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作者：Kim, Jaewoo; Oh, Jun; Seo, Hojun; Zuo, Luo
作者单位：University of Oregon; Purdue University System; Purdue University; National University of Singapore
摘要：We examine the effect of algorithmic trading on forced CEO turnover and how boards respond to it. We find that the sensitivity of forced CEO turnover to stock returns declines with algorithmic trading, suggesting that algorithmic trading weakens directors' learning from market prices. Boards respond to this information loss by placing greater weight on nonmarket-based performance measures, such as accounting performance and analyst expectations, and by meeting more frequently to gather informa...
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作者：Billings, Mary Brooke; Ryan, Stephen G.; Yan, Han
作者单位：New York University; University of British Columbia
摘要：Research finds that climate disasters have had minimal effects on banks' performance to date, and it has devoted limited attention to how banks shape societal exposure to the disasters. This study addresses this puzzle and gap. Examining the share price reactions of banks affected by billion-dollar disasters from 1994-2024, we find that on average these banks lost market value around the disasters exceeding 10 percent of the estimated damages, with this percentage more than doubling during the...
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作者：Huang, Henry He; Liang, Shangkun; Sun, Li; Zhao, Gang
作者单位：Yeshiva University; Central University of Finance & Economics; University of Tulsa; Hangzhou Dianzi University
摘要：This paper explores the impact of the Kangmei case, the first-ever securities class action in China, on shareholder wealth, director turnover, and firm behavior. Around the ruling, we find that China's A-share firms experience higher market returns relative to comparable firms in the United States and Hong Kong. This rise in shareholder wealth is moderated for firms that are likely to experience greater increases in investor compensation and frivolous lawsuits and firms with prior misconduct. ...
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作者：Ge, Rui; Ke, Junqiang; Ma, Zhiming; Ruan, Lufei
作者单位：Audencia; Shenzhen University; Central University of Finance & Economics; Peking University; California State University System; San Francisco State University
摘要：This study focuses on CEOs' capital gains taxes to shed light on how CEOs' personal tax incentives influence corporate misconduct. We find strong evidence that CEOs' capital gains tax liabilities are negatively associated with corporate misconduct. The results remain robust after controlling for potential endogenous effects. The effect of CEO capital gains taxes on corporate misconduct is attenuated when more of the CEO's wealth is outside the firm and is concentrated among firms facing greate...
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作者：Deng, Emily Kathryn
作者单位：Baylor University
摘要：Auditors informally communicate with both client managers and fellow audit team members throughout an audit. I examine the separate effects of these informal communications on managers' strategic behavior using a laboratory experiment in which participants in the roles of auditors and managers interact in a stylized audit setting. I find that informal auditor-manager communication strengthens managers' social bonds with auditors, which results in fewer aggressive accounting choices by the mana...
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作者：Hogan, Chris E.; Stein, Sarah E.; Stuber, Sarah B.
作者单位：Virginia Polytechnic Institute & State University
摘要：A primary argument against fair value measurement is the lack of verifiability, where verifiability is defined as consensus in measurement by independent parties. We evaluate this argument by investigating trends in the consensus of reported fair values. Our findings indicate that consensus increased between 2005 and 2019, as evidenced by reductions in the fair value range and standard deviation. Further analyses suggest that enhanced data availability-driven by public dissemination of trade i...
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作者：Ege, Matthew S.; Imdieke, Andrew J.; Stuber, Sarah B.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Notre Dame
摘要：We use unique disclosures in the insurance industry to examine whether client-engaged specialists (i.e., external actuaries) affect opportunism within the claim loss reserve. Using a fixed-effects approach, we find that external actuaries significantly affect the opportunism in the claim loss reserve, approaching half the effect of the auditor. With respect to actuary characteristics, we find a positive (negative) association between actuary permissiveness (actuary size) and opportunism in the...
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作者：Ali, Ashiq; Fan, Zhongwen; Li, Siman
作者单位：University of Texas System; University of Texas Dallas; City University of Hong Kong; Lingnan University; Xiamen University
摘要：This study examines the relation between U.S. managers' short-term exposure to air pollution and their forecasting ability. We focus on air pollution due to PM2.5, a fine particulate matter that can easily penetrate an indoor, climate-controlled environment. We show that the short-term ambient PM2.5 level at the firm's headquarters before a management earnings forecast issuance is negatively associated with the accuracy of the forecast. Also, the short-term ambient PM2.5 level before an earnin...
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作者：Mayew, William J.; Pinto, Jedson; Wu, Xiaoxi
作者单位：Duke University; University of Texas System; University of Texas Dallas; Bocconi University
摘要：We extract and describe corporate-issued guidance contained in over 23,000 LSEG Guidance Reports of S&P 1,500 firms from 2005 to 2021. Our sample contains 1.735 million Guidance Reports guidance instances that span over 180 guided items and fall into three broad categories: (1) qualitative topics, (2) consolidated financial statements, and (3) other key performance indicators. We identify research opportunities arising from Guidance Reports' rich features, including quantitative or qualitative...
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作者：Amiram, Dan; Bozanic, Zahn; Bradshaw, Mark; Rozenbaum, Oded
作者单位：Tel Aviv University; State University System of Florida; Florida State University; Boston College; George Washington University
摘要：The channels through which analyst research data are distributed are complex. The I/B/E/S database is the dominant source for analyst earnings estimates for academics, but there are numerous other channels, some of which are cost prohibitive for many investors. We describe the distribution of analyst research and examine whether a high-cost alternative distribution channel, TR Research, is characterized by higher quality estimates than those available from I/B/E/S. We examine analyst forecast ...
