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作者：Henry, Erin; Plesko, George A.; Rawson, Caleb
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Connecticut
摘要：The sudden and exogenous nature of the COVID-19 crash provides a unique identification opportunity to study insiders' informational advantages. We find that the sales of insiders at firms with connections to China were significantly more profitable during the COVID-19 crisis than the sales of insiders at firms without connections to China. Consistent with greater attentiveness to public information about the COVID-19 pandemic, this result is driven by China connected insiders executing larger ...
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作者：Heese, Jonas; Perez-Cavazos, Gerardo; Perez-Silva, Andreya
作者单位：Harvard University
摘要：We study the effects of mood as a source of human bias on regulators' oversight and enforcement decisions. We use weather at facilities at the time of an OSHA inspection to proxy for the OSHA compliance officers' mood. We find that, during periods of good mood due to sunny weather, the number of workplace safety violations and dollar penalties assessed by the officer decrease. These effects are more pronounced when OSHA officers have more discretion. In turn, the effect of mood on oversight an...
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作者：Sanseverino, Amanda
作者单位：Manhattan University
摘要：In recent years, a number of countries have strengthened their anti-corruption laws. Some of these laws apply to foreign firms, including those based in the United States. Considering, however, that the US Foreign Corrupt Practices Act (FCPA) is regarded as the most powerful anti-corruption regime in the world, a key question arises: Do foreign anti-corruption laws affect US firms? Using US multinational firms' differential exposure to the extraterritorial jurisdiction of the 2010 United Kingd...
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作者：Andreani, Martina; Palhares, Diogo; Richardson, Scott
作者单位：University of London; London Business School
摘要：We offer several suggestions for researchers using corporate bond return data. First, despite clear instructions from older papers (e.g., Bessembinder et al., The Review of Financial Studies 22:4219-4258, 2009) about ways to compute credit excess returns, a lot of recent research simply subtracts a Treasury Bill return. We show that this imprecision is likely to contaminate inferences, as the rate component of returns is negatively correlated to the spread component. This is a problem for all ...
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作者：Bourveau, Thomas; Garel, Alexandre; Joos, Peter; Petit-Romec, Arthur
作者单位：Columbia University; Audencia; INSEAD Business School
摘要：We construct a distraction measure based on extreme industry returns to gauge whether analysts' attention is away from certain stocks under coverage. We find that temporarily distracted analysts make less accurate forecasts, revise forecasts less frequently, and publish less informative forecast revisions, relative to undistracted analysts. Further, at the firm level, analyst distraction carries real negative externalities by increasing information asymmetry for stocks that suffer from a large...
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作者：Scott, Rachel; Skinner, A. Nicole; Valentine, Kristen
摘要：We examine the disclosure quality consequences of copying FASB guidance when drafting initial narrative disclosures. Specifically, we study first-time disclosures after three accounting standard changes with significant narrative disclosure requirements (ASU 2014-09, SFAS 161 and SFAS 157). We find robust evidence that initial disclosures similar to FASB guidance contain less firm-specific information and are less readable, on average. Moreover, we find some evidence that copying FASB guidance...
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作者：Smith, Kevin
作者单位：Stanford University
摘要：This paper studies how public information regarding a firm's riskiness affects investors' incentives to acquire information about the firm and the firm's ability to learn decision-useful information from its price. I find that risk information complements investor learning by informing investors of when it is most lucrative to investigate the firm, thereby reducing liquidity. Furthermore, risk information causes the firm's price to contain more information when the firm's investment decisions ...
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作者：Elliott, W. Brooke; Hobson, Jessen L.; Van Landuyt, Ben W.; White, Brian J.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Arizona; Cornell University
摘要：We develop and test a refinement to motivated reasoning theory that predicts long investors are more prone than short investors to forming biased beliefs about the value of a stock. Our theory suggests that motivated reasoning is muted for short investors because the investing setting conveys a conventional preference for prices to rise that is directionally inconsistent with short investors' incentivized preference for prices to fall. We examine this premise across four experiments. Experimen...
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作者：Shaffer, Matthew
作者单位：University of Southern California
摘要：This paper provides an overview of valuation multiples in mergers and acquisitions advisory. I review the literature and legal controversies and the theoretical basis for their role. I then standardize all the advisor multiples available in SDC Platinum along four dimensions and report rich descriptive statistics on each dimension over time and across industries. I highlight eight findings that are notable in light of current knowledge and debates. This paper answers the call from Gow et al. (...
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作者：Lilge, Alexandra; Ramchandani, Abhishek
作者单位：Leibniz University Hannover; University of Texas System; University of Texas Austin; University of Hawaii System; University of Hawaii Manoa
摘要：Should employers disclose their assessments of their employees? Popular managerial advice suggests that telling employees that they are assessed to have high potential leads to greater effort and engagement, boosting firm profits. However, some employers still choose to withhold employee assessments. What explains this paradoxical observation? We show that disclosing a positive assessment to an employee increases his incentive to appear successful. Success can be achieved by working hard or by...
