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Annual Conference

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Accounting

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May 2024

Do firms respond to calls for environmental improvements made by retail investors?

T.J. WONG, Gwen YU, Shubo ZHANG, Tianyu ZHANG
Retail investors have become more vocal in pressuring firms to improve their environmental performance, yet little is known about whether and when firms respond to these pressures. We conduct a field experiment on investor online platforms where we inject investor pressure by posting requests for en...
Keywords: Retail investors, Pollution emissions, Disclosure, ESG, and Investor Online Platforms
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Annual Conference

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Accounting

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May 2015

Information Dissemination through Embedded Financial Analysts: Evidence from China

T.J. WONG, Zengquan LI, Gwen YU
When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networ...
Keywords: Financial analysts, Information spillover, social networks, Information advantage
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