Annual Conference

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Accounting

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May 2021

We examine the effect of cultural heterogeneity on corporate disclosure time orientation and its capital market consequences. To measure firms’ and investors’ cultural time orientation, we use their home country’s long-term orientation (LTO) and the dominant language future time reference (FTR...
Keywords: Cultural heterogeneity, capital market, liquidity, equity
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Annual Conference

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Accounting

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May 2021

We introduce the Minimum Description Length (MDL) principle in performing tasks of pattern recognition and anomaly detection in bookkeeping data. MDL principle underlies many machine learning applications in practice, especially in unsupervised settings. We report and summarize recently developed MD...
Keywords: Pattern Recognition, Anomaly Detection, Bookkeeping, Minimum Description Length Principle, machine learning, Graph mining
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

We examine the effect of the common ownership relation between brokerage houses and the firms covered by their analysts (referred to as co-owned brokerage houses, co-owned firms, and connected analysts, respectively) on analyst forecast performance. Common ownership can help the connected analysts t...
Keywords: common ownership, analyst forecasts, institutional environments
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

State control can turn the media into the government’s mouthpiece and weaken the media’s incentives to meet market demands for corporate news. However, the media’s dependence on the government can strengthen its ability to access information about the government’s industrial and macro polici...
Keywords: Media information, Firm-specific information, Industry and market-wide information, emerging markets
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Annual Conference

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Accounting

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May 2021

We investigate whether mandatory earnings announcement date forecasts are informative to investors and the informational tradeoffs between mandatory and voluntary forecasts. We find: (i) The percentages of the quarter’s earnings news conveyed by mandatory China and voluntary US forecasts are simil...
Keywords: forecasts of earnings announcement dates, mandatory forecasting, private information precision, Voluntary Disclosure, informational tradeoffs
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