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The Effect of New Information Technologies on Asset Pricing Anomalies

Hirshleifer, David; Ma, Liang - National Bureau of Economic Research - 2024

We test and compare the effects of introduction of two new financial information technologies, EDGAR and XBRL, on well … about public firms; XBRL reduces the cost of processing such information. Using stacked difference …-in-differences regressions, we find that both EDGAR and XBRL reduce mispricing for accounting-based anomalies but not for non …

Persistent link: https://www.econbiz.de/10015056093

The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover

Gorton, Gary B. - 2009

Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...

Persistent link: https://www.econbiz.de/10012463704

Hiring Cheerleaders : Board Appointments of "Independent" Directors

Cohen, Lauren - 2008

We provide evidence that firms appoint independent directors who are overly sympathetic to management, while still technically independent according to regulatory definitions. We explore a subset of independent directors for whom we have detailed, micro-level data on their views regarding the...

Persistent link: https://www.econbiz.de/10012464420

Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time

Doidge, Craig - 2007

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to assess whether these relative benefits have changed over...

Persistent link: https://www.econbiz.de/10012465575

A Lobbying Approach to Evaluating the Sarbanes-Oxley Act of 2002

Hochberg, Yael V. - 2007

We evaluate the net benefits of the Sarbanes-Oxley Act (SOX) for shareholders by studying the lobbying behavior of investors and corporate insiders to affect the final implemented rules under the Act. Investors lobbied overwhelmingly in favor of strict implementation of SOX, while corporate...

Persistent link: https://www.econbiz.de/10012465704

A Framework for Assessing Corporate Governance Reform

Hermalin, Benjamin E. - 2006

In light of recent corporate scandals, numerous proposals have been introduced for reforming corporate governance. This paper provides a theoretical framework through which to evaluate these reforms. Unlike various ad hoc arguments, this framework recognizes that governance structures arise...

Persistent link: https://www.econbiz.de/10012466619

Financial Expertise of Directors

Güner, A. Burak - 2006

The composition and functioning of corporate boards is at the core of the academic and policy debate on optimal corporate governance. But does board composition matter for corporate decisions? In this paper, we analyze the role of financial experts on boards. In a novel panel data set on board...

Persistent link: https://www.econbiz.de/10012466757

Detecting Fraud in Development Aid

Ensminger, Jean Evelyn; Leder-Luis, Jetson - National Bureau of Economic Research - 2022

falsified expense reports and facilitate monitoring in difficult-to-audit circumstances, relying only on mandated reporting of …

Persistent link: https://www.econbiz.de/10013477260

Government Audits

Cuneo, Martina; Leder-Luis, Jetson; Vannutelli, Silvia - National Bureau of Economic Research - 2023

Audits are a common mechanism used by governments to monitor public spending. In this paper, we discuss the effectiveness of auditing with theory and empirics. In our model, the value of audits depends on both the underlying presence of abuse and the government's ability to observe it and...

Persistent link: https://www.econbiz.de/10014226172

News Diffusion in Social Networks and Stock Market Reactions

Hirshleifer, David; Peng, Lin; Wang, Qiguang - National Bureau of Economic Research - 2023

We study how the social transmission of public news influences investors' beliefs and securities markets. Using an extensive dataset to measure investor social networks, we find that earnings announcements from firms in higher-centrality locations generate stronger immediate price and trading...

Persistent link: https://www.econbiz.de/10013537754