Annual Conference

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Accounting

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May 2024

Check the Box: Does Information on the Existence of Public Climate Disclosure Reduce Federal Suppliers' Emissions?

Shushu JIANG, Rachel Xi ZHANG
We examine whether suppliers reduce emissions when their federal customers start requesting information on the existence of their public climate disclosure. In 2016, the U.S. federal government implemented the first climate-related contractual provision through FAR 52.223-22, which requires certain ...
Keywords: Sustainable Federal Procurement, Greenhouse Gas Emissions, Climate Disclosure, Disclosure Processing Costs, Supply Chain Contracting
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Annual Conference

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Accounting

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May 2024

The Effect of Mandatory Carbon Disclosure Along Global Supply Chains

Mingyi HUNG, Jin DENG, Shiheng WANG
We examine whether and how mandatory carbon disclosure affects the transmission of carbon emissions through a firm’s global supply chain. Our analysis uses the 2013 UK carbon disclosure regulation that requires the reporting of Scopes 1 and 2 emissions (from firms’ own activities and purchased e...
Keywords: Mandatory carbon disclosure, Supply chains, Greenhouse gas emissions
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Annual Conference

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Accounting

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May 2024

Bankruptcy and Restructuring Outcomes of CLO-held Loans: The Role of CLO-Bank Relationships

Yupeng LIN, Dushyantkumar VYAS, Wanrong XU
Loans held by CLOs are often originated by banks with whom CLO managers have past trading relationships. Consistent with CLOs obtaining valuable private information with the help of these relationships, we find that firms whose loans are initially purchased by bank-related CLOs are less likely to ex...
Keywords: CLOs, Syndicated loans, Loan Contracting, Information Flow, bankruptcy, Corporate Restructuring
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Annual Conference

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Accounting

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May 2024

Strategic Secrecy or Managerial Shielding: Examining the Motives Behind Confidential Advertising Expenditures

David REEB, Ofir GEFEN, Po-Hsuan HSU, Hsiao-Hui LEE, Hunghua PAN
We examine the common practice of non-disclosure of corporate advertising expenditures. While some firms explicitly disclose these figures, others do not, suggesting that their expenditures are insignificant or that the firm prioritizes strategic secrecy. Theoretical and empirical research suggests ...
Keywords: Reported advertising, Disclosure, Competitive strategy, Managerial job security, and Valuation discounts
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Annual Conference

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Accounting

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May 2024

Do Sustainability Ratings Induce ESG Window-Dressing by Mutual Funds?

Kevin C. W. Chen, Haifeng YOU
We find that after the initiation of Morningstar’s mutual fund ESG ratings, the implied returns from funds’ quarter-end holdings exhibit significantly higher ESG β than their actual returns. The increase in the ESG β gap between the two is greater for funds surrounding rating thresholds. ESG w...
Keywords: ESG Investing, Mutual Funds, Rating Agencies, Window-Dressing
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