Informal Networking Reception 6–8 p.m.
Nick’s English Hut
423 E. Kirkwood Ave., Bloomington, IN 47408
Parking at Nick's
Kirkwood Ave. is currently closed to vehicle traffic. Metered and IU parking is available after 5 p.m. in the area.
Informal Networking Reception 6–8 p.m.
Nick’s English Hut
423 E. Kirkwood Ave., Bloomington, IN 47408
Parking at Nick's
Kirkwood Ave. is currently closed to vehicle traffic. Metered and IU parking is available after 5 p.m. in the area.
Room: HH1000
Session Chair: Ken Merkley, Indiana University
Corporate Websites: A New Measure of Voluntary Disclosure
Authors: Bourveau, Thomas (1); Boulland, Romain (2); Breuer, Matthias (1)
1: Columbia Business School, United States of America; 2: ESSEC Business School, France
Discussant: John Wertz, Indiana University
Promotional Press Releases and Investor Processing Costs
Authors: Rawson, Caleb (1); Twedt, Brady (2); Watkins, Jessica (3)
1: University of Arkansas; 2: University of Oregon; 3: University of Notre Dame
Discussant: Ed Owens, University of Utah
The Effects of MiFID II on Voluntary Disclosure
Authors: Kim, Chongho (1); Park, Jihwon (2); Sul, Edward (3)
1: New York University; 2: The City University of New York; 3: George Washington University
Discussant: Jeff McMullin, Indiana University
Room: HH1059
Session Chair: Anup Agrawal, University of Alabama
CEO Pet Projects
Authors: Decaire, Paul; Sosyura, Denis
W.P. Carey School of Business, Arizona State University
Discussant: Mark Chen, Georgia State
CEO Pay Ratio Estimation under Social Pressure
Authors: Alam, Zinat (2); Ghosh, Chinmoy (1); Ryan, Harley (3); Wang, Lingling
1: University of Connecticut; 2: University of North Texas; 3: Georgia State University
Discussant: Yihui Pan, University of Utah
Market Feedback: Evidence from the Horse’s Mouth
Authors: Goldstein, Itay (1); Liu, Bibo (2); Yang, Liyan (3)
1: Wharton School, University of Pennsylvania; 2: PBC School of Finance, Tsinghua University; 3: Rotman School, University of Toronto
Discussant: Merih Sevilir, Indiana University
Break between sessions
Room: HH1000
Session Chair: Joe Schroeder, Indiana University
Forecasting shares outstanding
Authors: Kaplan, Zachary (1); Marshall, Nathan (2); Wang, Hanmeng (1)
1: Washington University in St. Louis; 2: University of Colorado Boulder
Discussant: Stephanie Larocque, University of Notre Dame
What Drives the Value of Analysts’ Advice? The Role of Earnings and Growth Forecasts
Authors: Kadan, Ohad (1); Madureira, Leonardo (2); Wang, Rong (3); Zach, Tzachi (4)
1: Washington University in Saint Louis; 2: Case Western Reserve University; 3: Singapore Management University; 4: The Ohio State University
Discussant: Ken Merkley, Indiana University
Private Communication between Managers and Financial Analysts: Evidence from Taxi Ride Patterns in New York City
Authors: Choy, Stacey; Hope, Ole-Kristian
University of Toronto
Discussant: Mark Myring, Florida International University
Room: HH1059
Session Chair: Neil Pearson, University of Illinois
When Do Subjective Expectations Explain Asset Prices?
