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作者：Chen, Yangyang; Goyal, Abhinav; Veeraraghavan, Madhu; Zolotoy, Leon
作者单位：City University of Hong Kong; University of Birmingham; Manipal Academy of Higher Education (MAHE); University of Melbourne
摘要：Using federal judge ideology as an exogenous measure of issuing firms' litigation risk, we document that the initial public offerings (IPOs) of the firms headquartered in more liberal circuits are more underpriced. The effect is mitigated when plaintiffs' pleading standards are more stringent and is amplified when judges have more discretion in their decisions. The effect is also amplified among deep pocketed issuing firms, while it is mitigated among issuing firms hiring reputable intermediar...
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作者：Kleppe, Tyler J.
作者单位：University of Kentucky
摘要：This study examines whether companies realize operational benefits from engaging a new auditor recently dismissed by a competitor. While research shows that auditors can share information across clients, there is limited research on the potential impact of auditor information spillovers on clients' operational outcomes. I find that companies that switch to a competitor's former auditor realize significant improvements in operating performance and that this association varies predictably with s...
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作者：Sikes, Stephanie A.; Verrecchia, Robert E.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Pennsylvania
摘要：We identify a pecuniary externality arising from corporate tax avoidance. Firms share risk with the government via taxation. The lower the tax rate applied to a firm's earnings, the more risk its shareholders bear. As more firms avoid taxes, the variance of the market's after-tax cash flow increases. Consequently, the covariance of a firm's cash flow with the market cash flow and thereby its cost of capital increases. This occurs regardless of a firm's tax avoidance. Consistent with our predic...
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作者：Dechow, Patricia M.; Ge, Weili; Loh, Wei Ting; McVay, Sarah
作者单位：University of Washington; University of Washington Seattle; Singapore Management University
摘要：We propose a framework to assess the decision-usefulness of heterogeneous disclosure practices that managers use to convey information to market participants. We illustrate an application of our framework to non-GAAP earnings, management earnings guidance, and earnings conference calls. We first identify key quality attributes for each disclosure practice and then develop a list of quality metrics that we apply to a small pilot sample. We focus on metrics that are easily measured in real time ...
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作者：Zhang, Xiao
作者单位：Shanghai University of Finance & Economics
摘要：In 2016, the California Department of Insurance introduced a public database of carbon-intensive holdings of certain California-licensed insurers. The database lowers the cost to external stakeholders of assessing insurers' carbon investments by removing the need to analyze complex statutory filings. Using a difference-in-differences design, I find that, after the introduction of the database, affected insurers (i.e., those included in the database) reduce their carbon-intensive holdings by ap...
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作者：Dyck, Alexander; Morse, Adair; Zingales, Luigi
作者单位：University of Toronto; University of California System; University of California Berkeley; University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK
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作者：Labro, Eva; Pierk, Jochen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We provide a comprehensive overview of accounting-related regulatory changes (financial accounting, auditing, tax, and other disclosures) in the 27 European Union countries and the United Kingdom since 1993 based on an extensive literature review, survey, and topic and country expert input. Across all countries and years, we find that more than 16 regulatory events occur in a typical difference-in-differences research design that includes pre- and post-periods of four years. On average 3.4 out...
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作者：Bischof, Jannis; Rudolf, Nicolas
作者单位：University of Mannheim; University of Lausanne
摘要：This study investigates the role of individual managers in banks' financial reporting. We exploit the connectedness between different managers and find that individual bank managers explain approximately 19 percent of banks' loan loss provisions. This observation is consistent with the substantial reporting discretion that individual bank managers use in the estimation of loan loss provisions and that is increasingly subject to financial stability concerns by prudential supervisors. Our result...
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作者：Bernard, Darren; Cade, Nicole L.; Connors, Elizabeth H.; de Kok, Ties
作者单位：University of Washington; University of Washington Seattle; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We use direct measures of information acquisition from a business intelligence service to provide descriptive evidence about small business managers' information choices. We show that managers are heavy consumers of email pushes and dashboards but that consumption varies substantially over time and cross-sectionally. The information managers acquire largely facilitates performance monitoring; product, inventory, and staff management tools are also widely used. Cross-sectional analyses provide ...
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作者：Zeng, Jean (Jieyin)
作者单位：National University of Singapore
摘要：I investigate whether managers learn about who is buying and selling their firm's stock before public disclosure. I examine insider trading prior to the disclosure of Schedule 13Ds and 13Gs, which are required when activist or passive investors acquire more than 5% ownership, respectively. These disclosures trigger a significant price jump of 6.1% for 13Ds and 1.7% for 13Gs. I document elevated insider net purchases before the disclosures, peaking on the day blockholders cross the 5% threshold...
