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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Annual Conference

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Corporate Finance

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May 2015

Do Corporate Taxes Hinder Innovation?

Abhiroop MUKHERJEE, Alminas ZALDOKAS, Manpreet SINGH
We exploit staggered changes in state-level corporate tax rates to show that an increase in taxes reduces future innovation. A variety of tests, including those based on policy discontinuity at contiguous counties straddling borders of politically similar states, show that local economic conditions ...
Keywords: innovation, patents, research and development, New Products, Corporate Taxes
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Annual Conference

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Accounting

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May 2019

Do Chinese Social Media Correct the Optimistic Bias of Traditional Media?

Tianyu ZHANG, Eric WANG, T.J. WONG
This paper examines whether, in an autocratic regime such as China, social media that rely on the wisdom of crowds correct the bias of state-controlled traditional media by supplying less optimistically biased information to the market. Using a comprehensive sample of Chinese newsppaper corporate ne...
Keywords: Social media, bias, Stock Return
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Annual Conference

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Corporate Finance

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May 2017

Do CEOs Deserve their Raises? Evidence from Stock Returns after Subjective Performance Reviews

Yiqing LU, Moqi GROEN-XU, Peggy HUANG
This paper studies the information content of CEO subjective performance reviews. We propose a novel proxy of positive reviews based on evidence of real CEO contracts: salary raises. It shows that performance review outcomes predict long-term stock returns. A long–short portfolio strategy that inv...
Keywords: subjective performance reviews, research and development, innovation, Stock Returns, Soft information
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