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作者：Lamoreaux, Phillip T.; Matkaluk, Lauren; Sheneman, Amy G.
作者单位：Arizona State University; Arizona State University-Tempe; University of San Diego; University System of Ohio; Ohio State University
摘要：This paper examines investors' perceptions of auditor involvement in non-GAAP reporting as captured by non-GAAP disclosures in 10-K filings. We find that firm-years with auditor involvement in non-GAAP reporting have higher CARs, lower bid-ask spreads, lower stock volatility, and lower abnormal trading volume on 10-K filing dates. To sharpen identification of auditor involvement, we hand-collect non-GAAP measures and reconciliations for S&P 500 firms and identify which exclusions reconcile dir...
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作者：Dube, Svenja; Lee, Hye Seung (grace); Wang, Danye
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Fordham University; University of Iowa
摘要：We examine whether and, if so, how retail consumers change their shopping in response to firm-specific negative environmental, social, and governance (ESG) news. Using an event study methodology, we do not find significant changes in consumer foot traffic in response to negative ESG news, on average. However, the average consumer reacts negatively when such news is covered by national or global media outlets, which elevates consumer awareness. In addition, we provide evidence of the heterogene...
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作者：Breuer, Matthias
作者单位：Columbia University
摘要：This correction describes errors in the program code of Breuer [2021] and presents revised results. The errors affect the construction of the standardized reporting and auditing scopes, the treatment variables of the primary research design in Breuer [2021]. The revised results show weaker evidence that reporting mandates facilitate ownership dispersion in capital markets compared to Breuer [2021]. They also show weaker evidence that reporting mandates spur competition in product markets, incl...
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作者：Barrios, John M.; Choi, Jung Ho; Hochberg, Yael V.; Kim, Jinhwan; Liu, Miao
作者单位：Yale University; National Bureau of Economic Research; Stanford University; Rice University; Boston College
摘要：We examine the spillover effects of local initial public offerings (IPOs) on new business formation. An IPO in a local area is associated with a 1%-4% increase in new business registrations, and this effect is particularly pronounced in counties facing higher economic uncertainty. New business registrations are significantly influenced by the extent of EDGAR downloads related to the IPO firm's public disclosures and the information in the IPO firm's S-1 disclosure. The findings highlight the r...
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作者：Blankespoor, Elizabeth; Dehaan, Ed; Li, Qianqian
作者单位：University of Washington; University of Washington Seattle; Stanford University
摘要：Generative artificial intelligence (GAI) will likely alter many aspects of the financial reporting process and spawn a deep stream of academic research. We take an early step by examining the extent to which firms have begun using GAI in one important part of the reporting process: writing disclosures. We begin by evaluating a commercial tool's ability to detect GAI writing in disclosures, and we find that it reliably identifies even very small amounts of GAI usage in realistic samples. We the...
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作者：Laux, Volker; Mahieux, Lucas
作者单位：University of Texas System; University of Texas Austin; Tilburg University
摘要：Regulators are contemplating or mandating precise measurement of financial climate-risk exposure to promote sustainable investments. We show that such mandates can be counterproductive in the presence of social funds that catalyze change by subsidizing the adoption of cleaner production technologies. Firms can exploit a social fund's impact motive by measuring their climate-risk exposure imprecisely. This strategic imprecision prevents the fund from distinguishing between firms that require su...
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作者：Ferrell, Frank Allen; Manconi, Alberto; Neretina, Ekaterina; Powley, William; Renneboog, Luc
作者单位：Harvard University; Bocconi University; Bocconi University; Tilburg University; European Corporate Governance Institute
摘要：We study plaintiff law firms in corporate litigation, focusing on star firms that dominate settlement outcomes. Stars are associated with larger settlements; however, much of this effect is predicted by the defendant's litigation insurance coverage, suggesting assortative matching of stars with lawsuits that have ex ante larger expected payoffs. Moreover, stars charge higher fees for a given settlement size. Additional tests suggest that visibility and information asymmetry vis-& agrave;-vis l...
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作者：Levy, Bradford
作者单位：University of Chicago
摘要：Recent work within accounting and finance has highlighted that modern AI systems exhibit superhuman performance on a variety of foundational activities within these fields. However, the literature often does not provide economic rationale for why AI models seem to outperform, largely because these models are a black box. Through a series of experiments, I set out to open the black box and provide direct evidence on how and why AI models appear to perform so well on accounting and finance-relat...
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作者：Cai, Wei; Chen, Yaxuan; Shin, Jee-Eun
作者单位：Columbia University; Cornell University; University of Toronto
摘要：Upward influencers, employees who are more favorably perceived by their supervisors than their peers and subordinates, are predicted by economic and accounting theories and are found to be ubiquitous in many organizations. Despite their prevalence, the role of upward influencers in teams remains underexplored. This paper fills this void by using proprietary data from a service-providing organization that allows for the identification of upward influencers based on its 360-degree person evaluat...
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作者：Chen, Chen; Huang, Difang
作者单位：Monash University; Chinese Academy of Sciences; Nanjing Institute of Geology & Paleontology, CAS; Academy of Mathematics & System Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：Policy makers and researchers are concerned that the expected credit loss (ECL) approach may exacerbate procyclicality. Using administrative loan-level and firm-level data in China, we find that banks adopting the ECL model reduced their credit supply and became more prudent in lending decisions after the onset of the COVID-19 pandemic, compared to banks using the incurred credit loss (ICL) approach. Our findings are more pronounced for banks that experienced greater loan loss provisions induc...
