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作者：Ma, Matthew; Pan, Jing; Rouen, Ethan; Wellman, Laura
作者单位：Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Harvard University; University of Oregon
摘要：We investigate whether U.S. House representatives and their staff seek financial information from constituent firms to inform their legislative decisions. We exploit shifts in U.S. congressional districts (i.e., the reconfiguration of federal district lines or redistricting) that introduce new constituent firms to legislators' districts. To the extent that legislators and their staff collect and rely on firms' financial statement information, we expect that a change in representation as a resu...
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作者：Lin, Xuanpu; She, Guoman; Yoon, Aaron; Zhu, Haoran
作者单位：University of Hong Kong; Northwestern University; Southern University of Science & Technology
摘要：Using a novel measure that captures negative ESG incidents at both listed and private suppliers, we provide large-scale evidence on the value implications of supply chain ESG. We find that firms with fewer supply chain ESG incidents exhibit higher future accounting performance and that this effect is stronger in the presence of more conscious customers and vulnerable supply chains. We also find that firms with robust supply chain ESG exhibit higher future stock returns and that this effect is ...
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作者：Dichev, Ilia; Owens, Edward
作者单位：Emory University; Utah System of Higher Education; University of Utah
摘要：We define accrual duration as the length of time between an accrual and its associated cash flow. Accrual duration is inextricably linked to accrual discretion and accrual quality by the fundamentals of the accrual process-the recording of longer-duration accruals involves using longer-term estimates, which makes them relatively more discretionary and less reliable, ceteris paribus. We provide the theoretical development of this broad idea and demonstrate several empirical applications linking...
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作者：Olbert, Marcel
作者单位：University of London; London Business School
摘要：This paper investigates how tax loss carryforward (LCF) rules influence corporate bankruptcies and market-wide productivity. Analyzing data from 29 European countries, I find that stricter LCF deductibility limits significantly increase bankruptcy likelihoods. This is because stricter LCF deductibility limits lower the present value of net operating losses (NOLs) as tax assets, reducing the incentive to keep struggling firms alive. This effect is especially pronounced for business group firms,...
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作者：Fan, Zhongwen; Guo, Jia; Ng, Jeffrey; Zhang, Xiao
作者单位：City University of Hong Kong; Hong Kong Polytechnic University; University of Hong Kong; Shanghai University of Finance & Economics
摘要：Insurers can boost their earnings by accruing interest income from their corporate bond investments. We document that insurers have higher corporate bond investments as well as less equity and cash holdings, when their parents meet or just beat analysts' quarterly earnings forecasts, compared to when their parents miss or comfortably beat the forecasts. The investment in corporate bonds to boost earnings is more pronounced when bond offerings provide more opportunities for accruing interest in...
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作者：Stuart, Michael D.; Wang, Jing; Willis, Richard H.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Queens University - Canada; Vanderbilt University
摘要：Research concludes that managers' political orientation influences their decision-making and offers the political connections and risk tolerance hypotheses as explanations. We investigate partisan bias as an additional way political orientation may influence managers' decisions. Partisan bias results in individuals whose partisan orientation aligns with that of the US president expressing more optimistic economic expectations. We examine whether partisan bias is present in managers' annual ear...
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作者：Crowley, Richard M.; Lou, Yun; Tan, Samuel T.; Zhang, Liandong
作者单位：Singapore Management University
摘要：Against the backdrop of an increasing threat of misinformation on social media, several countries have enacted regulations to curb the spread of misinformation. This study examines how corporate social media strategy responds to misinformation regulations. Using a large cross-country dataset of corporate tweets and a stacked regression analysis, we show that misinformation regulations lead to less corporate social media disclosure. This result suggests that, by deterring misinformation, these ...
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作者：Jiang, John Xuefeng; He, Shaohua; Wang, K. Philip
作者单位：Michigan State University; Michigan State University's Broad College of Business; Lancaster University; State University System of Florida; University of Florida
摘要：Using the market values of audit partners' houses as a measure of their personal wealth, we find that wealthier U.S. partners provide higher-quality audits, as evidenced by fewer material restatements, fewer material SEC comment letters, and higher audit fees. A battery of falsification tests shows that these findings are not driven by the matching of wealthier partners with clients with higher financial reporting quality. Our additional analyses suggest two explanations: greater personal weal...
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作者：Even-Tov, Omri; Li, Xinlei; Wang, Hui; Williams, Christopher
作者单位：University of California System; University of California Berkeley; University of California System; University of California Davis; Renmin University of China; University of Michigan System; University of Michigan
摘要：We examine the significance and uniqueness of individual-pair relationships cultivated through repeated loan interactions. Using a hand-collected dataset compiled of borrowing manager and loan officer information, we find that individual-pair relationship loans are associated with a cost-of-debt reduction of between seven to 13 basis points. We also document that the relationship has an economic impact even when other affiliations, for example, institutional pairs, social ties, cultural proxim...
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作者：Fargher, Neil; Zhang, Lijuan
作者单位：Australian National University
摘要：This study draws on the investor protection literature to examine whether differences in a country's level of investor protections help explain cross-country variation in the extent to which macroeconomic forecasters consider aggregate changes in corporate profit margins when forecasting growth in GDP. We find that economies with stronger levels of investor protection have a higher association between changes in aggregate profit margin and GDP growth. Using a unique sample of analysts' GDP for...
