中文目錄
1.有限注意：基于財(cái)務(wù)報(bào)告的證據(jù)
2.股票市場財(cái)富沖擊與員工產(chǎn)出
3.產(chǎn)品市場策略與公司政策
4.CFO空缺：決定因素和對(duì)公司信息環(huán)境的影響
5.專有成本：創(chuàng)新型企業(yè)緣何對(duì)債主情有獨(dú)鐘
6.客戶咨詢機(jī)會(huì)和四大咨詢業(yè)務(wù)考量

1.Limited Attention: Implications for Financial Reporting（JAR2022）

I develop a theory to study the consequences of providing more detailed information to rationally inattentive investors. I first consider a simple data-provision problem and show that adding more data or detail in financial statements can make it more difficult for investors to extract information. Consequently, investors who have limited information-processing capacity may prefer less detailed information. I also show that when investors' decisions are complements, providing details in addition to a summary may reduce investors' welfare. More specifically, because of increased disclosure of details, a coordination failure could occur in investors' attention-allocation decisions. By showing that adding more detail in financial statements can lead to an information overload problem for investors, this study yields valuable insights for accounting standard?setters.

2.Employee output response to stock market wealth shocks（JFE2022）

This paper uses individual-level data linking stock investments with work performance to examine how changes in stock market?wealth?affect worker output. We document that a 10% increase in monthly income from stock market investments is associated with a decrease of 3.8% in the same investor's next-month work output. The negative output response is not driven by concurrent?economic conditions?and is unexplained by investor-specific liquidity needs. Consistent with the reference dependence interpretation, the response is short-lived and the effect is stronger when the total income has reached a reference income. Overall, our results highlight a novel channel of transmitting stock market fluctuation through labor supply.

3.Product market strategy and corporate policies（JFE2022）

We examine how product life cycle affects investment and financing by estimating an?industry?equilibrium model that embeds product portfolio characteristics. In the model, firms trade off higher profitability of newer products versus product introduction costs. Using product-level data, we find that the product dimension is critical in quantitatively explaining cash flow dynamics, corporate policies, and?industry?structure. We show that product introductions and capital investment are complements and that product dynamics incentivize preserving more debt capacity. Our estimates reveal that product life cycle is more pronounced for firms with smaller and more concentrated product portfolios as well as those with high product variety.

4.CFO Gaps: Determinants and Impact on the Corporate Information Environment（TAR2022）

A CFO gap arises when the CFO position is left vacant for a period between the departure of the old CFO and the appointment of a new CFO. We find that CFO gaps are fairly common; over the sample period 2004–2016, approximately one-third of CFO turnovers are associated with a CFO gap, lasting, on average, two quarters and two months. CFO gaps are more likely for firms that face more labor market search frictions and with financial reporting and performance issues, and are less likely for firms with succession plans and with greater growth opportunities. While CFO gaps are not associated with significant changes in firms' financial reporting quality, they are associated with significantly negative changes in firms' voluntary disclosure frequency and analysts' forecast quality. Our findings shed light on the factors that influence top executive gaps and the impact of such gaps on firms' information environment.

5.Proprietary Costs: Why Do R&D-Active Firms Choose Single-Lender Financing??(TAR2022)

We examine whether proprietary costs drive R&D-active firms' choice of private loan structure. We find that R&D-active firms are more likely to choose single-lender over multi-lender private loan financing. This is consistent with the theory that high-ability entrepreneurs protect their proprietary knowledge by communicating it to a single lender while disclosing generic and less sensitive information to the public. This propensity, however, significantly decreases after the enactment of the American Inventor's Protection Act (AIPA), which accelerated public disclosure of firms' patent details in filings with the U.S. Patent and Trademark Office. This accelerated public disclosure potentially caused R&D information to spill over to rivals, increasing the proprietary costs of single-lender borrowers. AIPA enactment also increased the spread on R&D-active firms' single-lender loans. These findings contribute to the voluntary disclosure and financing choice literature by linking R&D-active firms' choice of single-lender financing to the proprietary costs of public disclosure.

6.Client Consulting Opportunities and the Reemergence of Big 4 Consulting Practices: Implications for the Audit Market?(TAR2022)

Consulting service revenues recently surpassed audit revenues as the primary income source for the largest accounting firms. Since SOX limits the provision of consulting services to audit clients, this shift in revenues implies that firms and many clients likely choose between audit and consulting relationships. We explore the implications of this by developing and validating a measure of client-level consulting needs that can likely be fulfilled by accounting firms, which we refer to as “consulting opportunities.” As predicted, we find that consulting opportunities relate positively to auditor switches. We also find that consulting opportunities relate negatively to subsequent Big 4 auditor selection—the firms focusing most on consulting—but we fail to find evidence that consulting opportunities relate to deteriorations in audit quality. Together, our results suggest that legislation limiting firms' ability to deliver consulting services to audit clients may have reduced audit market concentration without discernably impacting quality.