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作者：Binz, Oliver
作者单位：INSEAD Business School
摘要：This paper examines how agents' response to macroeconomic uncertainty affects firms' revenues, expenses, and profitability in a global sample of firms spanning 1997 to 2018. Consistent with consumers reducing purchases and managers cutting costs, I find that increases in macroeconomic uncertainty lead to both lower revenues and lower expenses. The net short-term effect on profitability is positive as the reduction in expenses exceeds the fall in revenues. This favorable profitability effect is...
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作者：Hamm, Sophia J. W.; Jung, Boochun; Lee, Woo-Jong; Yang, Daniel G.
作者单位：Tulane University; University of Hawaii System; University of Hawaii Manoa; Seoul National University (SNU); University System of Ohio; Ohio State University
摘要：We document that managers stockpile excess inventory to mitigate the operational risk posed by labor unions and to maintain bargaining power in labor negotiations. Inventory levels are higher for union firms and are incrementally higher preceding the renegotiation of collective bargaining agreements with unions. Inventory stockpiling at union firms is more salient when capital market pressure for transparency or information spillover from peers constrains managers from using disclosure strateg...
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作者：Hodder, Leslie D.; Sheneman, Amy G.
作者单位：Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania; University System of Ohio; Ohio State University; University System of Ohio; Ohio State University
摘要：Studies find evidence that opportunistic reporting often accompanies fair value measurement. However, research has not determined whether the source of this opportunism is the estimate of fair value. Using detailed information on insurers' investment holdings, we separate the use of fair value measurement discretion from the application of non-measurement-related discretion in accounting for impairments of financial assets. Our evidence contradicts the view that fair value measurement discreti...
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作者：Chang, Linda J.
作者单位：University of New South Wales Sydney
摘要：This study examines how activity-based costing (ABC) cost driver framing affects suppliers' ability to increase their bargaining power when negotiating with powerful customers. Results of an experiment show that suppliers with the potential to contribute to increasing joint profits (high contribution potential) earn a higher share of joint profits than suppliers with low contribution potential. High contribution potential suppliers have higher bargaining power because of their ability to incre...
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作者：Kang, Jun-Koo; Kim, Seil; Oh, Seungjoon
作者单位：Nanyang Technological University; City University of New York (CUNY) System; Baruch College (CUNY); Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University
摘要：We examine whether board demographic diversity enhances cognitive diversity (measured as director dissent in the boardroom) and monitoring. At the director level, we find that individual directors who are dissimilar relative to other board members in terms of tenure and experience are more likely to dissent. At the board level, boards composed of directors who have heterogenous tenure, experience, and gender are more likely to dissent. We also find that stock market reactions to director resig...
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作者：Barcellos, Leonardo P.; Kadous, Kathryn
作者单位：Emory University
摘要：Reactions to earnings calls are sensitive to subtle features of managers' speech, but little is known about the effect of nonnative accents in this setting. Nonnative-accented CEOs may avoid holding calls in English for fear of investors' negative stereotypes. However, theory indicates that stereotypes from the CEO position and nonnative accents conflict, and that the process of reconciling conflicting stereotypes requires effortful processing. We use a series of four experiments to test each ...
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作者：Abdalla, Ahmed M.; Carabias, Jose M.
作者单位：Monash University; University of London; London School Economics & Political Science
摘要：We propose and find that aggregate special items conveys more information about future real GDP growth than aggregate earnings before special items because the former contains advance news about future economic outcomes. A two-stage rational expectations test reveals that professional forecasters fully understand the information content of aggregate earnings before special items, but underestimate that of aggregate special items when revising their GDP forecasts. Using vector autoregressions, ...
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作者：Chen, Xia; Li, Na; Lin, An-Ping
作者单位：Singapore Management University; York University - Canada
摘要：A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 20042016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting, on average, two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms w...
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作者：Thomas, Jacob K.; Zhang, Frank; Zhu, Wei
作者单位：Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Disclosure is of fundamental interest to accounting research. When the sign/magnitude of disclosed news is unclear, the information in disclosure events is inferred using the ratio of return volatilities during event and non-event windows (Beaver 1968). We show that return noise due to microstructure frictions and mispricing affects this ratio, and that effect is comparable to or exceeds that of information content. We use the SEC's Tick Size Pilot program to confirm the causal effect of retur...
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作者：Balakrishnan, Karthik; Gkougkousi, Xanthi; Landsman, Wayne R.; Taori, Peeyush
作者单位：Rice University; University of North Carolina; University of North Carolina Chapel Hill; University of Hong Kong
摘要：This study examines how the market share of dark venues changes at earnings announcements. Our analysis shows a statistically significant increase in dark market share in the weeks prior to, during, and following the earnings announcement. We also predict and find evidence that increases in dark market share around earnings announcements are higher for firms with high-quality accounting information. In addition, we find a positive relation between the change in dark market share and the speed ...
