SPGMI: Compustat Fundamentals (Topic)最新文献

{"title":"Board Gender Diversity and Firm Value in Times of Crisis: Evidence from the COVID-19 Pandemic","authors":"L. Zolotoy, Farida Akhtar, M. Veeraraghavan","doi":"10.2139/ssrn.3869585","DOIUrl":"https://doi.org/10.2139/ssrn.3869585","url":null,"abstract":"We provide robust evidence that stocks of the firms with gender-diverse boards experienced higher abnormal returns during the period when negative market sentiment induced by the outbreak of the COVID-19 pandemic was at its peak. Further, we find that the documented effect was amplified among financially constrained firms, firms with longer cash conversion cycle, and firms with high information uncertainty, while was mitigated among firms led by more effective management teams. Our findings are consistent with the view that market interpreted board gender diversity as a positive signal regarding firms’ ability to weather the economic implications of the COVID-19 pandemic.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129399901","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mandatory XBRL Adoption, Product Market Competition, and Information Environment","authors":"Sris Chatterjee, Sudip Gupta, Joon Ho Kong","doi":"10.2139/ssrn.3245627","DOIUrl":"https://doi.org/10.2139/ssrn.3245627","url":null,"abstract":"This paper analyzes the impact of information processing cost on the quality of public information production by managers and analysts in the presence of product market competition. Using the staggered adoptions of XBRL (eXtensible Business Reporting Language) as a natural experiment, we identify and estimate the impact of XBRL’s lower information processing cost. The evidence shows that both managers and analysts are more consistent and accurate in forecasting earnings and that stock prices incorporate more firm-specific information, after XBRL implementations, especially in less competitive industries. These results are consistent with prior theoretical and empirical findings (Peress (2010), Kurlat and Veldkamp (2015), Gaspar and Massa (2006), Dong et al. (2016)).","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130427515","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Unintended Consequences of the FASB’s Simplification Initiative: Does ASU 2016-09 Reduce Earnings Informativeness?","authors":"E. Chuk, Qiaochu Wang, Shijun Xia","doi":"10.2139/ssrn.3917385","DOIUrl":"https://doi.org/10.2139/ssrn.3917385","url":null,"abstract":"ASU 2016-09 Improvement to Employee Share-Based Payment Accounting significantly alters the financial reporting for stock-based compensation by requiring the recognition of excess tax benefits and tax deficiencies in net income, whereas the prior accounting regime required only balance sheet recognition (in most instances). Our paper examines whether earnings become less informative after ASU 2016-09. Using a difference-in-differences design, we find a reduction in earnings informativeness after ASU 2016-09. In cross-sectional tests, we find that the reduction in earnings informativeness is greater for firms that are more impacted by the ASU: in particular, (i) firms that more extensively use stock-based compensation and (ii) firms with more volatile stock prices. The documented effects are economically meaningful, with an average post-ASU reduction of 21.7% in the earnings response coefficient for firms impacted by ASU 2016-09. Our results are important to understanding the unintended consequences of the FASB’s Simplification Initiative.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131335011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Measurement Bias in the Financial Performance of Family Firms","authors":"Daniel Dupuis, Kunaal Nanik","doi":"10.2139/ssrn.3916672","DOIUrl":"https://doi.org/10.2139/ssrn.3916672","url":null,"abstract":"Notwithstanding the impressive body of research focusing on the financial performance of family-led enterprises over their non-family counterparts, no aggregate conclusion can be extrapolated from the existing data. In this article, we show that performance inference is biased and depends exclusively on the combined choice of financial measurements and family taxonomy; any general conclusion drawn from a specific pair of metrics should be interpreted with caution. We analyze the cross-combinations of eighteen variants of family firms with twenty financial metrics to show that family attributes greatly influence hybrid performance measures, display a notable effect on accounting-based metrics but have almost no impact on market returns. These peculiar results are ascribed to the fact that family businesses tend to favor creditors and directors over investors.