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作者：Kim, Seil; Oh, Seungjoon
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：Using a novel dataset of US companies' regular board meeting schedules, we find evidence of informed trading by outside directors prior to board meetings. During the days prior to board meetings, when outside directors possess private information, they make more profitable and larger purchases than they do during other periods. We find no such patterns among inside directors who possess private information regardless of the timing of board meetings. We further find that the profitability of ou...
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作者：Ma, Zhiming; Novoselov, Kirill E.; Stice, Derrald; Zhang, Yue
作者单位：Peking University; Shanghai University of Finance & Economics; University of Hong Kong; Central University of Finance & Economics
摘要：This study explores the association between firm innovation and loan covenant strictness. We find that lenders construct stricter contracts for firms filing more patents, consistent with lenders imposing more oversight on firms when they enter the commercialization stage after having demonstrated their inventiveness. Our results hold under propensity score matching and entropy balancing, and when exploiting the American Inventors Protection Act as a shock affecting unrelated banks' access to p...
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作者：Cai, Wei; Chen, Yue; Rajgopal, Shiva; Azinovic-Yang, Li
作者单位：Columbia University; Chinese University of Hong Kong; University of Chicago
摘要：From 2008 to 2020, 180 of S&P 1500 have disclosed employee diversity targets. We conduct the first analysis of firms' employee diversity targets and ask three research questions: (i) who announces diversity targets? (ii) do firms deliver on their diversity targets? (iii) what are the implications of disclosure of such targets for employee hiring and investors? We find that firms with a greater willingness (proxied by past ESG penalties, higher CEO-to-median employee pay ratio, more media cover...
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作者：Jiang, John Xuefeng; Kong, Jing
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Michigan System; University of Michigan
摘要：U.S. industrial plants emit around four billion pounds of toxic chemicals annually, posing health and economic risks. This study investigates the role of newspapers in influencing plants' toxic emissions. We use local newspaper closures as an exogenous shock to news coverage and observe a 10% increase in emissions in affected counties, compared to plants owned by the same firm in other counties. Our findings indicate that this increase is not attributable to variations in environmental policie...
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作者：Deb, Saikat Sovan; Duong, Huu Nhan; Singh, Amanjot; Singh, Harminder
作者单位：Deakin University; Monash University; Western University (University of Western Ontario)
摘要：We examine the impact of hedge fund activism (HFA) on the investment efficiency of target firms. We find that target firms' investment efficiency improves after the active involvement of hedge funds. This improvement is mainly evident for HFA campaigns with investment strategy-related reforms as one of the main stated objectives. Among investment strategy-related HFA campaigns, the changes in investment efficiency are more pronounced when hedge funds obtain board representation or privately se...
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作者：Call, Andrew C.; Flam, Rachel W.; Lee, Joshua A.; Sharp, Nathan Y.
作者单位：Arizona State University; Arizona State University-Tempe; University of London; London Business School; Brigham Young University; Texas A&M University System; Texas A&M University College Station
摘要：Despite the prevalence and importance of humor in interpersonal communication, the disclosure literature is silent on the use of humor in the context of corporate communication. Using a sophisticated machine learning algorithm, we identify managers' successful uses of humor during public earnings conference calls. When managers use humor on an earnings call, stock market returns and analyst forecast revisions following the call are more positive, primarily because of a muted response to negati...
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作者：Albrecht, Anne; Glendening, Matt; Kim, Kyonghee; Lee, Kwang J. J.
作者单位：Texas Christian University; University of Missouri System; University of Missouri Columbia; Michigan State University; Michigan State University's Broad College of Business
摘要：This study provides insights into the efficacy of FASB ASC 250 by examining the impact of material changes in accounting estimates (MCEs) on the usefulness of earnings. We find that MCEs, on average, increase the usefulness of earnings measured by the predictive ability of earnings for future cash flows and investor responsiveness to earnings news. Although the results suggest that some firms time their implementation of MCEs to meet desired earnings targets, we also find that ASC 250 disclosu...
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作者：Green, Jeremiah; Hand, John R. M.; Sikochi, Anywhere
作者单位：Texas A&M University System; Texas A&M University College Station; University of North Carolina; University of North Carolina Chapel Hill; Harvard University
摘要：We study the mispricing information present in the target prices of US and international analysts. We hypothesize that asymmetry in the value-relevance of the information that managers supply to analysts, combined with asymmetry in the incentives facing analysts to curry favor with managers, leads to analyst-claimed undervaluation being more predictive of future stock returns than analyst-claimed overvaluation. Our empirical tests isolate analyst-claimed mispricing by first removing analysts' ...
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作者：Lourie, Ben; Ozel, N. Bugra; Nekrasov, Alexander; Zhu, Chenqi
作者单位：University of California System; University of California Irvine; University of Texas System; University of Texas Dallas; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：While the production of credit ratings has long been limited mainly to rating agencies (CRAs), recent years have seen the growing popularity of consensus credit ratings crowdsourced from banks (i.e., bank ratings). We provide the first comprehensive examination of the properties and informativeness of bank ratings relative to CRA ratings. We find that bank ratings often deviate from CRA ratings, with over 60% of firm-months having different bank and CRA ratings. These deviations contain useful...
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作者：Cedergren, Matthew; Li, Valerie
作者单位：Santa Clara University; California State University System; San Diego State University
摘要：We find irregular patterns in the distribution of firms' reported quarterly gross margin percentages. Specifically, there is significant bunching around percentage integers that are highly round (e.g., multiples of 10, such as 30%, 40%, etc.) or are neatly divisible (e.g., 25%, 75%), compared to what is predicted by counterfactual distributions. Further investigation reveals that highly round gross margin firms are smaller, exert higher effort, achieve higher productivity, have more difficult ...
