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作者：Bhagwat, Vineet; Liu, Xiaoding
作者单位：George Washington University; Texas A&M University System; Texas A&M University College Station
摘要：Does an equity analyst's trust in others impact the processing of information from outside sources? We investigate this question using a measure of trust based on surveys conducted in analysts' countries of origin. We find that more trusting analysts not only react faster to management guidance and earnings announcements, they also weight information from management and other analysts more heavily than less trusting analysts. This results in a nonlinear inverted-U relationship with forecast ac...
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作者：Elliott, W. Brooke; Fanning, Kirsten; Peecher, Mark E.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：We present new theory and experimental findings indicating that investors ascribe value to firms that use higher financial reporting quality (FRQ), controlling for the influence of higher FRQ on their estimates of these firms' fundamental value. To guide our investigation, we draw on the cooperation literature in accounting, finance, and psychology. We identify expanded audit reports, particularly auditor commentary, as a mechanism that credibly communicates whether a firm uses higher FRQ. Aud...
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作者：Lai, Shufang; Li, Zengquan; Yang, Yong George
作者单位：Southern University of Science & Technology; Shanghai University of Finance & Economics; Chinese University of Hong Kong
摘要：We test whether CEOs working near their childhood homes are less likely than nonlocal CEOs to make myopic decisions. Place attachment theories suggest that people develop mutual caretaking relationships with their birthplaces. Also, executive labor markets face less information asymmetry about local CEOs, resulting in lower pressure on local CEOs for quick profits. Consistent with the prediction, we find that local CEOs are less likely to cut R&D expenditures for beating analyst forecasts or a...
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作者：De Simone, Lisa; Huang, Jingjing (Jing); Krull, Linda K.
作者单位：Stanford University; Virginia Polytechnic Institute & State University; University of Oregon
摘要：We investigate how R&D contributes to rising foreign profitability in U.S. multinational corporations through wage and tax incentives. Our results suggest that wage savings increase foreign profit margins derived from foreign R&D, while tax incentives increase foreign profit margins derived from domestic R&D. By exploring their relative importance, we find that wage savings are more important than tax incentives in explaining foreign profit margins when the wage discount substantially exceeds ...
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作者：Livne, Gilad; Tsipouridou, Maria; Wood, Anthony
作者单位：University of Bristol; Aristotle University of Thessaloniki; University of Exeter
摘要：We provide evidence on effort coordination and information sharing between audit committees and external auditors. We use four effort measures: the risk areas reported by both the auditor and committee, auditorreported materiality, and committee meetings. We find that the number of risks reported by the auditor (committee) is positively related to the number of risks reported by the committee (auditor) and that lower materiality is associated with more risks that the committee discloses. The e...
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作者：Bochkay, Khrystyna; Hales, Jeffrey; Chava, Sudheer
作者单位：University of Miami; University of Texas System; University of Texas Austin; University System of Georgia; Georgia Institute of Technology
摘要：We develop a dictionary of linguistic extremity in earnings conference calls, a setting where managers have considerable latitude in the language they use, to study the role of extreme language in corporate reporting. Controlling for tone (positive versus negative) of language, we document that when managers use more extreme words in earnings conference calls, trading volume around the call increases and stock prices react more strongly. In addition, both effects are more pronounced for firms ...
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作者：Abramova, Inna; Core, John E.; Sutherland, Andrew
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We study how short-term changes in institutional owner attention affect managers' disclosure choices. Holding institutional ownership constant and controlling for industry-quarter effects, we find that managers respond to attention by increasing the number of forecasts and 8-K filings. Rather than alter the decision of whether to forecast or to provide more informative disclosures, attention causes minor disclosure adjustments. This variation in disclosure is primarily driven by passive invest...
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作者：Pickard, Matthew D.; Schuetzler, Ryan; Valacich, Joseph S.; Wood, David A.
作者单位：Northern Illinois University; Brigham Young University; University of Arizona
摘要：Recent technological advances make it possible to create automated virtual interviewers, called embodied conversational agents (ECAs). We study how an ECA compares to a human interviewer in three experiments. In experiment 1, we show that two theoretically motivated factors-making the ECA facially and vocally similar to the interviewee-result in the ECA performing similarly to or better than human interviewers for six antecedents of disclosure quality. In two additional experiments, we show th...
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作者：Kunz, Alexis H.; Staehle, Martin
作者单位：University of Bern
摘要：We conduct an experiment to investigate the differential effect of recognizing versus disclosing reasonable and supportable forecasts of future loss conditions on investors' valuation assessments when economic fundamentals either deteriorate or improve. Our main finding is that when entities enjoy growth at constant risk, the accelerated recognition of future loss conditions can induce valuation assessments that are opposed to the entity's enhanced valuation. Supplementary analyses reveal that...
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作者：Nam, Jonathan
作者单位：Hong Kong Polytechnic University
摘要：This study examines how cross-firm differences in financial reporting practices affect how peer-firm accounting information is used to evaluate CEO performance. I propose that efficient relative evaluation using accounting performance requires peer firms to have comparable financial reporting systems, allowing boards to reduce the information processing costs associated with differences in firms' financial reporting practices. Supporting this view, when peer selection takes financial reporting...
