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作者：Kim, Sehwa; Kim, Seil; Ryan, Stephen G.
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：We examine economic consequences of U.S. bank regulators' phased removal of the prudential filter for accumulated other comprehensive income for advanced approaches banks beginning on January 1, 2014. The primary effect of the AOCI filter is to exclude unrealized gains and losses on available-for-sale securities from banks' regulatory capital. We predict and find that, to mitigate regulatory capital volatility resulting from the filter removal, advanced approaches banks increased the proportio...
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作者：Beuselinck, Christof; Cascino, Stefano; Deloof, Marc; Vanstraelen, Ann
作者单位：IESEG School of Management; University of London; London School Economics & Political Science; University of Antwerp; Maastricht University
摘要：Using a large sample of multinational corporations (MNCs), we examine the location of earnings management within the firm. We posit and find that MNCs manage their consolidated earnings through an orchestrated reporting strategy across subsidiaries over which they exert significant influence. Specifically, we find that headquarters' influence on subsidiary earnings management increases with the degree of subsidiary integration and the extent of earnings management opportunities. Most important...
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作者：Kim, Jeong-Bon; Lu, Louise Yi; Yu, Yangxin
作者单位：City University of Hong Kong; Australian National University
摘要：Using brokerage mergers and closures as two sources of exogenous shock to analyst coverage, this study explores the causal effect of analyst coverage on ex ante expected crash risk as captured by the options implied volatility smirk. We find a significant increase in a firm's ex ante expected crash risk subsequent to an exogenous drop in analyst coverage; this positive effect is stronger for firms initially receiving less coverage. Further, we find analysts' ability matters to investors' asses...
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作者：Brochet, Francois; Miller, Gregory S.; Naranjo, Patricia; Yu, Gwen
作者单位：Boston University; University of Michigan System; University of Michigan; Rice University
摘要：We examine how managers' ethnic cultural background affects their communication with investors. Using earnings conference calls with executives from 42 countries, we find that managers from ethnic groups that have a more individualistic culture use a more optimistic tone and exhibit greater self-reference. Managers' ethnic culture has a lasting effect and persists for executives whose work experience later exposes them to different ethnic cultures. The effect of ethnic heritage is observed in ...
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作者：Mauler, Landon M.
作者单位：State University System of Florida; Florida State University
摘要：I examine whether analysts' tax forecasts are informative to investors and whether analysts' tax forecasts impact firm behavior. Using I/B/E/S data from 2002-2014, I find that investors utilize both analysts' pre-and after-tax earnings forecasts in evaluating firm performance, indicating analysts' tax forecasts are value-relevant. Furthermore, evidence that investors discount earnings management through the income tax expense is limited to firms with tax forecast coverage. In examining the imp...
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作者：Lee, Hye Seung (Grace); Nagy, Albert L.; Zimmerman, Aleksandra B.
作者单位：Fordham University; University System of Ohio; John Carroll University; Northern Illinois University
摘要：This paper examines the demand- and supply-side factors associated with audit partner selection and assignment in the United States. First, we examine whether audit partner gender and experience are associated with board and management gender and experience. Second, we investigate whether engagement audit quality varies with audit partner gender and experience, controlling for selection effects. The results indicate that companies with more gender-diverse boards of directors and top management...
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作者：Tsang, Albert; Xie, Fei; Xin, Xiangang
作者单位：York University - Canada; Hong Kong Baptist University; University of Delaware; City University of Hong Kong
摘要：We examine the impact of foreign institutional investors on firms' voluntary disclosure practices measured by management forecasts. In a sample of 32 non-U.S. countries, we find that, on average, foreign institutional investments lead to improved voluntary disclosure, and their impact is larger than that of domestic institutional investors. These results are more pronounced when foreign institutional investors (1) are unfamiliar with the firm's home country, (2) have longer investment horizons...
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作者：Chapman, Kimball; Miller, Gregory S.; 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
摘要：This paper examines whether investor relations (IR) officers provide value by facilitating the assimilation of firm information by the market. We find that firms with IR officers have lower stock price volatility, lower analyst forecast dispersion, higher analyst forecast accuracy, and quicker price discovery, consistent with IR officers aiding market participants in their assimilation of firm information. We also show that our findings are stronger for firms with longer-tenured IR officers. F...
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作者：Davidson, Robert H.; Dey, Aiyesha; Smith, Abbie J.
作者单位：Virginia Polytechnic Institute & State University; Harvard University; University of Chicago
摘要：We study the role of individual CEOs in explaining corporate social responsibility (CSR) scores. We find that CEO fixed effects explain 59 percent of the variation in CSR scores, whereas firm fixed effects explain 23 percent of the variation in CSR scores. Specifically, firms led by materialistic CEOs have lower CSR scores, fewer strengths, and more weaknesses. Finally, we document that CSR scores in firms with non-materialistic CEOs are positively associated with accounting and stock price pe...
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作者：Brown, Anna Bergman; Dai, Jing; Zur, Emanuel
作者单位：University of Connecticut; Southwestern University of Finance & Economics - China; University System of Maryland; University of Maryland College Park
摘要：Prior literature documents that multiple directorships are negatively associated with operating performance due to overly busy directors; however, multiple directorships may also increase firm value because directors gain access to valuable connections, resources, and information through their multiple appointments. This paper examines M&A that terminate target firms' entire boards as a negative shock to both board busyness and connections at other firms, as a complement to Hauser (2018). We d...
