Annual Conference

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Accounting

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May 2021

The Role of External Regulators in Mergers and Acquisitions: Evidence from SEC Comment Letters

Tao SHU, Jasmine WANG, Erin TOWERY, Tingting LIU
This study examines the role of the Securities and Exchange Commission (SEC) in mergers and acquisitions (M&As) involving publicly traded target firms. We find that deals receiving comment letters have an increased likelihood of deal completion and deal price revision, consistent with the SEC re...
Keywords: Information transparency, M&A, SEC, Comment letters, Shareholder welfare, Corporate governance, Deal outcomes
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Annual Conference

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Accounting

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May 2021

Is Myopia Contagious? The Effect of Investor Culture on Corporate Disclosure Time Orientation

Patricia NARANJO, Francois BROCHET, Heather LI
We examine the effect of cultural heterogeneity on corporate disclosure time orientation and its capital market consequences. To measure firms’ and investors’ cultural time orientation, we use their home country’s long-term orientation (LTO) and the dominant language future time reference (FTR...
Keywords: Cultural heterogeneity, capital market, liquidity, equity
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Annual Conference

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Accounting

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May 2021

Pattern Recognition and Anomaly Detection in Bookkeeping Data

Christos FALOUTSOS, Leman AKOGLU, Aluna WANG, Pierre Jinghong LIANG
We introduce the Minimum Description Length (MDL) principle in performing tasks of pattern recognition and anomaly detection in bookkeeping data. MDL principle underlies many machine learning applications in practice, especially in unsupervised settings. We report and summarize recently developed MD...
Keywords: Pattern Recognition, Anomaly Detection, Bookkeeping, Minimum Description Length Principle, machine learning, Graph mining
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Common Ownership and Analyst Forecasts

Qiang CHENG, Jingping ZHANG, Shuqing LUO
We examine the effect of the common ownership relation between brokerage houses and the firms covered by their analysts (referred to as co-owned brokerage houses, co-owned firms, and connected analysts, respectively) on analyst forecast performance. Common ownership can help the connected analysts t...
Keywords: common ownership, analyst forecasts, institutional environments
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Firm News and Market Views: The Informational Role of Official Newspapers in China

Joseph D. PIOTROSKI, Tianyu ZHANG, T.J. WONG, Shubo ZHANG
State control can turn the media into the government’s mouthpiece and weaken the media’s incentives to meet market demands for corporate news. However, the media’s dependence on the government can strengthen its ability to access information about the government’s industrial and macro polici...
Keywords: Media information, Firm-specific information, Industry and market-wide information, emerging markets
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