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作者：Beck, Matthew J.; Mauldin, Elaine G.
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作者：Naughton, James P.; Wang, Clare; Yeung, Ira
作者单位：University of Virginia; University of Colorado System; University of Colorado Boulder; University of British Columbia
摘要：We document time-varying investor sentiment for corporate social responsibility (CSR) performance. We show that announcements of CSR activities generate positive abnormal returns during periods when investors place a valuation premium on CSR performance. In addition, we find that firms boost CSR performance in response to investor sentiment, and that this response is more pronounced for those firms that are more inclined to respond to investor sentiment due to valuation uncertainty and investo...
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作者：Bushee, Brian J.; Goodman, Theodore H.; Sunder, Shyam V.
作者单位：University of Pennsylvania; Purdue University System; Purdue University; University of Arizona
摘要：This paper provides evidence that financial reporting quality (FRQ) influences the holding costs of trading strategies. While prior research has focused on the benefits of investment strategies based on poor FRQ (i. e., larger returns due to a greater amount of private information), we examine whether poor FRQ imposes greater holding costs on certain trading strategies. We show that poor FRQ motivates sophisticated investors with short-term horizons to tilt their portfolios away from value sto...
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作者：Rackliffe, Usha; Waymire, Gregory B.
作者单位：Emory University; Emory University
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作者：Berger, Philip G.; Ham, Charles G.; Kaplan, Zachary R.
作者单位：University of Chicago; Washington University (WUSTL)
摘要：Analysts are selective about which forecasts they update and, thus, convey information about current quarter earnings even when not revising the current quarter earnings (CQE) forecast. We find that (1) textual statements, (2) share price target revisions, and (3) future quarter earnings forecast revisions all predict error in the CQE forecast. We document several reasons analysts sometimes omit information from the CQE forecast: to facilitate beatable forecasts by suppressing positive news fr...
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作者：Gu, Zhaoyang; Li, Zengquan; Yang, Yong George; Li, Guangqing
作者单位：Chinese University of Hong Kong; Shanghai University of Finance & Economics
摘要：We examine how hometown, school, and workplace ties between financial analysts and mutual fund managers affect their business decisions. We show that a fund manager is more likely to hold stocks covered by analysts with whom she is socially connected, and that she also makes higher profits from these holdings. Such social tie-related holding returns are higher among more opaque firms. In return, a fund manager tends to cast her star analyst votes in favor of her connected analysts, and her fun...
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作者：Bhattacharjee, Sudip; Moreno, Kimberly K.; Wright, Nicole S.
作者单位：Virginia Polytechnic Institute & State University; Northeastern University; James Madison University
摘要：Auditors frequently use benchmarking analysis to evaluate the appropriateness of a client's estimates. Client management may strategically select benchmark data, making an auditor's evaluation task more difficult. Psychology research suggests that the composition of the benchmark set can lead to contrast effects, because evaluations of an option in a choice set can change based on the inclusion of other options in the set. In Experiment 1, we examine and find that auditors' judgments of the re...
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作者：Patterson, Evelyn R.; Smith, J. Reed; Tiras, Samuel L.
作者单位：Indiana University System; Indiana University Bloomington
摘要：We examine the strategic effects of auditor tenure on the auditor's testing strategy and the manager's inclination to commit fraud. Most empirical studies conclude that longer tenure improves audit quality. Proponents of restricting tenure argue that longer tenure impairs auditor independence and a fresh look from a new auditor results in higher audit quality. Validating this argument requires testing whether the observed difference in audit quality between a continuing auditor and a change in...
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作者：Bao, Dichu; Kim, Yongtae; Mian, G. Mujtaba; Su, Lixin (Nancy)
作者单位：Hong Kong Polytechnic University; Santa Clara University; Korea Advanced Institute of Science & Technology (KAIST); Zayed University; Lingnan University
摘要：Prior studies provide conflicting evidence as to whether managers have a general tendency to disclose or withhold bad news. A key challenge for this literature is that researchers cannot observe the negative private information that managers possess. We tackle this challenge by constructing a proxy for managers' private bad news (residual short interest) and then perform a series of tests to validate this proxy. Using management earnings guidance and 8-K filings as measures of voluntary disclo...
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作者：Arya, Anil; Mittendorf, Brian; 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：Organizations with a mission that extends beyond profit to achieve broader objectives are becoming increasingly common. This paper studies such hybrid entities-firms that value the profits they generate, as well as the utility they provide to customers-and details their implications for industry disclosure practices. The findings demonstrate that disclosure incentives are perturbed not just from being a hybrid entity, but also from competing with such entities. Accounting for both competitive ...
