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作者：Chen, Jason V.; Nagar, Venky; Schoenfeld, Jordan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan; Georgetown University
摘要：Prior research finds that intraday stock prices move considerably during the discussion period of earnings conference calls. In this study, we explore what features of the manager-analyst dialogue during the discussion drive these price movements. We textually analyze the tone of managers and analysts and find that intraday prices react significantly to analyst tone, but not to management tone, for the full duration of the discussion. This effect strengthens when analyst tone is relatively neg...
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作者：Nagar, Venky; Rajan, Madhav V.; Ray, Korok
作者单位：University of Michigan System; University of Michigan; University of Chicago; Texas A&M University System; Texas A&M University College Station
摘要：This study defines reporting conservatism as a higher verification standard for probable gains compared to losses and builds a model that endogenously generates optimal behavior resembling an asymmetric preference for gains versus losses. Our model considers the setting where one party produces a resource and another tries to expropriate it. The key factor determining the extent of the gain-loss asymmetry is the level of information asymmetry or trust between the two parties. The information a...
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作者：Canace, Thomas G.; Jackson, Scott B.; Ma, Tao
作者单位：Wake Forest University; University of South Carolina System; University of South Carolina Columbia; Texas Tech University System; Texas Tech University
摘要：Prior studies find that firms cut research and development (R&D) expense in response to earnings considerations. We extend this stream of research by documenting that firms narrowly achieving an earnings threshold also report unusually high capital expenditures. In addition, these firms' total investments (R&D expense plus capital expenditures) do not vary in response to earnings thresholds, which suggests that, on average, reductions in R&D expense are offset by concurrent increases in capita...
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作者：Fan, Qintao; Li, Wei
作者单位：University of Oregon; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper studies, in a dynamic agency setting, how incentives and contractual efficiency are affected by leading indicators of firms' future financial performance. In our two-period model, a leading indicator variable provides a noisy forecast of the uncertain return from the manager's long-term effort, and both contracting parties cannot refrain from renegotiating contract terms based on updated information. We find that the leading indicator can reduce the manager's long-term effort incent...
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作者：Huffman, Adrienna
作者单位：Tulane University
摘要：This study investigates whether asset use influences the relevance of fair value measurement. Specifically, I examine whether fair value is more relevant when it is applied to in-exchange assets than when it is applied to in-use assets. I test the framework on a sample of international firms that adopt International Accounting Standard 41. Using a difference-in-differences approach, I find that earnings information is significantly more relevant when firms measure in-exchange biological assets...
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作者：Aobdia, Daniel
作者单位：Northwestern University
摘要：This study explores the impact on companies' disclosures of U.S. states' different propensities to enforce noncompete agreements. I find a negative association between a state's enforcement of noncompete agreements and disclosure activities of firms headquartered in that state. Companies that face local rivals drive some results. Analyses that focus on several state-level changes in enforcement level of noncompete agreements confirm this association. Overall, the findings are consistent with a...
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作者：Beaver, William H.; McNichols, Maureen F.; Wang, Zach Z.
作者单位：Stanford University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the information content of quarterly earnings announcements, measured as the magnitude of stock price revision at earnings announcements relative to price revision at other times. We investigate whether quarterly earnings announcements are informative using a nonparametric approach and 1971-2011 sample period. The findings affirm prior evidence on earlier sample periods that significantly more information is conveyed to investors in the three days around earnings announceme...
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作者：Bourveau, Thomas; Schoenfeld, Jordan
作者单位：Hong Kong University of Science & Technology; Utah System of Higher Education; University of Utah
摘要：We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms whose valuations they can improve. Consistent with this idea, we find that managers issue earnings and sales forecasts more frequently when their firm is more at risk of attack by activist investors, and...
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作者：Johnson, Nicole Bastian; Pfeiffer, Thomas; Schneider, Georg
作者单位：University of Oregon; University of Vienna; University of Graz
摘要：We study two-stage, multi-division budgeting mechanisms that allocate scarce resources among divisions using capital charge rates. Each divisional manager observes private sequential project information and competes for scarce resources over two stages. The optimal capital charge rates in our two-stage setting can be quite different from those that arise in a single-stage setting. If the firm faces a resource constraint at only the second stage, a less severe constraint can imply more first-st...
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作者：Law, Kelvin K. F.; Mills, Lillian F.
作者单位：Nanyang Technological University; University of Texas System; University of Texas Austin
摘要：We find that managers with military experience pursue less tax avoidance than other managers and pay an estimated $1-$2 million more in corporate taxes per firm-year. These managers also undertake less aggressive tax planning strategies with smaller tax reserves and fewer tax havens. Although they leave tax money on the table, boards hiring these managers benefit from reductions in other gray areas in corporate reporting. The broad implications are as follows: for employee selection, boards ca...
