocks exacerbates information asymmetry with respect to firms' profits, but public information on firms' cost structure mitigates this problem. We construct a novel form of public information from economic statistics disclosed by the government and find that such public information significantly reduces inflexible-price firms' bid-ask spreads, the probability of informed trading, and analyst forecast dispersions, but these results do...
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作者：Friedman, Henry L.; Ormazabal, Gaizka
作者单位：University of California System; University of California Los Angeles; Centre for Economic Policy Research - UK
摘要：Interest in sustainability information, from investors, managers, researchers, and others, has been expanding rapidly. We discuss recent advances and open questions related to sustainability reporting and disclosure through the lens of a supply and demand framework. Our discussion builds on prior research on financial reporting and highlights unique aspects of the provision of sustainability information.
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作者：Baker, Andrew C.; Larcker, David F.; McClure, Charles G.; Saraph, Durgesh; Watts, Edward M.
作者单位：Stanford University; European Corporate Governance Institute; University of Chicago; Yale University
摘要：We provide large-sample evidence on whether U.S. publicly traded corporations use voluntary disclosures about their commitments to employee diversity opportunistically. We document significant discrepancies between companies' external stances on diversity, equity, and inclusion (DEI) and their hiring practices. Firms that discuss DEI excessively relative to their actual employee gender and racial diversity (diversity washers) obtain superior scores from environmental, social, and governance (E...
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作者：Baik, Bok; Even-Tov, Omri; Han, Russell; Park, David
作者单位：Seoul National University (SNU); University of California System; University of California Berkeley; Hong Kong Polytechnic University
摘要：Section 1502 of the Dodd-Frank Act requires SEC-registered issuers to conduct supply chain due diligence and submit conflict minerals disclosures (CMDs) that indicate whether their products contain tantalum, tin, tungsten, or gold (3TG) sourced from the Democratic Republic of the Congo (DRC) or its neighboring countries (covered countries). Consistent with the reputational cost hypothesis, we find that heightened public attention to CMDs increases responsible sourcing. After Section 1502 takes...
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作者：Huber, Stefan j.; Kim, Chongho; Watts, Edward m.
作者单位：Rice University; Seoul National University (SNU); Yale University
摘要：We document significant increases in bond market liquidity around earnings announcements. These increases are attributed to decreased search and bargaining costs, which arise from the over-the-counter (OTC) nature of bond markets and outweigh increases in information asymmetry during these periods. Our evidence traces reductions in search and bargaining costs to two sources around earnings announcements: (1) improved access to dealers and (2) increased participation from institutional investor...
