-
作者：Coleman, Braiden; Merkley, Kenneth; Pacelli, Joseph
作者单位：University System of Georgia; University of Georgia; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Harvard University
摘要：We provide the first comprehensive analysis of the properties of investment recommendations generated by Robo-Analysts,which are human analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations differ from those produced by traditional humanresearch analysts across several important dimensions. First, Robo-Analysts produce a more balanced distribution of buy, hold, and sell recommendations than do human analysts and are les...
-
作者：Peyravan, Leila; Wittenberg-Moerman, Regina
作者单位：Rice University; University of Southern California
摘要：We investigate how institutional (non-commercial bank) investors that simultaneously invest in a firm???s debt and equity (dual-holders) influence the firm???s voluntary disclosure. Because institutional dual-holders trade on private information gleaned through lending relationships, we predict and find that borrowers increase earnings forecast disclosure to reduce these investors??? information advantage following the origination of loans with their participation. We also show that the increa...
-
作者：Basu, Riddha; Naughton, James P.; Wang, Clare
作者单位：George Washington University; University of Virginia; University of Colorado System; University of Colorado Boulder
摘要：We find that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi experimental settings that generate either exogenous credit rating downgrades or credit rating upgrades (i.e., credit rating label changes). We find evidence of a negative relation between the direction of the credit rating label change and the provision of voluntary disclosure in ...
-
作者：Lee, Charles M. C.; Zhu, Christina
作者单位：Stanford University; University of Pennsylvania
摘要：We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination. We find that AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial guidance. When the two pieces of news are directionally inconsistent, AMFs trade in the direction of future guidance rather than current earnings. AMFs exhibit an ability to discern, and adapt their trading to, the bias in bundled guidance. While AMF t...
-
作者：Cowle, Elizabeth N.; Kleppe, Tyler J.; Moon, James R., Jr.; Shipman, Jonathan E.
作者单位：Colorado State University System; Colorado State University Fort Collins; University of Kentucky; University System of Georgia; Georgia Institute of Technology; University of Arkansas System; University of Arkansas Fayetteville
摘要：Consulting service revenues recently surpassed audit revenues as the primary income source for the largest accounting firms. Since SOX limits the provision of consulting services to audit clients, this shift in revenues implies that firms and many clients likely choose between audit and consulting relationships. We explore the implications of this by developing and validating a measure of client-level consulting needs that can likely be fulfilled by accounting firms, which we refer to as ''con...
-
作者：Wang, Wei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-indifferences research design, I show that restatements trigger a significant reduction in liquidity creation. This effect derives mainly from banks shifting away from illiquid assets and toward liquid assets. Further analysis reveals that restatements affect liquidity creat...
-
作者：Sinha, Kirti
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper examines whether laws requiring oil and gas firms to disclose the chemicals used in their fracking operations affect the mortgage lending activity for properties located in nearby areas. I hypothesize and find that the disclosure mandate reduces uncertainty about the value of housing collateral and subsequently increases (1) the probability of obtaining a mortgage by 2.5 percentage points (pp), and (2) loan-to-value by 2.2 pp. My main analyses exploit the variation in the location o...
-
作者：Core, John E.; Packard, Heidi A.
作者单位：Massachusetts Institute of Technology (MIT); University of Michigan System; University of Michigan
摘要：A large body of empirical work provides mixed support for the central prediction from agency theory that noisier performance measures receive less weight in incentive contracts. We develop a method to calculate price-based and non-price-based performance measure weights using CEO pay and holdings of stock, options, and performance-vested awards. Consistent with theory, we find that noisier performance measures receive less weight. We find that this negative relation strengthened following the ...
-
作者：Christensen, Derek M.; Linsmeier, Thomas J.; Wangerin, Daniel D.
作者单位：University of Oregon; University of Wisconsin System; University of Wisconsin Madison
摘要：This research evaluates whether reporting incentives and consequences change under the new lease accounting standard. Under prior guidance (SFAS 13), we predict and find firms with high financing cost sensitivities to leverage have greater incentive to finance investments with operating leases. Under the new lease accounting standard (ASU 2016-02), we predict and find this leverage incentive remains but is reduced, consistent with the FASB's objective to limit opportunities to structure lease ...
-
作者：Chapman, Kimball L.; Miller, Gregory S.; Neilson, Jed J.; White, Hal D.
作者单位：Washington University (WUSTL); University of Michigan System; University of Michigan; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Notre Dame
摘要：A dedicated investor relations (IR) function facilitates direct and ongoing dialog between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with increased investor confidence in management and the board, as well as a lower likelihood of activism, with this deterrent effect becoming stronger when there are fewer frictions surrounding the development of mu...
