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作者：Arif, Salman; Kepler, John D.; Schroeder, Joseph; Taylor, Daniel
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Stanford University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Pennsylvania
摘要：While the shareholder benefits of audits are well documented, evidence on whether audits can facilitate opportunistic behavior by corporate insiders is scarce. In this paper, we examine whether the audit process facilitates one particular form of opportunism: informed trading by corporate insiders. We focus our analysis on insider trading around the audit report date. We find an increase in trading around the audit report date and that the increase is abnormally large for firms that subsequent...
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作者：Anantharaman, Divya; Gao, Feng; Manchiraju, Hariom
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick; Indian School of Business (ISB)
摘要：Pension freezes are highly visible corporate actions with the potential to hurt the firms' reputation as responsible employers. We document that firms sponsoring defined-benefit pensions step up CSR engagement following announcements of defined-benefit pension freezes. Freeze firms also increase their usage of CSR-related keywords in public disclosures following the freeze. We find a stronger CSR response to more severe freezes, to more controversial cash-balance conversions, and in larger spo...
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作者：Ohlson, James A.
作者单位：Hong Kong Polytechnic University
摘要：This paper examines commonly applied methods of data analysis. Predicated on these methods, the main issue pertains to the plausibility of the studies' end products, that is, their conclusions. I argue that the methods chosen often lead to unwarranted conclusions: the data analyses chosen tend to produce looked-for null rejections even though the null may be much more plausible on prior grounds. Two aspects of data analyses applied cause obvious problems. First, researchers tend to dismiss pre...
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作者：Ertan, Aytekin
作者单位：University of London; London Business School
摘要：I examine whether banks manage syndicated loan originations to achieve financial reporting goals. Using a large sample of loans and relying on a within-quarter analysis, I find that publicly traded banks that narrowly beat earnings benchmarks initiate more loans in the last month of the fiscal quarter to book origination fees. Relative to otherwise similar loans, these loans are associated with front-end fees that are 4.2% higher but have credit spreads that are 3.3% lower, resulting in a net ...
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作者：Huang, Allen H.; Shen, Jianghua; Zang, Amy Y.
作者单位：Hong Kong University of Science & Technology; Xiamen University
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作者：Billings, Mary Brooke; Klein, April; Shi, Yanting Crystal
作者单位：New York University; University of Warwick; European Corporate Governance Institute; Hautes Etudes Commerciales (HEC) Paris
摘要：This paper provides evidence that the #MeToo movement revised investors' beliefs about the costs (benefits) of fostering an exclusive (inclusive) culture, as reflected by the absence (presence of a critical mass) of women directors in the board room. Tracking a timeline of events associated with the #MeToo movement that begin with the Harvey Weinstein expose in October 2017 in the New York Times, we document contrasting market reactions to the movement depending on the existing culture of the ...
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作者：Blaylock, Bradley S.; Downes, Jimmy F.; Mathis, Mollie E.; White, Scott D.
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Nebraska System; University of Nebraska Lincoln; Auburn University System; Auburn University; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：We examine whether repatriation tax liabilities affect bond pricing using four settings: (1) pricing on a new bond issuance, (2) pricing changes around the American Jobs Creation Act of 2004 (AJCA), (3) pricing changes around the 2016 US election, and (4) pricing changes around the Tax Cuts and Jobs Act of 2017 (TCJA). The preponderance of evidence suggests that bondholders incorporate expected repatriation taxes into bond prices. However, this evidence appears concentrated around the 2004 AJC...
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作者：Fischer, Paul; Kim, Chongho; Zhou, Frank
作者单位：University of Pennsylvania; New York University
摘要：We propose a measure of disagreement, which reflects differences of opinion as opposed to information asymmetry, that can be extracted from sequences of analyst forecasts. Using a Bayesian theoretical framework, we prove that when analysts agree, a regression of an analyst's forecast on the previous forecast issued by another analyst should have a slope coefficient of one. The magnitude of the estimated regression coefficient's deviation from one is then employed as a disagreement measure. We ...
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作者：Ball, Ray; Sadka, Gil; Tseng, Ayung
作者单位：University of Chicago; University of Texas System; University of Texas Dallas; Indiana University System; Indiana University Bloomington
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作者：Finley, Andrew R.; Hall, Curtis M.; Marino, Amanda R.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; Drexel University; California State University System; San Diego State University
摘要：This study examines gender pay gaps among nonprofit executives and how compensation negotiability influences these disparities. Using tax return data from IRS Form 990 filings, we find that females earn 8.9% lower total compensation than men in our sample. Further, we observe that settings more conducive to negotiation manifest in larger pay disparities, whereas settings that limit executives' opportunities to negotiate or that encourage females in particular to negotiate produce smaller gende...
