Annual Conference

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Accounting

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May 2022

We document empirical evidence for post-earnings announcement drift (PEAD) in corporate bond prices using transaction data. PEAD is more pronounced for bonds that trade more frequently than those that trade infrequently and also manifests in the credit default swap (CDS) market, rejecting the idea t...
Keywords: Disagreement, Liquidity, Informational Efficiency, Corporate Bonds, Post Earnings Announcement Drift
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Annual Conference

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Accounting

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May 2022

We study the dynamic transmission of monetary policy shocks into corporate profitability. We find an initial negative association between monetary policy shocks and corporate revenues and expenses. The revenue response is consistent with a consumer substitution effect, while the expense response is ...
Keywords: Monetary Policy, Consumption, Investment, Revenues, Expenses, Earnings
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2022

This paper is one of the first in the literature to study whether and how gender differences in performance under competition vary across countries using field evidence. Our main measure of country-level differences is the individualism dimension in Hofstede’s (1980, 2001) national cultural framew...
Keywords: gender, Competition, equity analysts, forecast error, individualism, international evidence
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Annual Conference

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Accounting

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May 2022

Using detailed information from the largest proxy advisor in the U.S., Institutional Shareholder Services (ISS), we examine whether its assessments are able to identify a firm’s poor compensation practices as measured by subsequent performance. While prior research provides consistent evidence of ...
Keywords: Proxy advisors, CEO compensation, Say-on-Pay, Institutional shareholder voting
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Annual Conference

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Accounting

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May 2022

We examine governance externalities of a geographic peer’s climate-related disclosures on local emissions. We expect a firm’s local plants to emit a lower amount of greenhouse gases when its geographic peer provides climate-related disclosures and attracts local attention to environmental issues...
Keywords: Disclosure, Emissions, Governance, Peer effects, Geography, Sustainability
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