-
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...
-
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...
-
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...
-
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...
-
作者：Zeng, Sipeng; Zhou, Kuo
作者单位：Chinese Academy of Sciences; University of Science & Technology of China, CAS; Jilin University
摘要：Combining hedge funds' quarterly position information with their access records on the SEC's EDGAR server, we explore whether hedge funds proactively gather and analyze textual information in 10-K filings related to their stock holdings, and how these behaviors affect their positions. We find that hedge funds adjust their positions according to the textual information in the annual reports they download. Meanwhile, analyzing these reports helps them to generate excess returns. Overall, our evi...
-
作者：Choi, Jung Ho; Xie, Chloe L.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：This paper provides early evidence on the integration and impact of generative artificial intelligence (GenAI) in accounting at the accountant and task levels. Using survey data from 277 professional accountants, we document substantial heterogeneity in adoption patterns, perceived benefits, and concerns about GenAI. Using proprietary field data from an AI-enabled accounting platform serving 79 small- and medium-sized enterprises, we analyze over 200,000 transaction-level records. We document ...
-
作者：Kim, Eunjee; Pham, Hai
作者单位：Texas A&M University System; Texas A&M University College Station; University System of Maryland; Towson University
摘要：This paper hypothesizes that information flows from target firms to large shareholders during activist campaigns and that these flows have governance consequences. Focusing on actively managed mutual fund families, we find that informed trading by large-holding fund families increases during activist campaigns relative to smaller-holding fund families invested in the same firms. The effect is stronger for firms that attend more invitation-only investor events, face greater threats from activis...
-
作者：Huber, Stefan J.; Mcclure, Charles G.
作者单位：Rice University; University of Chicago
摘要：A significant portion of a merger's purchase price is allocated to goodwill. Currently, goodwill is not amortized but rather tested annually for impairment. When managers of acquiring firms care about earnings, goodwill's accounting treatment can have large effects on future earnings and may influence how much a manager will bid for a target company. We quantify the effects of goodwill accounting by estimating a structural model of corporate takeovers. Our estimates suggest accrual accounting ...
-
作者：Lee, Seung y.; Marinovic, Ivan
作者单位：University of Southern Denmark; Stanford University
摘要：We present a dynamic model of information acquisition and disclosure. The manager seeks to maximize future stock prices and collects information privately about the firm's fundamentals. Information acquisition increases the arrival rate of private information. The manager can choose to disclose his private information or withhold it in perpetuity. We study the impact of information acquisition on the accumulation of private information, disclosure, and the firm's initial investment.
-
作者：Valentine, Kristen; Zhang, Jenny li; Zheng, Yuxiang
作者单位：University System of Georgia; University of Georgia; University of British Columbia; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
摘要：We examine the impact of technological competition on voluntary innovation disclosure around the enactment of the Leahy-Smith America Invents Act of 2011 (AIA). The AIA moves the US patent system from the first-to-invent to first-inventor-to-file system and induces a patent race that increases technological competition. Firms that are slow to file a patent are disadvantaged in this race. We find that focal firms with lagging patent classes strategically increase scientific publications in thei...
