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作者：Millo, Yuval; Spence, Crawford; Valentine, James
作者单位：University of Warwick; University of London; King's College London; Marquette University
摘要：Literature on equity analysts presents a conundrum: analysts are seen as influential market participants, yet researchers widely criticize them for their bias and inaccuracy. Studies drawing from economic frames struggle to explain this. Therefore, we develop a new conceptualization that positions analysts as actors operating in a social field. Drawing on a qualitative study involving 70 interviews with analysts and portfolio managers, we offer two broad insights. First, we identify long-term ...
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作者：Muller, Maximilian A.; Peter, Caspar David; Urzua, I. Francisco
作者单位：University of Cologne; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; City St Georges, University of London
摘要：We study whether firms avoid financial disclosures to preserve their owners' financial privacy. We find that firms named after their owner, for whom firm disclosure would more directly expose owner information, are more opaque. Eponymous owners prefer firm opacity when disclosure exposes sensitive owner information with social stigma, in rural and anticapitalist areas, and in insider-oriented settings with high secrecy and distrust. When firms are forced to disclose, eponymous owners more freq...
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作者：Chen, Yi-Chun; Hung, Mingyi; Wang, Lynn Linghuan
作者单位：City University of Hong Kong; Hong Kong University of Science & Technology; University of Hong Kong
摘要：We study whether and how banks' social performance affects depositors, who hold demandable debt with pervasive government protection. Exploiting the regulatory releases of bank performance ratings for community development and a difference-in-differences design, we find a decline in deposit growth after the release of negative bank social performance. In addition, deposits that are impacted by the negative events flow to nearby banks with high social performance. Further analyses find that the...
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作者：Hepfer, Bradford F.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：I examine whether book-tax differences (BTDs) are mispriced. I predict that BTD mispricing is the operating cash flows-to-price (CFO/P) anomaly in disguise. Using both time-series asset pricing tests and cross-sectional returns tests, I provide consistent evidence that returns to trading on BTDs are explained by CFO/P. Rather than being an independent anomaly, the findings indicate that any evidence of BTD mispricing is subsumed by the broader CFO/P anomaly. These findings stand in contrast to...
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作者：Hecht, Gary; Maas, Victor S.; van Rinsum, Marcel
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Amsterdam; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We investigate managers' propensity to engage in strategic promotion behavior. Strategic promotion behavior occurs when managers pursue personal economic interests when contributing to employee promotion decisions, such that the probability that relatively lower performing employees are selected for a promotion is increased. We develop theory about how two important organizational characteristics-transparency about individual performance levels and the presence of group incentives-jointly affe...
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作者：Cheng, Zhuo (June); Fang, Jing (Bob); Myers, Linda A.
作者单位：Hong Kong Polytechnic University; Hong Kong Metropolitan University; University of Central Arkansas; University of Tennessee System; University of Tennessee Knoxville
摘要：The larger association between earnings and contemporaneous returns for negative returns than for positive returns is often attributed to conditional conservatism. We reason that this asymmetry may also be driven by the lack of timeliness with which stock price incorporates bad news relative to good news. Consistent with our reasoning, we show that when stock price incorporates bad news with delay, the asymmetry can exist in the absence of conditional conservatism. This suggests the testable h...
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作者：Guenther, David A.; Peterson, Kyle; Searcy, Jake; Williams, Brian M.
作者单位：University of Oregon; University of Oregon; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We investigate (1) how well a machine learning algorithm can predict one-year ahead effective tax rates (ETRs) and (2) which items in the financial statements and notes are most useful for these predictions. We compare our machine-generated ETR predictions with those from ETRs implied by analysts' earnings forecasts and find the algorithm's predictions are less biased, more precise, and explain more of the variance in future ETRs. We then use Explainable AI (based on Shapley values) to measure...
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作者：Chen, Hui; Yang, Li
作者单位：University of Zurich; Columbia University
摘要：We examine the evolution of accounting regulation by linking disclosure policies and investments in a dynamic voting model. The disclosure policies are the outcome of voting by entrepreneurs, whose preferences are influenced by their investments. The investments are in turn endogenously determined by current and future disclosure policies. Absent external influences, accounting regimes are stable. A disclosure regime of high (low) quality and a strong (weak) economy coexist and reinforce each ...
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作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Miller, Gregory S.
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Michigan System; University of Michigan
摘要：We examine firm disclosure choice during the initial public offering (IPO) roadshow presentation to understand the informativeness of a management presentation designed to attract investors. Although firms submit a comprehensive registration filing during the IPO, managers also prepare a roadshow presentation, which is shorter and typically allows managers more autonomy to select the information released and how it is discussed. We find that IPO roadshows have significantly more positive, less...
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作者：Murthy, Uday S.; Park, Jong Chool; Smith, Thomas; Whitworth, James
作者单位：State University System of Florida; University of South Florida
摘要：We examine the effects of a large number of clients in an audit office using the same enterprise -resource planning (ERP) system such as SAP or Oracle resulting in what we term client accounting system homogeneity on audit efficiency and effectiveness. Using a unique dataset of ERP system implementations, we find that accounting system homogeneity is positively associated with audit efficiency. Specifically, we find lower (higher) audit fees for clients using an ERP system from a vendor used b...
