作者：Frankel, Richard; Kothari, S. P.; Raghunandan, Aneesh
作者单位：Washington University (WUSTL); Massachusetts Institute of Technology (MIT); Yale University
摘要：We provide an economics-based review of the pros and cons of ESG disclosures, emphasizing environmental disclosures from an investor-centric perspective. Our survey intends to guide corporate management and regulators in navigating the ESG disclosure terrain. Rather than summarizing the vast and growing ESG literature, we assess the economic arguments for ESG disclosure regulation and the form of this disclosure. We discuss investors' demand for ESG information and its supply by publicly trade...
作者：Heese, Jonas; Shin, Albert; Wang, Charles C. Y.
作者单位：Harvard University
摘要：The new lease standard (ASC 842) allows firms to keep variable leases off balance sheet, in part based on the assumption that future expenses are difficult to estimate reliably. We show that variable lease expenses are both prevalent and substantial, exhibiting persistence and predictability comparable to operating lease expenses while showing limited sensitivity to revenue changes. These patterns are consistent with variable lease payments being based on stable drivers. Following ASC 842 adop...
