Annual Conference

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Accounting

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May 2026

Non-Disclosure Agreement and the Market for Talent

Ed DEHAAN, Tao WANG, Frank ZHOU, Yuqing ZHOU
This paper examines how information frictions in workplace issues affect employers’ incentives to improve workplace conditions and firm outcomes. Leveraging state-level policies that limit the use of Non-Disclosure Agreements (NDAs) to suppress employee discussions of workplace issues, we show tha...
Keywords: Workplace Transparency, Non-Disclosure Agreements, Human Capital
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2026

Nighttime Light and the Construction Financing Channel of Monetary Spillovers

Kaiji CHEN, Qichao WANG, Juanyi (Jenny) Xu, Jingbo YAO
We identify a financing-based construction channel for the international transmission of U.S. monetary policy. Our design combines high-frequency monetary policy shocks with nighttime light (NTL) big data, providing both the temporal resolution to isolate causal effects and the spatial granularity t...
Keywords: Monetary Policy Spillover, Nighttime Light, Construction Financing Channel
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2016

News-driven business cycles in small open economies

Christoph THOENISSEN
The focus of this paper is on news-driven business cycles in small open economies. We make two significant contributions. First, we develop a small open economy model where the presence of financial frictions permits the replication of business cycle co-movements in response to news shocks. Second, ...
Keywords: Business Cycles, open economy, macroeconomics, Financial Frictions, VAR
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Annual Conference

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Accounting

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May 2024

Navigating Emission Reduction: The Interaction of Disclosure Regulation and Institutional Support in China

Serene Qian HUANG, Hai LU, Yue ZHANG
We examine the impact of a disclosure regulation on corporate carbon emissions and the critical factors that influence its efficacy. In 2021, the Chinese Securities Regulatory Commission (CSRC) introduced a disclosure regulation which requires all public firms to create and report their ESG activiti...
Keywords: disclosure regulation, carbon emissions, ESG, real effects
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Annual Conference

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Accounting

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May 2017

Naughty Firms, Noisy Disclosure

Guoman SHE, Alminas ZALDOKAS, Thomas BOURVEAU
We empirically study how collusion in the product markets affects firms’ financial disclosure strategies. By exploiting exogenous variations to the costs of illegal pricefixing, we find that U.S. firms start sharing more detailed information in their financial disclosure about their customers, con...
Keywords: Voluntary Disclosure, Antitrust Enforcement, Collusion, Tacit Coordination
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