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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Corporate Finance

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May 2015

Do Family Firms Invest More than Nonfamily Firms in Employee-Friendly Policies?

Jun-Koo KANG, Jungmin KIM
We examine whether family firms invest more in employee relations than nonfamily firms. Using the variation in state-level changes in inheritance, gift, and estate taxes as an exogenous shock to family control, we find that family firms, particularly those in which a founder serves as CEO or those i...
Keywords: Family Firm, Founder, Employee-friendly Policy, Concern Score, Life Cycle, Labor-intensive Industry, Managerial Myopia, Agency Problem, Endogeneity
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Annual Conference

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Accounting

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May 2018

Do Exchange Traded Funds affect the processing of Earnings Information?

Partha MOHANRAM, Suning ZHANG, Sanjeev BHOJRAJ
We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with: (1) higher trading costs (bid-ask spreads and market liquidity); (2) an increase in “stock retu...
Keywords: Exchange traded funds (ETFs), Uninformed and informed traders, Costly information, Trading costs, Market pricing efficiency, Informative prices.
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Annual Conference

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Sustainable and Green Finance

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May 2024

Do Employees Have Useful Information About Firms' ESG Practices

Hoa BRISCOE-TRAN
This paper investigates whether employees have useful information for assessing firms’ environmental, social, and governance (ESG) practices. I analyze 10.4 million anonymous employee reviews via a word-embedding model to construct an inside view of corporate ESG practices. The inside view offers ...
Keywords: ESG, CSR, greenwash, cheap talk, employees, word-embedding, Glassdoor.
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Annual Conference

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Corporate Finance

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May 2017

Do Credit Card Companies Screen for Behavioral Biases?

Hong RU, Antoinette SCHOAR
Using granular data on the contract terms and design details of more than 1.3 million credit card offers, we document how card issuers shroud unappealing, back-loaded features of an offer (e.g., high default APRs, late or over-limit fees) via the position of the information, font size, or complexity...
Keywords: Credit card, Shrouding, Back-loaded
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