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作者：Chen, Ting; Levy, Hagit; Martin, Xiumin; Shalev, Ron
作者单位：University of Massachusetts System; University of Massachusetts Boston; City University of New York (CUNY) System; Baruch College (CUNY); Washington University (WUSTL); University of Toronto; University of Toronto; University Toronto Scarborough
摘要：This study investigates the role personal connections play in a crucial element of the supply chain-supplier selection. We find that the likelihood that a potential supplier (hereafter, a vendor) is selected to be an actual supplier (hereafter, supplier) increases when personal connections between executives of the vendor and the customer exist. The magnitude of the effect varies predictably across management ranks and positions and is stronger when information asymmetries between a vendor and...
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作者：Curtis, Asher; Li, Valerie; Patrick, Paige H.
作者单位：University of Washington; University of Washington Seattle; California State University System; San Diego State University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We document widespread adoption of adjustments to earnings for performance evaluation; 84% of our sample of S&P 1500 firms use adjusted earnings for bonus compensation. We find that the transactions removed from adjusted earnings vary widely and include both transitory and nontransitory items. We examine the determinants of using adjusted earnings and find some evidence that boards are more likely to contract using adjusted earnings when firms have high levels of intangible assets, more volati...
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作者：Honigsberg, Colleen; Katz, Sharon P.; Mutlu, Sunay; Sadka, Gil
作者单位：Stanford University; INSEAD Business School; University System of Georgia; Kennesaw State University; University of Texas System; University of Texas Dallas
摘要：This paper examines the relation between state contract law and the use of accounting information in debt contracts. Contract theory suggests that balance sheet based covenants resolve debtholder-shareholder conflicts ex ante, whereas income statement based covenants serve as trip- wires that trigger the switch of control rights ex post. It is more difficult for lenders to exert their control rights ex post if the contract law is more favorable to debtors (i.e., the law is pro-debtor), suggest...
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作者：Kim, Jung Min; Taylor, Daniel J.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
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作者：Dai, Lili; Shen, Rui; Zhang, Bohui
作者单位：University of New South Wales Sydney; The Chinese University of Hong Kong, Shenzhen; The Chinese University of Hong Kong, Shenzhen
摘要：We examine the effect of media coverage on firm innovation. Using a comprehensive sample of corporate news coverage and patenting over the period from 2000 to 2012, we find a negative relation between media coverage and firm innovation. We further document the two offsetting economic mechanisms underlying the impact of media coverage on innovation: the media's role of short-term pressure on managers relates negatively to innovation, while its role of mitigating financial constraints is positiv...
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作者：Raghunandan, Aneesh
作者单位：University of London; London School Economics & Political Science
摘要：I examine the relation between firms' financial conduct and wage theft. Wage theft represents the single largest form of theft committed in the United States and primarily affects firms' most vulnerable employees. I show that wage theft is more prevalent (i) when firms just meet or beat earnings targets and (ii) when executives' personal liability for wage theft decreases. Wage theft precedes financial misconduct while the theft is undetected, but once firms are caught engaging in wage theft t...
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作者：Beck, Amanda; Gilstrap, Collin; Rippy, Jordan; Vansant, Brian
作者单位：University System of Georgia; Georgia State University; University System of Ohio; University of Toledo; Johns Hopkins University; Auburn University System; Auburn University
摘要：In this paper, we examine bad debt and charity care reporting by nonprofit hospitals around bond issuance. Given the tax advantages afforded to nonprofit hospitals, including the ability to issue tax-exempt debt, hospital managers encounter stakeholder pressure to provide community benefits. When nonprofits issue debt, they also face economic pressure to meet creditors' financial performance expectations. We document a reporting strategy that allows nonprofit hospitals to reduce the cost of bo...
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作者：Ellahie, Atif
作者单位：Utah System of Higher Education; University of Utah
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作者：Ellahie, Atif; Peng, Xiaoxia
作者单位：Utah System of Higher Education; University of Utah
摘要：We examine the predictive information content of the management forecasts of stock return volatility (i.e., expected volatility) that are disclosed in annual reports. We find that expected volatility predicts near-term and longer-term stock return volatility and earnings volatility incremental to implied volatility, historical volatility, firm characteristics, and alternative measures of uncertainty. We also find that expected volatility reflects managers' private information about their firms...
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作者：Call, Andrew C.; Hewitt, Max; Watkins, Jessica; Yohn, Teri Lombardi
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona; University of Notre Dame; Emory University
摘要：I/B/E/S is a common source of analyst earnings forecast data, and the reliability of these data is important for practice and academic research. Examining a common sample period, we compare annual earnings forecasts across two versions of the I/B/E/S detail file, one made available in 2009 and the other made available in 2015. We find substantial differences in the contents of these two versions of the detail file as well as significant differences in the attributes of the earnings forecasts a...
