{"title":"The Economic Consequences of CEO Compensation Lawsuits","authors":"XIANGNIAN KONG, KE NA","doi":"10.1111/1475-679x.70075","DOIUrl":"https://doi.org/10.1111/1475-679x.70075","url":null,"abstract":"This paper studies shareholder derivative lawsuits related to CEO compensation. We document that compensation lawsuits are more likely to be filed against firms with higher CEO pay, especially in the presence of poor firm performance. Firms reduce the level of CEO compensation after lawsuits, which leads to CEO departures and declines in CEO effort provisions, and consequently, results in deteriorated firm performance. Interestingly, compensation lawsuits accompanied by low support in the preceding Say‐on‐Pay votes, which likely capture the quality of pay practices, are associated with even higher pay cuts, but do not harm firm performance or lead to departures of talented CEOs, supporting the idea that suboptimal pay and deteriorated performance after compensation lawsuits are driven by the lack of a sophisticated understanding of CEO pay by plaintiff shareholders.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"21 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148393987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Stephannie Larocque, Jessica Watkins, Eric Weisbrod
{"title":"Consensus? An Examination of Differences in Earnings Information Across Forecast Data Providers","authors":"Stephannie Larocque, Jessica Watkins, Eric Weisbrod","doi":"10.1111/1475-679x.70072","DOIUrl":"https://doi.org/10.1111/1475-679x.70072","url":null,"abstract":"We compare the earnings information produced by the five largest forecast data providers (FDPs)—Bloomberg, Capital IQ, FactSet, I/B/E/S, and Zacks—and observe substantial differences across FDPs in both forecasted and actual street earnings values, and thus the earnings surprise, for the same firm‐quarter. We provide evidence that differences in the earnings surprise across FDPs for the same firm‐quarter (i.e., “FDP differences”) have economically meaningful implications for price responsiveness and liquidity around earnings announcements. We also find that, for announcements where FDPs disagree about whether the announcing firm missed or beat earnings expectations, investors are more likely to side with higher‐quality FDPs but may not fully impound the implications of FDP quality differences during the announcement window. On average, relative to the other FDPs, I/B/E/S ranks highly in our measure of FDP quality, such that investor reactions are likely to align with I/B/E/S earnings information, validating its use as a representative FDP in academic research. Taken together, our results are consistent with FDPs pursuing differentiated information production strategies that generate capital market frictions when these strategies lead to material FDP differences.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"30 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148299671","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Textual Analysis by Hedge Funds","authors":"SIPENG ZENG, KUO ZHOU","doi":"10.1111/1475-679x.70074","DOIUrl":"https://doi.org/10.1111/1475-679x.70074","url":null,"abstract":"Combining hedge funds’ quarterly position information with their access records on the SEC's EDGAR server, we explore whether hedge funds proactively gather and analyze textual information in 10‐K filings related to their stock holdings, and how these behaviors affect their positions. We find that hedge funds adjust their positions according to the textual information in the annual reports they download. Meanwhile, analyzing these reports helps them to generate excess returns. Overall, our evidence suggests that the textual content of annual reports contains crucial company insights, prompting a subset of hedge funds that engage in bulk downloads from the SEC's website to trade based on diligent analysis of 10‐K filings.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"7 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148289742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Measuring Organizational Capital","authors":"WEI CAI, ANDREA PRAT, JIEHANG YU","doi":"10.1111/1475-679x.70073","DOIUrl":"https://doi.org/10.1111/1475-679x.70073","url":null,"abstract":"Prior research has pointed to differences in organizational capital as a reason for the persistent performance discrepancies among otherwise similar firms. In this paper, we develop and validate a new measure of organizational capital. Based on over a million crowd‐sourced employee reviews scraped from Glassdoor, we construct the measure of organizational capital at the firm‐year level using the word embedding model and ChatGPT‐generated synthetic reviews. Our measure varies over time in accordance with macro trends, and differs both across and within firms, reflecting firm heterogeneity and major internal changes. We validate our measure by testing empirical predictions of the properties of organizational capital discussed in prior literature. Our findings suggest that this measure captures a slowly evolving intangible asset that is significantly associated with firm performance and top management's influence, aligning with the conceptualization of organizational capital by Dessein and Prat. We further showcase applications of our measure in accounting, economics, finance, and management literature. Taken together, the paper provides implications for various stakeholders who are interested in assessing and managing firms' organizational capital.","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"10 1","pages":""},"PeriodicalIF":4.4,"publicationDate":"2026-06-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148286359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Issue Information ‐ TOC","authors":"","doi":"10.1111/1475-679x.70067","DOIUrl":"https://doi.org/10.1111/1475-679x.70067","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"47 1","pages":"1133-1133"},"PeriodicalIF":4.4,"publicationDate":"2026-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148286387","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Issue Information ‐ Standing Call for Proposals for","authors":"","doi":"10.1111/1475-679x.70066","DOIUrl":"https://doi.org/10.1111/1475-679x.70066","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"12 1","pages":"1135-1135"},"PeriodicalIF":4.4,"publicationDate":"2026-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148286389","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Issue Information ‐ Request for Papers","authors":"","doi":"10.1111/1475-679x.70065","DOIUrl":"https://doi.org/10.1111/1475-679x.70065","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"4 1","pages":"1134-1134"},"PeriodicalIF":4.4,"publicationDate":"2026-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148286390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"2025 Excellence in Refereeing","authors":"","doi":"10.1111/1475-679x.70054","DOIUrl":"https://doi.org/10.1111/1475-679x.70054","url":null,"abstract":"","PeriodicalId":48414,"journal":{"name":"Journal of Accounting Research","volume":"70 1","pages":"1137-1137"},"PeriodicalIF":4.4,"publicationDate":"2026-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148286388","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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