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作者：Balakrishnan, Karthik; Bernard, Darren; Rennekamp, Kristina M.; Steenhoven, Blake
作者单位：Rice University; Indian School of Business (ISB); University of Washington; University of Washington Seattle; Cornell University; Queens University - Canada
摘要：Capital flows increase in response to new public information. Conventional explanations typically conclude that this reflects a rational response to reduced risk. However, investors may also be overconfident in their ability to benefit from new information, even when it is publicly available and does not provide a relative advantage. We exploit two complementary settings to examine how this better-than-average mechanism affects capital flows. Archival evidence from horse race betting markets s...
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作者：Gao, Ray Rui; Lu, Yifei
作者单位：University of Southern California; University of Illinois System; University of Illinois Urbana-Champaign
摘要：In this paper, we develop novel measures of managerial labor market classification and competition by constructing networks of compensation benchmarking peers disclosed in proxy statements. These networks represent firms' relative positions within the managerial labor market. Our classifications strongly predict executive moves across firms, outperforming a comprehensive set of predictors in the literature. Subsequent tests further demonstrate the strength of our methodology in capturing the m...
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作者：Dong, Qingkai; Le, Anthony
作者单位：Hong Kong University of Science & Technology; University of Chicago
摘要：Labor unions in the United States are subject to financial reporting mandates. This study examines how these mandates affect unions and their members. Using several regulation-based empirical designs, we document that more granular reporting requirements adversely affect unions' election outcomes. Supplemental analyses suggest that these findings are consistent with the strategic use of unions' disclosed information by parties such as employers and their consultants. We find mixed evidence on ...
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作者：Xie, Chloe
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines how market participants trade on private information about firm fundamentals using the largest known case of informed trade of earnings announcements. From 2011 to 2015, a cartel of sophisticated traders illegally obtained early access to and traded on over 1,000 firm earnings announcements. Using this setting, I identify the information in earnings announcements that these market participants found most price relevant. The informed traders preferred announcements with larg...
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作者：Chau, Jacky
作者单位：Shenzhen Technology University
摘要：This registered report investigates self-directed retail investors' information choices and trading decisions on an integrated trading platform that provides timely and convenient access to accounting information. The analyses reveal that these investors access a mosaic of information, with a high proportion not firm-specific. In accessing accounting disclosures, retail investors are more interested in media articles providing summaries or expert analyses than original filings. Retail trades o...
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作者：Tillet, Andrea
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：I examine whether the FASB's revenue recognition guidance under ASC 606 influences revenue comparability across firms and industries and whether revenue comparability reduces analysts' disclosure processing costs. I extract firms' revenue policy disclosures from 10-K filings to measure their textual similarity and compare revenue policies across firms and industries. I find an increase in revenue comparability for firms in different industries with similar revenue-generating transactions upon ...
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作者：Liu, Yichang; Madsen, Joshua; Zhou, Frank s.
作者单位：Chinese University of Hong Kong; University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania
摘要：Recent SEC regulations require that qualified hedge fund advisers provide their investors with narrative disclosures of their business and operations. We find that 40% of these disclosures omit or de-emphasize information regarding advisers' operational and investment risks when compared to other sources of public information. Funds with such inconsistencies are associated with predictably lower fund performance but do not differ in their fund flows, flow-performance relation, ownership struct...
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作者：Boulland, Romain; Bourveau, Thomas; Breuer, Matthias
作者单位：ESSEC Business School; University of Oxford; Goethe University Frankfurt
摘要：We propose a new measure of firms' disclosure based on company websites, which are widely available and contain a wealth of information. For a sample of U.S. public firms, we construct our disclosure measure using historical website data, validate it by correlating it with extant measures of disclosure and information asymmetry, and explore its determinants. We then apply our measure to the study of U.S. private firms' disclosure and French firms' compliance with a nonfinancial disclosure mand...
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作者：Holzman, Eric R.; Miller, Brian P.; Rennekamp, Kristina M.; Sauciuc, Ashley K.
作者单位：Indiana University System; Indiana University Bloomington; State University System of Florida; University of Florida; Cornell University
摘要：This study investigates (1) whether misreporting by corporate executives impacts unethical decision-making by non-peers in unrelated reporting tasks, and (2) whether observing various forms of punishment for corporate misreporting deters this spillover effect. Specifically, we examine the deterrent effects of two common forms of punishment (fines or imprisonment) and a novel form of punishment (public shaming). Across two experiments, we find that participants are more likely to misreport perf...
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作者：Mahieux, Lucas; Sapra, Haresh; Zhang, Gaoqing
作者单位：Tilburg University; University of Chicago; Carnegie Mellon University
摘要：We adopt a financial-materiality approach in studying the costs and benefits of measuring greenhouse gas (GHG) emissions on social welfare. Production by firms internally generates direct GHG emissions (Scope 1 emissions) whereas outsourcing to suppliers generates indirect emissions (Scope 3 emissions). Our analysis incorporates two frictions: (1) long-term negative environmental externalities caused by emissions and (2) fragmentation in regulating emissions disclosures across jurisdictions. W...
