We examine whether donors reward nonprofit organizations with better governance. We obtain governance data from newly available disclosures on the IRS Form 990. For a sample of 10,846 organizations from 2008 to 2010, we first identify seven nonprofit governance dimensions using factor analysis....

This paper studies whether and how mandatory nonfinancial disclosure affects firms’ real decisions. I exploit a disclosure regulation enacted in California, which mandates that firms disclose how they conduct due diligence to address their suppliers’ human rights abuses. I find that treated...

Abstract: Various users rely on nonprofit financial information for investing, contracting, and regulating decisions. The ratio of reported charitable to total expenses is one of the most widely used metrics to measure nonprofit performance. Prior research shows that many nonprofit organizations...

This study investigates the potential real effects of accounting-based, self-imposed, regulation in sports. We focus on Financial Fair Play (FFP) regulation that was enacted in European football in 2013. The regulation imposed on clubs participating in UEFA competitions, a strict earnings-based...

Employing the SEC Tick Size Pilot Program that increases the minimum trading unit of a set of randomly selected small-capitalization stocks, we examine whether and how an exogenous change in stock liquidity affects corporate voluntary disclosure. Using difference-in-differences analyses with...

Being able to separate temporary global macroeconomic influences - caused by fluctuations in exchange rates, interest rates and inflation - from intrinsic performance - related to a superior product, production process or management - is crucial to the assessment of the development of a firm’s...

We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Prior work provides evidence that Reg FD reduced managers' selective disclosure of material information...

This study constructs a novel measure that aims to capture face-to-face private communications between firm managers and sell-side analysts by mapping detailed, large-volume taxi trip records from New York City to the GPS coordinates of companies and brokerages. Consistent with earnings releases...

Prior research finds that donors reward nonprofits that report larger program ratios with more donations and that managers overstate these ratios, ostensibly to attract donations. We examine how donors react to inflated ratios. We find that the average donor discounts ratios that are inflated by...

We investigate real effects of a widespread corporate social responsibility (CSR) reporting mandate. In 2014, the European Union (EU) passed Directive 2014/95 (hereafter, “CSR Directive”), mandating large listed EU firms to prepare annual nonfinancial reports beginning from fiscal year 2017...