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Accounting

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May 2023

ESG Reporting Divergence

Qiang CHENG, Yun LOU, Mengjie YANG
In this paper, we provide the first large-sample empirical analysis of the consequences of ESG reporting divergence among U.S. firms. We construct and validate an ESG reporting divergence measure based on the dissimilarities in ESG reporting across firms. We find it to be lower for firm-pairs using ...
Keywords: ESG reporting divergence, ESG rating disagreement, ESG fund, ESG reporting regulation
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Annual Conference

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Accounting

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May 2023

When Machine Comes to Town: Fund Analysts’ Performance with Artificial Intelligence

Grace Haoqing FAN, Xi KANG
How does the introduction of artificial intelligence (AI) technology affect the performance of mutual fund analysts? Using a unique setting in which AI was introduced to generate ratings for previously uncovered mutual funds in a large financial research company, we find that the analyst ratings’ ...
Keywords: artificial intelligence, machine learning, mutual fund, analyst performance, social connection, benc
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Annual Conference

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Accounting

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May 2023

Third-Party Cookies, Data Sharing, and Return Comovement

Si CHENG, Yupeng LIN, Xiaojun ZHANG, Ruichang LU
Third-party cookies connect different firms and facilitate data sh aring. We find that common shocks to investor attention via cookie networks yield economically significant c omovement in financial information acquisition, retail t rading, and s tock r eturns. An identification test based on the en...
Keywords: Data Sharing, Return Comovement, Attention Spillover, Information Acquisition, Retail Trading
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Annual Conference

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Accounting

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May 2023

All in a day’s work: What do we learn from Analysts’ Bloomberg Usage?

Zhi DA, Azi BEN-REPHAEL, Ryan D. ISRAELSEN, Bruce CARLIN
We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts’ work habits: we estimate the average workday length (AWL) to proxy for analysts’ general effort provision and we use the percentage away day (PAD) to proxy for their soft i...
Keywords: Analyst, Effort Provision, Forecast Accuracy
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Annual Conference

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Accounting

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May 2023

On a Spending Spree: The Real Effects of Heuristics in Managerial Budgets

Paul H. DÉCAIRE, Denis SOSYURA
Using micro data on managerial expenditures, we uncover heuristics in capital budgets, such as nominal rigidity, anchoring, and sharp reset deadlines. Such heuristics engender managerial opportunism and erode investment efficiency. Managers with a budget surplus increase investment sharply before bu...
Keywords: capital budgeting, governance, fallacy, managerial heuristics
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