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作者：Donelson, Dain C.; Flam, Rachel W.; Yust, Christopher G.
作者单位：University of Iowa; University of London; London Business School; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Securities litigation is relatively rare, but can significantly affect sued firms. We extend this research by examining the spillover effect of securities litigation on industry peers using a sample of disclosure-related litigation- distinct from events such as restatements and SEC enforcement. We find investors respond immediately as peers exhibit negative abnormal returns before and after case filings. Additionally, peers provide more voluntary earnings and sales forecasts. Notably, investor...
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作者：Arya, Anil; Ramanan, Ram N., V
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：A firm???s stock price may reveal information to a variety of participants, including its strategic partners and competitive rivals. This paper establishes that when a firm discloses cost information it can confound decision relevant demand information embedded in the stock price that observers can otherwise extract. With stock price valuing firm profit (not cost and revenue separately), a disconnect is introduced between the firm???s actions and its intent???it discloses more (less) on one di...
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作者：Campbell, John L.; Gee, Kurt H.; Wiebe, Zac
作者单位：University System of Georgia; University of Georgia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Arkansas System; University of Arkansas Fayetteville
摘要：Most research on non-GAAP financial measures focuses on earnings or earnings per share, although non-GAAP revenue disclosure has recently attracted SEC scrutiny. It is unclear ex ante what non-GAAP adjustments could improve revenue's usefulness because, unlike earnings, revenue is a top-line number related primarily to core (i.e., persistent) business activities. We present the first archival analysis of non-GAAP revenues using a large, hand-collected sample of disclosures from 2015 to 2018. A...
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作者：Hatfield, Richard C.; Mullis, Curtis E.; Trotman, Ken T.
作者单位：University of Alabama System; University of Alabama Tuscaloosa; University System of Georgia; Georgia State University; University System of Georgia; Georgia State University; University of New South Wales Sydney
摘要：In this study, we consider how the accumulating nature and income direction of audit differences influence negotiated audit adjustments. We test our expectations by constructing dyads consisting of experienced auditors and financial officers, allowing them to interact via a web-based instrument. As predicted, based on expectancy violation theory and consideration of negotiation leverage, these audit difference characteristics alter the behaviors and negotiated outcomes of our participants. Spe...
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作者：Bogdani, Evisa; Causholli, Monika; Knechel, W. Robert
作者单位：University of Kentucky; State University System of Florida; University of Florida; University of Auckland; University of New South Wales Sydney
摘要：The SEC requires equity crowdfunding (ECF) companies to provide assured financial statements. Assurance can be provided with certification by management or an audit or review by an independent accountant. We utilize the ECF setting to examine whether voluntary assurance facilitates capital formation. We find that companies that provide either reviewed or audited financial statements during a capital campaign are marginally more likely to raise their target capital. They also raise more funds a...
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作者：Arnold, Markus C.; Artz, Martin; Tafkov, Ivo D.
作者单位：University of Bern; University of Munster; University System of Georgia; Georgia State University
摘要：We investigate how performance-to-target (exceeding versus missing prior target) and task type (ability-driven versus effort-driven) affect managers' target-setting decisions in a setting where a manager sets targets for multiple employees. To do so, we use an experiment that involves executives, who average more than 16 years of work experience. We predict and find stronger target adjustments when prior targets are exceeded than when they are missed, especially when tasks are ability-driven. ...
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作者：Chen, Wen; Jung, Sumi; Peng, Xiaoxia; Zhang, Ivy Xiying
作者单位：City University of Hong Kong; Yonsei University; Utah System of Higher Education; University of Utah; University of California System; University of California Riverside
摘要：Exploiting the setting of staggered adoption of the Inevitable Disclosure Doctrine (IDD) in U.S. state courts, we examine how quasi-exogenous restrictions of outside employment opportunities affect CEO compensation structure. The IDD adoption constrains executives' ability to work for competitors, which likely decreases CEOs' tendency to take risks by increasing the cost of job loss and reducing the reward to risk taking. We expect the board to respond by increasing the sensitivity of CEO weal...
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作者：Dordzhieva, Aysa
作者单位：University of Texas System; University of Texas Austin
摘要：This study addresses the international debate over whether the rotation of audit firms should be mandatory. Mandatory rotation rules have been adopted by the European Union, but these rules have not been established in the United States. Proponents of the policy believe that a long-tenure auditor-client relationship leads to the auditor building an excessive economic bond with the client, which may then erode auditor independence. Motivated by this claim, I build a theoretical model that compa...
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作者：Hu, Danqi; Stephan, Andrew
作者单位：Peking University; University of Colorado System; University of Colorado Boulder
摘要：We provide initial evidence that stock exchange procedures around closing auctions advantage speed traders at the expense of auction participants. We show that, on Nasdaq and NYSE Arca, 4:00 pm earnings releases result in informed trading in the continuous regular-hour session in the short window between 4:00 pm and the closing auction; this trading subsequently moves closing prices in the direction of the earnings news. The ability of speed traders to submit 4:00-pm-news orders to the auction...
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作者：She, Guoman
作者单位：University of Hong Kong
摘要：This paper studies whether and how mandatory nonfinancial disclosure affects firms' real decisions. I exploit a disclosure regulation enacted in California, which mandates that firms disclose how they conduct due diligence to address their suppliers' human rights abuses. I find that treated firms increase their supply chain due diligence, and their suppliers' human rights performance improves following the regulation. The effects are stronger when firms face greater pressure from non-governmen...
