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12 May 2008
Research & Ideas

Accounting Information as Political Currency

potentially controversial business activities—outsourcing, for example—understate their earnings if it might boost a candidate's chances of election. The research by HBS professor Karthik Ramanna and a colleague from MIT, Professor Sugata Roychowdhury, suggests that... View Details

Keywords: by Martha Lagace

September 2019
Article

The Effect of Enforcement Transparency: Evidence from SEC Comment-Letter Reviews

By: Miguel Duro, Jonas Heese and Gaizka Ormazabal

This paper studies the effect of the public disclosure of the Securities and Exchange Commission (SEC) comment-letter reviews (CLs) on firms’ financial reporting. We exploit a major change in the SEC’s disclosure policy: in 2004, the SEC decided to make its CLs... View Details

Keywords: Disclosure; SEC Comment-Letter Reviews; Public Enforcement; Governance; Information Publishing; Policy; Financial Reporting; Capital Markets; Organizational Change and Adaptation

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July 2016
Article

The Capital Market Consequences of Language Barriers in the Conference Calls of Non-U.S. Firms

By: Francois Brochet, Patricia L. Naranjo and Gwen Yu

We examine how language barriers affect the capital market reaction to information disclosures. Using transcripts from the English-language conference calls of non-U.S. firms, we find that the calls of firms in countries with greater language barriers are more likely... View Details

Keywords: Voluntary Disclosure; Capital Market Consequences; Non-plain English; Spoken Communication; Complexity; Capital Markets; Cross-Cultural and Cross-Border Issues

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2019
Chapter

The Consequences of Mandatory Corporate Sustainability Reporting

By: Ioannis Ioannou and George Serafeim

A key aspect of the governance process inside organizations and markets is the measurement and disclosure of important metrics and information. In this chapter, we examine the effect of sustainability disclosure regulations on firms’ disclosure practices and... View Details

June 2020
Article

Lazy Prices

By: Lauren Cohen, Christopher J. Malloy and Quoc Nguyen

We explore the implications of a subtle "default" choice that firms make in their regular reporting practices, namely that firms typically repeat what they most recently reported. Using the complete history of regular quarterly and annual filings by U.S. corporations... View Details

Keywords: Default Behavior; Inertia; Firms; Disclosure; Information; Business or Company Management; Behavior; Annual Reports; Corporate Disclosure; Financial Reporting; United States

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2022
Working Paper

Communicating Corporate Culture in Labor Markets: Evidence from Job Postings

By: Joseph Pacelli, Tianshuo Shi and Yuan Zou

We examine how firms craft their job postings to convey information about their culture and whether doing so helps attract employees. We utilize state-of-the-art machine learning methods to develop a comprehensive dictionary of key corporate values across the near... View Details

Keywords: Corporate Culture Significance; Labor Markets; Disclosure; Organizational Culture; Recruitment; Talent and Talent Management

May 2019
Article

Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls

By: Anne Heinrichs, Jihwon Park and Eugene F. Soltes

Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors... View Details

Keywords: Disclosure; Conference Calls; Firm News; Corporate Disclosure; Business Earnings; Situation or Environment

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April 2019
Article

Shooting the Messenger

By: Leslie John, Hayley Blunden and Heidi Liu

Eleven experiments provide evidence that people have a tendency to “shoot the messenger,” deeming innocent bearers of bad news unlikeable. In a preregistered lab experiment, participants rated messengers who delivered bad news from a random drawing as relatively... View Details

Keywords: Judgment; Communication; Sense-making; Attribution; Disclosure; Interpersonal Communication; Perception; Judgments; Motivation and Incentives

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31 May 2017
Working Paper Summaries

Stock Price Synchronicity and Material Sustainability Information

Keywords: by Jody Grewal, Clarissa Hauptmann, and George Serafeim; Accounting; Financial Services

Editorial

Why CEOs Should Share Their Long-Term Plans with Investors

By: Christina Rehnberg, George Serafeim and Brian Tomlinson

Rather than requiring less short-term information, the key to combating short-termism is to encourage companies to share more information about their long-term plans. Analysis of companies that have done so suggests that long-term plans are not mere marketing... View Details

Keywords: CEO; Investor Relations; Disclosure; Long-term Growth; Investing; Business and Shareholder Relations; Strategy; Corporate Disclosure

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05 Jul 2017
Research & Ideas

Are Stockbrokers Illegally Leaking Confidential Information to Favored Clients?

information about large stock trades to their best, most lucrative clients. When a savvy activist investor submits a trading order through a brokerage firm, for example, the brokers will exploit this View Details

Keywords: by Carmen Nobel; