Annual Conference

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Accounting

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May 2023

Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and as a means of informative communication in others. Building on these observa...
Keywords: Financial reporting complexity, disclosure, complexity, obfuscation, disclosure informativeness, sop
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Annual Conference

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Accounting

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May 2023

One key challenge of regulatory oversight is information asymmetry between the regulator and the regulated. We investigate this issue through a unique setting in which the SEC uses firms’ voluntary disclosures to bridge the information gap during their periodic reviews of mandatory disclosures. We...
Keywords: SEC, information asymmetry, voluntary disclosure, mandatory disclosure, comment letters, earnings co
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Annual Conference

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Accounting

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May 2023

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

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 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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