-
作者：Arya, Anil; Mittendorf, Brian; Sudbury, Austin
作者单位：University System of Ohio; Ohio State University; Carnegie Mellon University
摘要：As stressed in the literature, disclosure often has different ramifications for firms' varied constituents. Despite this complexity, a consistent theme in the literature is that a firm's reliance on a self-interested external supplier for key inputs introduces a disincentive for disclosure. We demonstrate that the presence of forward contracting in such input markets can disable, and even reverse, this well-established theme. When a supplier opts to provide inputs for pre-purchase in a forward...
-
作者：Altschuler, Dora; Chen, Gary; Zhou, Jie
作者单位：Loyola University Chicago; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National University of Singapore
摘要：We examine how analysts' anticipation of a management forecast affects their search for private information. Analysts are likely to acquire more private information because of the potential gains from trading on that information before a publicly disclosed management forecast. However, this anticipation may also decrease analysts' efforts, because the information in a management forecast could substitute for costly private information. We predict that higher costs (benefits) of private informa...
-
作者：Magnan, Michel; Menini, Andrea; Parbonetti, Antonio
作者单位：Concordia University - Canada; Universite de Montreal; University of Padua
摘要：This paper examines whether and how fair value measurement and disclosure by US bank holding companies influences financial analysts' ability to forecast earnings. Fair value measurement relates to more dispersed forecasts. Measurement basis disclosure (levels 1, 2 and 3) enacted by SFAS 157 translates into more accurate forecasts but has neutral effects for banks with a sizable proportion of assets at fair value. Furthermore, level 2 measurement relates to enhanced forecast accuracy, while le...
-
作者：Amiram, Dan; Bozanic, Zahn; Rouen, Ethan
作者单位：Columbia University; University System of Ohio; Ohio State University
-
作者：Campbell, John L.; Downes, Jimmy F.; Schwartz, William C., Jr.
作者单位：University System of Georgia; University of Georgia; University of Nebraska System; University of Nebraska Lincoln; Oklahoma State University System; Oklahoma State University - Stillwater
-
作者：Cao, Ying; Myers, James N.; Myers, Linda A.; Omer, Thomas C.
作者单位：Chinese University of Hong Kong; University of Arkansas System; University of Arkansas Fayetteville; University of Nebraska System; University of Nebraska Lincoln
摘要：We investigate whether companies with better reputations enjoy a lower cost of equity financing. Using a sample of 9,276 large US companies from 1987 to 2011 and the reputation rankings from Fortune's America's Most Admired Companies list, we find strong evidence that companies with higher reputation scores enjoy a lower cost of equity capital even after controlling for other factors that determine the cost of equity. In addition, we find that the effect of reputation on the cost of equity inc...
-
作者：Begley, Joy; Chamberlain, Sandra; Yang, Shuo; Zhang, Jenny Li
作者单位：University of British Columbia; Hong Kong Polytechnic University
摘要：We examine the relation between CEO pay-related wealth and the funding levels, and freezing decisions, of defined benefit pension plans. Results show that higher funding levels occur when CEOs are most endowed in employee pension plans, but that spillover endowments in supplemental executive plans coincide with the lowest funding levels. CEO equity-wealth correlates with funding health in between the extremes. Further, hard freezes of employee plans are less likely, the larger the CEO's total ...
-
作者：Hou, Yu
作者单位：Queens University - Canada
摘要：Prior studies suggest that accounting information risk, primarily idiosyncratic in nature, can be diversified away. I show that accounting information risk, proxied by accruals quality, is priced even if it is entirely idiosyncratic. Building on a model developed in the ambiguity literature, I predict that, (1) in an under-diversified market, idiosyncratic information risk is priced even if it is diversifiable, and (2) in a well-diversified market, idiosyncratic information risk is priced when...
-
作者：Kalay, Alon
作者单位：Columbia University
摘要：This paper explores the idea of disclosure clienteles. Disclosure clienteles refer to the ability of different types of disclosure activities to differentially benefit investors with varying levels of sophistication. Disclosure clienteles exist because variation in investor sophistication affects investors' ability to utilize disclosed information and thus their preferences for distinct disclosure activities. I use cross-sectional variation in inefficient exercise activity in the options marke...
-
作者：Ertimur, Yonca; Ferri, Fabrizio; Oesch, David
作者单位：University of Colorado System; University of Colorado Boulder; Columbia University; University of St Gallen
摘要：We examine the effect of a change in the director election system-the switch from a plurality voting standard to a more stringent standard known as majority voting (MV). Using a regression discontinuity design, we document abnormal returns of 1.43-1.60 % around annual meeting dates where shareholder proposals to adopt MV are voted upon, suggesting that shareholders perceive the adoption of MV as value-enhancing. We document an increase in boards' responsiveness to shareholders at MV firms. In ...
