Annual Conference

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Accounting

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May 2024

Do firms respond to calls for environmental improvements made by retail investors?

T.J. WONG, Gwen YU, Shubo ZHANG, Tianyu ZHANG
Retail investors have become more vocal in pressuring firms to improve their environmental performance, yet little is known about whether and when firms respond to these pressures. We conduct a field experiment on investor online platforms where we inject investor pressure by posting requests for en...
Keywords: Retail investors, Pollution emissions, Disclosure, ESG, and Investor Online Platforms
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Annual Conference

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Accounting

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May 2024

Does Algorithmic Trading Affect Forced CEO Turnover?

Jaewoo KIM, Jun OH, Hojun SEO, Luo ZUO
We examine whether algorithmic trading (AT) affects the extent to which directors rely on stock returns when making CEO turnover decisions. We find that the sensitivity of forced CEO turnover to stock returns decreases with AT. This effect of AT is more pronounced when the information that AT crowds...
Keywords: Algorithmic trading, CEO turnover, CEO-firm match quality, directors, learning
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Annual Conference

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Accounting

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May 2024

Mobile Internet and Analyst Forecast Performance

Bingxu FANG, Sterling HUANG, Sugata ROYCHOWDHURY, Ewa SLETTEN
We study the impact of mobile internet technology on analyst forecast performance. Mobile internet facilitates uninterrupted access to various types of information and provides productivity tools for professionals. As such, it can help financial analysts gain immediate access to information and inte...
Keywords: mobile internet, Financial analysts, forecast accuracy, forecast timelines
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Annual Conference

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Accounting

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May 2024

Breaking the Language Barriers Machine Translation Technology and Analysts’ Forecasts for Multinational Firms

Bingxu FANG, Pengkai LIN
We study the impact of machine translation technology on analysts’ forecasts for multinational firms. Exploiting the staggered rollout of Google Translate’s support to translate foreign languages into English, we find that U.S. analysts improve their forecast accuracy for firms with substantial ...
Keywords: Technology, Sell-Side Analysts, Machine Translation, Labor and Finance, Complementarity
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Annual Conference

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Trade, Growth and Development

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May 2024

The Long and Short-Run Spatial Impacts of Trade

Lin MA, Yunlong SONG, Yang TANG
We study the long and short-run spatial impacts of trade liberalization in a model with internal migration, skill formation, and capital accumulation. We show that the spatial impacts of trade on migration flows and skill composition depend critically on the time horizon. The time-varying impacts co...
Keywords: International trade, skill premium, economic geography, capital accumulation
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