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作者：Chen, Yangyang; Ofosu, Emmanuel; Pittman, Jeffrey
作者单位：City University of Hong Kong; Lingnan University; Memorial University Newfoundland; Virginia Polytechnic Institute & State University
摘要：In examining the loan contracting implications of SEC investigations, we document that banks charge higher loan spreads when borrowers are under investigation, with the rise in interest rates varying predictably with lender characteristics. Further, our evidence implies that the debt pricing impact of SEC investigations is amplified for borrowers suffering worse credit quality and information asymmetry as well as those relying more on bank loans. These findings suggest that banks perceive incr...
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作者：deHaan, Ed; Lee, Charles M. C.; Loh, Wei Ting
作者单位：Stanford University; University of Washington; University of Washington Seattle; Singapore Management University
摘要：Local-thinking bias, wherein agents overweight information that comes readily to mind, is a prominent finding in cognitive psychology. In this study, we investigate local-thinking bias in the context of sell-side analysts and measure each analyst's local information as news stemming from their individual coverage portfolio. Tests examining multiple analysts forecasting on the same focal firm at the same time find that individual analysts overweight idiosyncratic local news and underweight news...
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作者：Ott, Jacob C.
作者单位：Purdue University System; Purdue University
摘要：Basel III introduced the first global banking liquidity requirement: the liquidity coverage ratio (LCR). This paper examines whether loosening the regulatory accounting for the LCR, by including certain municipal bonds in its computation, has a spillover effect on the municipal bond market. In contrast to statements made by regulators, I find that the rule decreases affected bonds' yield spread, relative to unaffected bonds, due to an increase in nonfundamental bank demand for the affected bon...
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作者：Li, Qi; Kamla, Rania; Chatzivgeri, Eleni
作者单位：University of Edinburgh; Heriot Watt University; University of Edinburgh
摘要：This paper explores generational shifts in the professional identities of Chinese women accountants outside public accounting, focusing on how these shifts relate to changing gender and accounting norms within China's evolving social, cultural and economic context. Through 30 in-depth interviews and generational theory, the findings suggest that older generations, beneficiaries of workplace access under communism, tend to ignore or adapt to gendered norms in the workplace, follow informal seni...
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作者：Alhusaini, Badryah; Lamoreaux, Phillip T.; Newton, Nathan J.
作者单位：Arizona State University; Arizona State University-Downtown Phoenix; State University System of Florida; Florida State University
摘要：We use audit firm data breaches as time-varying, reputation-harming events to examine the value of auditor reputation-independent of actual audit quality-in the IPO process. We find that auditor data breaches are negatively associated with IPO offer price revisions. We demonstrate that this effect is due to an increase in institutional investors' perception of information risk. Specifically, the effect is mitigated when other parties involved in the IPO reduce information risk themselves and w...
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作者：Tegeler, Amy C.; Brown, Veena L.; Downey, Denise Hanes
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Villanova University
摘要：Guided by the performance feedback literature, we study PCAOB inspections as a nonstandard feedback event. We use an experiential questionnaire to collect and analyze perceptions, reactions, and responses to inspection feedback from 120 partners and managers subject to a recent PCAOB inspection. Despite varying perceptions, we find on average auditors perceive strong firm support but also that firms acquiesce to inspectors. Generally, the feedback source, inspectors, are perceived as professio...
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作者：Kim, Sehwa; Kim, Seil; Ryan, Stephen G.
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：We provide evidence that banks classify fixed-rate debt investment securities as held to maturity (HTM) rather than as available for sale (AFS) when HTM classification provides preferred financial accounting and regulatory capital treatments, not because they have a distinct economically motivated intent and ability to hold the securities to maturity. Specifically, we document predictably divergent security classifications by three categories of banks that differ in whether the regulatory accu...
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作者：Bauer, Tim D.; Deore, Aishwarrya; Presslee, Adam; Shaw, Joanna
作者单位：University of Waterloo; Georgetown University; Central Michigan University
摘要：Performance-contingent cash and tangible rewards are commonly used to motivate employees, and the taxation of such rewards is unavoidable. We use two experiments to examine how the effect of reward taxation on employee effort varies by reward type. In Experiment 1, we find reward taxation decreases positive affect, increases negative affect, and decreases reward attractiveness for employees when rewards are tangible, but not when rewards are cash. In Experiment 2, we find reward taxation reduc...
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作者：Sran, Gurpal S.
作者单位：New York University
摘要：I study disclosure choices in job postings and the following tradeoff: detailed postings inform and attract optimal job applicants (labor market channel) but could simultaneously inform competitors in labor and product markets (proprietary costs channel). First, I provide evidence consistent with a proprietary costs channel. Conditional on a set of labor demand characteristics, private firms and redacting firms write shorter postings (i.e., less contextual specificity), and postings are more o...
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作者：Aobdia, Daniel; Cheng, Lin; Tan, Qin; Wu, Xuan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; China Europe International Business School; City University of Hong Kong; Harbin Institute of Technology
摘要：This study focuses on the effect of disclosure processing frictions in labor markets. We go back in time 30 years ago and examine whether firms facing strong organized labor strategically responded to the implementation of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, which substantially reduced labor unions' information processing costs. Consistent with firms having incentives to maintain an information advantage over unions for bargaining purposes, we find that they ...
