Annual Conference

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Accounting

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May 2024

We study how socially responsible investors (SRIs) affect information incorporation in price. We find that a higher level of socially responsible institutional ownership results in a lower level of informativeness of current returns on future earnings. Using an exogenous shock to SRI ownership, we s...
Keywords: Socially responsible investors, ESG preference, Future earnings response coefficient (FERC), Future ESG response coefficient, information processing
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Annual Conference

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Accounting

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May 2024

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

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

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

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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