Authors: Myers, Sean (1); De la O, Ricardo (2)
1: University of Pennsylvania, 2: University of Southern California
Discussant: Dejanir Silva, Purdue
The Rise of Reddit: How Social Media Affects Retail Investors and Short-sellers’ Roles in Price Discovery
Authors: Hu, Danqi (1); Jones, Charles (2); Zhang, Valerie (1); Zhang, Xiaoyan (3)
1: Northwestern University; 2: Columbia Business School; 3: PBC School of Finance at Tsinghua University
Discussant: Matthew Ringgenberg, University of Utah
Lying to Speak the Truth: Selective Manipulation and Improved Information Transmission
Authors: Povel, Paul (1); Strobl, Günter (2)
1: University of Houston, 2: University of Vienna, Austria
Discussant: Jan Schneemeier, Indiana University
Lunch
Room: HH1000
Session Chair: Leslie Hodder, Indiana University
Do Credit Rating Agencies Reflect Private Information in Ratings? Evidence from SEC Investigations
Authors: Bonsall, Samuel Burton (2); Donovan, John (3); Holzman, Eric Richard (1); Wang, Xue (1); Yang, Daniel (1)
1: The Ohio State University; 2: University of Notre Dame; 3: Pennsylvania State University
Discussant: Yadav Gopalan, Indiana University
What’s my Share? The Use of Borrower Accounting Reports by Loan Syndicate Participants
Authors: Chi, Sabrina (2); Jin, Hengda (3); Owens, Edward (3); Ton, Karen (1)
1: Indiana University, 2: Texas Tech University, 3: University of Utah
Discussant: Oktay Urcan, University of Illinois Champaign Urbana
Bank Stress Test Disclosures, Private Information Production, and Price Informativeness
Authors: P. Barrett Wheeler, Amanda Heitz
Tulane University
Discussant: Tanya Paul, FASB and UC Berkeley
Room: HH1059
Session Chair: Lemma Senbet, Maryland
Is Public Equity Deadly? Evidence from Workplace Safety and Productivity Tradeoffs in the Coal Industry
Authors: Gilje, Erik (1); Wittry, Michael (2)
1: University of Pennsylvania and NBER, 2: The Ohio State University
Discussant: Josh White, Vanderbilt
Private Equity in the Hospital Industry
Authors: Gao, Janet; Kim, Yong Seok; Sevilir, Merih
Indiana University
Discussant: Jean-Marie Meier, UT Dallas
The Conglomerate Network
Authors: Ahern, Kenneth (1); Kong, Lei (2); Yan, Xinyan (3)
1: University of Southern California; 2: University of Alabama; 3: University of Dayton
Discussant: Kristopher Kleiner, Indiana University
Break between sessions
Room: HH1000
Session Chair: Siva Nathan, Georgia State
Analysts’ Non-GAAP Exclusions to Forecast Lower Earnings (but Higher Valuations)
Authors: Larocque, Stephannie (1); Zhao, Wuyang (2)
1: University of Notre Dame; 2: UT Austin, United States of America
Discussant: Zac Wiebe, University of Arkansas
Non-GAAP Reporting and Investment
Authors: McClure, Charles; Zakolyukina, Anastasia
University of Chicago Booth School of Business
Discussant: Rahul Menon, Purdue University
Do fair value adjustments excluded from net income convey new information that is complementary to GAAP earnings?
Authors: Campbell, John (1); Davidson, Owen (1); Shakespeare, Catherine (2)
1: University of Georgia, United States of America; 2: University of Michigan, United States of America
Discussant: Kaplan, Zachary 1: Washington University in St. Louis
Room: HH1059
Session Chair: Vikas Agarwal, Georgia State
Intangible Capital in Factor Models
Authors Gulen, Huseyin (1); Li, Dongmei (2); Peters, Ryan H. (3); Zekhnini, Morad (4)
1: Purdue University; 2: University of South Carolina, Columbia; 3: Tulane University; 4: Michigan State University
Discussant: Andrew Chen, Federal Reserve Board
Impact of Corporate Subsidies on Borrowing Costs of Local Governments: Evidence From Municipal Bonds
Authors: Chava, Sudheer; Malakar, Baridhi; Singh, Manpreet
Georgia Tech
Discussant: Jaewon Choi, University of Illinois
Capital Allocation and the Market for Mutual Funds: Inspecting the Mechanism
Authors: van Binsbergen, Jules (2); Kim, Jeong Ho {John} (1); Kim, Soohun (3)
1: Emory University, United States of America; 2: University of Pennsylvania and NBER; 3: KAIST, Korea
Discussant: Paul Irvine, Texas Christian University
Cocktails at 6 p.m.
Dinner from 7 p.m. to 9 p.m.
Keynote: Itay Goldstein
Location: President’s Hall
Conference sessions, 8 a.m. to 12:15 p.m., including keynote address and lunch
Room: HH1000
Session Chair: Chris Hogan, Michigan State University
Has PCAOB inspection oversight increased firms’ use of real earnings management?