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122240664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The association between current earnings surprises and the ex-post bias of concurrently issued management forecasts","authors":"Stephen P. Baginski, John L. Campbell, Patrick Ryu, James D. Warren","doi":"10.2139/ssrn.3421807","DOIUrl":"https://doi.org/10.2139/ssrn.3421807","url":null,"abstract":"The vast majority of managers’ earnings forecasts are issued concurrently (i.e., “bundled”) with their firm’s current earnings announcement. We document a predictable bias in these forecasts – the forecasts fail to fully reflect the persistence of the current earnings surprise. Specifically, we find that managers issue (1) optimistically biased forecasts alongside negative earnings surprises and (2) pessimistically biased forecasts alongside large positive earnings surprises. Bayesian updating implies this bias could be unintentional, but we find that the bias is stronger when managers have greater incentives and fewer constraints to issue biased forecasts, suggesting that, to some extent, the bias might be intentional. Relatedly, although managers typically have better information about their firm’s earnings than analysts, we show that analyst reliance on these biased management forecasts represents a mechanism (and an alternative interpretation) for a similar analyst underreaction to current earnings attributed in prior literature to analysts’ cognitive bias. We also find that, on average, investors do not appear to initially understand the bias in these forecasts but eventually unravel it over longer windows. However, investors more quickly unravel the bias when the manager has a history of issuing these biased forecasts and when the firm has relatively more sophisticated investors. Overall, we document that managers’ forecasts appear to repeatedly underweight the persistence of current earnings surprises, are biased in ways that improve investors’ perceptions of managers’ ability, and that this behavior concentrates in subsamples where outsiders have a harder time recognizing any bias.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117002876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Debt Maturity and Information Production","authors":"Gregory Weitzner","doi":"10.2139/ssrn.3488797","DOIUrl":"https://doi.org/10.2139/ssrn.3488797","url":null,"abstract":"The maturity of a firm's liabilities affects the information financiers produce about the firm’s assets. In my model, long-term financing creates an excessive tendency for financiers to acquire information and screen out lower quality borrowers. In contrast, short-term financing deters information production at origination but induces it when firms are forced to liquidate, depressing the market value of assets due to adverse selection. Through the feedback effect between firms' maturity structures and asset prices, increases in uncertainty can impair the aggregate volume of short-term financing and investment. The analysis can jointly rationalize i) the widespread use of short-term debt by financial firms, ii) periodic disruptions in short-term funding markets and iii) regulations that curb short-term funding markets in normal times and support them in periods of market stress.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"14 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125607470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Climate Change and Monetary Policy in the Euro Area","authors":"F. Drudi, E. Moench, C. Holthausen, Pierre-François Weber, G. Ferrucci, Ralph Setzer, Virginia di Nino, F. Barbiero, Donata Faccia, Andreas Breitenfellner, Ivan Faiella, Mátyás Farkas, M. Bun, F. Fornari, Matteo Ciccarelli, Matthieu Darracq Pariès, A. Giovannini, Niki Papadopoulou, Miles Parker, Filippos Petroulakis, G. Hebbink, Anamaria Piloiu, Sarah Jane Hlásková, Gašper Ploj, A. Popov, Daniela Kapp, Paloma López-García, Matija Lozej, R. Lydon, Otso Manninen, Madelaine Roos, Andrés Manzanares, Daniel Santabárbara, Guido Schotten, Katri Mikkonen, Beatriz Sotomayor, Livio Stracca, F. Mongelli, Carlos Montes-Galdón, G. Müller, C. Nerlich, Małgorzata Osiewicz, Lia Vaz Cruz, A. Page, A. Avgousti, Arturo Diez-Caballero, Jana Aubrechtova, Alberto Fuertes Mendoza, M. Téllez, Patrick Grüning, P. García-Sánchez, L. Isgrò, G. Bua, M. K. Kashama, R. Queiroz, Lavinia Rognone, Oke Röhe, N. McInerney, Christoph Meinerding, Pinelopi Tsalaporta, Jan Willem van den End, Anastasia Theofilakou, Mark Andreas Weth, Boris