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作者：Christensen, Dane M.; Jin, Hengda; Lee, Joshua A.; Sridharan, Suhas A.; Wellman, Laura A.
作者单位：University of Oregon; Texas A&M University System; Texas A&M University College Station; Mays Business School; Brigham Young University; Emory University; University of Oregon
摘要：Prior research suggests that (1) politically active firms have an information advantage over firms that do not engage in the political process but also that (2) politically active firms are more likely to disclose policy-related information. We examine whether there are externalities associated with the processing of political information by politically active firms. We study this question in the setting of intraindustry information transfers around earnings announcements. Measuring firms' pol...
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作者：He, Jiapeng; Li, Kevin; Li, Ningzhong; Zhang, Weining
作者单位：Chinese University of Hong Kong; Santa Clara University; University of Texas System; University of Texas Dallas
摘要：We argue that contracting with the federal government involves significant proprietary information cost due to regulations requiring contractors to provide proprietary information, which may become available to outsiders via Freedom of Information Act (FOIA) requests. We provide evidence by showing that firms become more willing to bid for government contracts after a recent Supreme Court ruling on FOIA (Food Marketing Institute v. Argus Leader Media) that improved information protection for c...
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作者：Castellani, Vincent; Muller, Karl A.; Park, K. J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Singapore Management University
摘要：SPACs are formed to combine with and provide a private firm public trading status and a capital infusion. Firms that enter the public market through a SPAC combination are believed to possess greater voluntary disclosure discretion than traditional IPOs as they obtain their public trading status through a merger. Consistent with regulators' concerns, recent research finds that SPACs use this discretion opportunistically by issuing optimistic guidance. This study examines how investors respond ...
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作者：Bourveau, Thomas; Kepler, John D.; She, Guoman; Wang, Lynn Linghuan
作者单位：Columbia University; Stanford University; University of Hong Kong
摘要：We study how vertical integration shapes firms' public disclosures. Theory suggests that firms can use public disclosure to coordinate with supply chain partners and predicts a substitution between vertical integration and public disclosure of future strategic plans, since the internalization of production reduces the need to publicly coordinate. Using data on the extent of vertical integration, we find that firms that become more vertically integrated reduce their public disclosures about the...
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作者：Mayberry, Michael A.; Park, Hyun Jong; Zhang, Wei
作者单位：State University System of Florida; University of Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Massachusetts System; University of Massachusetts Amherst
摘要：We examine how the shifting of legal liability between auditors and clients affects financial reporting quality. We exploit the state-level adoption and rejection of a common law doctrine, the Audit Interference Rule (AIR), which shifts legal liability between auditors and clients, while not affecting total legal liability. The likelihood of restatements declines following staggered rejections of the AIR that shift risk to clients. Path analysis indicates that audit fees increase following AIR...
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作者：Park, Gitae
作者单位：City St Georges, University of London
摘要：I examine the real effects of a disclosure mandate that, with the aim of enhancing performance reporting, requires a subset of London Stock Exchange (LSE) firms to describe operational and strategic aspects of value creation, such as business operations and strategies, in their annual reports. Using an instrumented differencein -differences design, I find that compliance with this initiative, evidenced by more disclosures of performance measures and commentaries relating to business operations...
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作者：Brown, Anna Bergman; Byard, Donal; Darrough, Masako; Suh, Jangwon
作者单位：Clarkson University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Queens College NY (CUNY)
摘要：This study documents that M&A delistings are associated with a deterioration in the quality of analysts' information environment for industry peer firms, measured by an increase in analysts' absolute forecast errors and dispersion. This effect persists for six quarters and is larger when the delisting target firm contributes relatively more to the industry information environment. Further, we find that, among analysts forecasting earnings for an industry peer firm, those who also followed the ...
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作者：Feller, Miro; Schafer, Ulrich
作者单位：University of Zurich; University of Vienna
摘要：We study a model in which financial reports are used in labor markets to learn about managerial talent. A manager manipulates reports to influence the labor market assessment of his talent. If investors are uncertain about the manager's incentives, manipulation introduces noise into the report and reduces its usefulness for the capital market. We consider price informativeness and expected reporting bias as measures of capital market efficiency and develop novel empirical predictions. We show ...
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作者：Sul, Edward S.
作者单位：George Washington University
摘要：Using the staggered adoption of takeover laws, this study examines implications of takeover threats on earnings management around the world. I find that the enactment of takeover legislation leads to increased earnings management (abnormally high accruals, target beating, and poor accruals quality). Results are driven by underperforming managers with higher turnover risk in countries with high increases in turnover sensitivity to performance, indicating job security concerns as the channel thr...
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作者：Bowlin, Kendall O.; Hobson, Jessen L.; Piercey, M. David