Authors: Lamoreaux, Phillip T (1).; Myers, Noah (2); Snow, Mason C (1)
1: Arizona State University, 2: Utah Valley University
Discussant: Brian Bratten, University of Kentucky
Auditor Skepticism: An Examination of Audit Partners and Accounting Estimates
Authors: Imdieke, Andrew (1); Gopalan, Yadav (2); Schroeder, Joseph (2); Stuber, Sarah (3)
1: University of Notre Dame, United States of America; 2: Indiana University; 3: Texas A&M University
Discussant: Allison Nicoletti, University of Pennsylvania Wharton School
Economic Consequences of Auditor Reputation Loss: Evidence from the Audit Inspection Scandal
Authors: McKenna, Francine (1); Pevzner, Mikhail (2); Sheneman, Amy (3); Zach, Tzachi (3)
1: American University; 2: University of Baltimore; 3: The Ohio State University
Discussant: Zac Kowaleski, University of Notre Dame
Room: HH1059
Session Chair: Clifton Green, Emory
Retail Investor Trading and Market Reactions to Earnings Announcements
Authors: Friedman, Henry; Zeng, Zitong
University of California, Los Angeles
Discussant: Russell Jame, University of Kentucky
Informed Trading Intensity
Authors: Bogousslavsky, Vincent (2); Fos, Vyacheslav (2); Muravyev, Dmitriy (1)
1: Michigan State University, 2: Boston College
Discussant: Shuaiyu Chen, Purdue
The Bond, Equity, and Real Estate Term Structures
Authors: Andrews, Spencer; Goncalves, Andrei
University of North Carolina at Chapel Hill
Discussant: Carter Davis, Indiana University
Break between sessions
Keynote address from Robert Jackson, NYU
Room: HH1000
Session Chair: Brian Miller, Indiana University
Look Who’s Talking: An Analysis of Market Responses to Executive Earnings Call Communication
Authors: Goldman, Nathan (1); Zhang, Yuan (2)
1: North Carolina State University, United States of America; 2: University of Texas at Dallas
Discussant: Ayung Tseng, Georgetown and Indiana University
Do companies redact material information from confidential SEC filings
Authors: Thompson, Anne (1); Urcan, Oktay (1); Yoon, Hayoung (2)
1: University of Illinois at Urbana-Champaign; 2: Southern Methodist University
Discussant: Hila Fogel-Yaari, University of Texas Arlington
Legislators’ Demand for Firms’ Public Disclosures: Evidence from U.S. Congressional Redistricting Events
Authors: Rouen, Ethan (2); Ma, Lei (1); Pan, Jing (4); Wellman, Laura (3)
1: Southern Illinois University; 2: Harvard Business School; 3: Pennsylvania State University; 4: Southern Methodist University
Discussant: Kris Allee, University of Arkansas
Room: HH1059
Session Chair: Jun Yang, Indiana University
Virtual Competition and Cost of Capital: Evidence from Telehealth
Authors: Cornaggia, Kimberly (1); Li, Xuelin (2); Ye, Zihan (3)
1: Pennsylvania State University; 2: University of South Carolina; 3: University of Nevada, Las Vegas
Discussant: Janet Gao, Indiana University
Smokestacks and the Swamp
Authors: Bisetti, Emilio (1); Lewellen, Stefan (2); Sarkar, Arkodipta (1); Zhao, Xiao (1)
1: HKUST, Hong Kong S.A.R. (China); 2: Pennsylvania State University
Discussant: Qiping Xu, University of Illinois
Shareholder Litigation Risk and Readability of Corporate Financial Disclosures: Evidence from Natural Experiments
Authors: Ge, Lin (1); Ganguly, Abhishek (2); Ganguly, Arup (1); Zutter, Chad (3)
1: University of Mississippi; 2: University of Oklahoma; 3: University of Pittsburgh
Discussant: Joseph Kalmenovitz, Drexel University
Political Voice and (Mortgage) Market Participation: Evidence from Minority Disenfranchised
Authors: Park, Seongjin (2); Sarkar, Arkodipta (1); Vats, Nishant (2)
1: HKUST, Hong Kong S.A.R. (China);2: Booth School of Business, University of Chicago
Discussant: Brittany Almquist Lewis, Indiana University