Oso","doi":"10.2139/ssrn.3928292","DOIUrl":"https://doi.org/10.2139/ssrn.3928292","url":null,"abstract":"This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal effects of reducing carbon emissions. In this context, it assesses the need to adapt macroeconomic models and the Eurosystem/ECB staff economic projections underlying the monetary policy decisions. It further considers the implications of climate change for the conduct of monetary policy, in particular the implications for the transmission of monetary policy, the natural rate of interest and the correct identification of shocks. Model simulations using the ECB’s New Area-Wide Model (NAWM) illustrate how the interactions of climate change, financial and fiscal fragilities could significantly restrict the ability of monetary policy to respond to standard business cycle fluctuations. The paper concludes with an analysis of a set of potential monetary policy measures to address climate risks, insofar as they are in line with the ECB’s mandate.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"115 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114091411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financing Payouts","authors":"Joan Farre-Mensa, Roni Michaely, Martin C. Schmalz","doi":"10.2139/ssrn.2535675","DOIUrl":"https://doi.org/10.2139/ssrn.2535675","url":null,"abstract":"Over 40% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate share repurchases and dividends being externally financed, primarily with debt. Most externally financed payouts are the result of firms persistently setting payouts above free cash flow. The management of leverage and cash for tax optimization purposes is a key—but not the only—driver of payout-financing behavior. Debt-financed payouts are associated with increased firm financial fragility during the COVID-19 and other crises—but internally funded payouts are not. Our results highlight the need to view payout policy through the wider lens of capital structure.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121823202","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Context & Challenges of the 2021 EU Green Bond Standard","authors":"Tudor N. Pana","doi":"10.2139/ssrn.3920262","DOIUrl":"https://doi.org/10.2139/ssrn.3920262","url":null,"abstract":"Human activity has been continuously harming our planet’s eco-system, and we have reached an unprecedented level of urgency. According to the International Panel on Climate Change, we have caused virtually 100% of the global warming of the past century. Undeniably, finance plays a vital role in decreasing the devastating effects of our own behaviour. As the green bond market expands, it is undoubtedly becoming essential for green finance and the transition to a resource efficient, low-carbon, and socially inclusive economy. Still, the green bond market remains mostly unregulated. On this, the EU Green Bond Standard is a step forward, establishing the first framework encompassing regulatory supervision, the result of years of international cooperation on climate change mitigation. However, progress in any field entails both advantages and challenges. Striking the right balance of strictness will prove to be critical. The success of the benchmark will be ultimately conditioned by its efficient implementation, contingent upon the effect of regulation on innovation, the alignment with the EU Taxonomy, the proposed voluntary nature, and the extent to which it reduces greenwashing.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128649619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Price Rigidities and Credit Risk","authors":"Patrick Augustin, Linxiao Francis Cong, A. Corhay, Michael Weber","doi":"10.2139/ssrn.3852082","DOIUrl":"https://doi.org/10.2139/ssrn.3852082","url":null,"abstract":"We develop a capital structure model in which firms feature differential flexibility in adjusting output prices to shocks. Inflexible-price firms have lower profits and higher cash-flow volatility, leading in equilibrium to lower financial leverage, shorter debt duration, higher cost of debt, more stringent debt covenants, and higher precautionary cash holdings. Moreover, a cash-flow volatility shock increases the cost of debt more for inflexible-price firms. We confirm these predictions empirically and exploit the 2008 Lehman Brothers bankruptcy to show that inflexible-price firms with higher pre-shock rollover risk exposure experience a significantly larger increase in credit spreads following the event than other firms.","PeriodicalId":342161,"journal":{"name":"SPGMI: Compustat Fundamentals (Topic)","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133013455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}