中文目錄
1.經(jīng)濟(jì)變化與工作滿意度
2.無形資本、債務(wù)能力與企業(yè)現(xiàn)金持有
3.薪酬比率披露改革與高管薪酬
4.在錯(cuò)誤的時(shí)間結(jié)束：統(tǒng)一會計(jì)年度的財(cái)務(wù)報(bào)告后果
5.管理者不利經(jīng)驗(yàn)對財(cái)務(wù)報(bào)告的影響
6.正式化非正式：員工選拔中的組織文化契合度

1.Does Job Satisfaction Rise and Fall with the Economy? Cross-Sectional, Longitudinal, and Experimental Evidence That Job Satisfaction Increases during Recessions (AMJ,forthcoming)

While recessions negatively influence many aspects of working life, we propose that they will positively affect job satisfaction. We argue that during bad economic times, alternative jobs will be less salient, and people will regard their own jobs as more satisfying. We test these predictions in three studies. Study 1 (N = 23,335) utilizes a large cross-sectional survey of American adults collected over four decades and finds that job satisfaction rises during recessions and falls during booms. Study 2 (N = 12,859) replicates this result using a large longitudinal survey of British adults and finds that job satisfaction rises and falls with the economy, even within the same people. Finally, Study 3 (N = 512) uses an experimental design and finds that when the economy falters, alternative jobs become less salient, which mediates the relationship between economic conditions and job satisfaction. While past work has shown that job satisfaction is influenced by situations within organizations, the current findings suggest that conditions outside of organizations can also shape how people affectively evaluate their jobs.

2.Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut (JF,forthcoming)

This paper explores the connection between rising intangible capital and the secular upward trend in U.S. corporate cash holdings. We calibrate a dynamic model with two productive assets—tangible and intangible capital—in which only tangible capital can serve as collateral. We highlight the following points: (i) a shift toward intangible capital shrinks firms' debt capacity and leads them to hold more cash, (ii) the effect accounts for three-quarters of the observed trend in average cash ratios, and (iii) it also accounts for the upward trend of cash ratios in the cross-section?of small and large firms and in the?aggregate.

3.Does Sensationalism Affect Executive Compensation? Evidence from Pay Ratio Disclosure Reform (JAR,forthcoming)

Beginning in 2018, U.S. public firms were required to report the ratio of the chief executive officer's (CEO) compensation to their median employee's compensation in the annual proxy statement. Exploiting the staggered reporting of pay ratios, we find little evidence that total CEO compensation changes in response to pay ratio disclosure reform. However, we do find that boards significantly adjust the mix of compensation awarded by reducing the sensitivity of CEO pay to equity price changes, particularly when the CEO is likely to garner media scrutiny, and by reducing reliance on stock-based and other compensation components that are most susceptible to media coverage surrounding the pay ratio disclosure. Firms ultimately disclosing higher pay ratios garner more media coverage around the filing of their proxy statement, and more negative-toned coverage in the subsequent month. Finally, we find evidence that greater pay disparity is associated with greater selling activity by retail investors and more negative say-on-pay votes following pay ratio reform, consistent with a broad set of investors responding to public scrutiny resulting from pay ratio disclosures.

4.Ending at the Wrong Time: The Financial Reporting Consequences of a Uniform Fiscal Year-End (TAR,forthcoming)

There is an ongoing debate over uniformity versus flexibility in accounting regulation. This study examines the financial reporting consequences of a rigid accounting rule in China under which the fiscal year-end is uniform for all companies. Using extensive interviews together with large-sample archival analyses, we find that “mismatched” firms—those whose mandated financial reporting cycles are not aligned with their business cycles—exhibit higher levels of absolute abnormal accruals than their non-mismatched counterparts. Further analyses suggest that the negative association between mismatching and financial reporting quality is mainly driven by unintentional estimation errors rather than intentional earnings manipulation.

5.The Effect of Managerial Adverse Experience on Financial Reporting (TAR,forthcoming)

We identify executives who have experienced significant accounting-related adverse events during their careers as a powerful setting to examine the extent to which prior professional experience can influence subsequent financial reporting policies. We find that firms led by senior financial executives who have experienced accounting-related adverse events during their careers exhibit greater unconditional accounting conservatism, a lower likelihood of experiencing future accounting-related adverse events, and less positive abnormal discretionary accruals. This effect tends to be stronger when the experience is more frequent, recent, severe, or proximate. Overall, our results reveal a meaningful relationship between managers’ professional experience and accounting policies.

6.Formalizing the Informal: Adopting a Formal Culture-fit Measurement System?in the Employee Selection Process (TAR,forthcoming)

Many organizations rely on formal management control systems that align employee values with organizational values (i.e., culture-fit) to shape organizational culture. Using proprietary data from a highly-decentralized organization, I examine the employee performance consequences of adopting a formal culture-fit measurement system in employee selection. I exploit the staggered feature of the adoption of the system, and find that employees selected with the system perform significantly better than those without the system. However, the performance consequences of adopting the culture-fit measurement system exhibit significant variation depending on (1) alignment of existing local culture and organizational values, and (2) noise in the measurement of culture-fit due to applicants’ gaming behavior. Taken together, this study implies that the adoption of a formal culture-fit measurement system can potentially alleviate difficulties in instilling organizational values and highlights the conditions under which such a system can be more effective in facilitating the diffusion of organizational culture.