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作者：Ertan, Aytekin; Karolyi, Stephen A.; Kelly, Peter W.; Stoumbos, Robert
作者单位：University of London; London Business School; Carnegie Mellon University; University of Notre Dame; Columbia University
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作者：Feng, Ruyun (Ivy); Kimbrough, Michael D.; Wei, Sijing
作者单位：University of Wisconsin System; University of Wisconsin Madison; University System of Maryland; University of Maryland College Park; Creighton University
摘要：We investigate whether information transparency at the industry level is associated with the sustainability of within-industry differences in profitability. Since competition leads to the elimination of intra-industry profitability differences, this investigation provides evidence on whether competitors act on information about rivals. Using an industry-level transparency measure that integrates corporate reporting by firm managers, private information search and communication by analysts, and...
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作者：Donelson, Dain C.; Glenn, Jennifer L.; Yust, Christopher G.
作者单位：University of Iowa; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
摘要：This study uses directors' and officers' (D&O) insurance data to examine the relation between tax aggressiveness and tax litigation risk. D&O insurance covers litigation costs for tax-related cases. Thus D&O insurance premiums provide an independent and direct assessment of the risk in a firm's tax aggressive strategies, which mitigates some of the challenges in studying tax risk. Based on pricing decisions, D&O insurers appear to view tax aggressiveness, as measured by industry- and size-adju...
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作者：Rawson, Caleb
作者单位：University of Arkansas System; University of Arkansas Fayetteville
摘要：This paper investigates the role of manager perception in proprietary disclosure decisions. I find robust evidence that firms with overconfident CEOs (managers who are more likely to perceive proprietary costs to be lower) provide significantly more narrative R&D disclosures than firms without overconfident CEOs. In cross-sectional analysis, I find that this result is driven by observations where proprietary costs are more significant and salient. Consistent with R&D disclosures being propriet...
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作者：Raghunandan, Aneesh; Rajgopal, Shiva
作者单位：University of London; London School Economics & Political Science; Columbia University
摘要：Investment funds that claim to focus on socially responsible stocks have proliferated in recent times. In this paper, we verify whether ESG mutual funds actually invest in firms that have stakeholder-friendly track records. Using a comprehensive sample of self-labelled ESG mutual funds (as identified by Morningstar) in the United States from 2010 to 2018, we find that these funds hold portfolio firms with worse track records for compliance with labor and environmental laws, relative to portfol...
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作者：Darendeli, Alper; Law, Kelvin K. F.; Shen, Michael
作者单位：Nanyang Technological University; National University of Singapore
摘要：The mere marketing of firms as environmentally friendly does not mean that the firms are genuinely green. In this paper, we propose a new measure, Green Score, to capture firms' investment in green human capital based on the concentration of green skills required in firms' job postings. First, we find that firms that increase their Green Score have higher future profitability. Second, firms that increase their Green Score generate more green patents, and those green patents are of higher quali...
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作者：Cohen, Daniel; Li, Bin; Li, Ningzhong; Lou, Yun
作者单位：Texas A&M University System; Texas A&M University College Station; University of Houston System; University of Houston; University of Texas System; University of Texas Dallas; Singapore Management University
摘要：We examine the relation between the presence of U.S. government as a major customer and a supplier firm's loan contract terms, using major corporate customers as a benchmark. We find that firms with major government customers are associated with fewer covenants and a lower likelihood of having performance pricing provisions in their loan contracts. In contrast, we do not find such associations for firms with major corporate customers. Further, we find no evidence that the existence of major go...
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作者：Hand, John R. M.; Laurion, Henry; Lawrence, Alastair; Martin, Nicholas
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Colorado System; University of Colorado Boulder; University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill
摘要：Since 2001, the number of financial statement line items forecasted by analysts and managers that I/B/E/S and FactSet capture in their data feeds has soared. Using this new data, we find that 13 item surprises-11 income statement-based and 2 cash flow statement-based analyst and management guidance surprises-reliably explain firms' signed earnings announcement returns. No balance sheet or expense surprises are significant. The most important surprises are (i) one-quarter-ahead sales guidance s...
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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
摘要：In 2005, the SEC mandated that firms disclose risk factors to provide useful information about firm risk. An unintended effect of the mandate is that mandatory risk factor (RF) disclosure may constitute meaningful cautionary language as defined in the Private Securities Litigation Reform Act, and may therefore provide legal protection for forward-looking statements (FLSs). Using both a difference-in-differences design and a two-stage least squares approach, we find that, following the mandate,...
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作者：Kim, Jeong-Bon; Lee, Edward; Tang, Xiaojian; Zhang, Junsheng
作者单位：City University of Hong Kong; University of Manchester; Alliance Manchester Business School; Nanjing Agricultural University; Sun Yat Sen University
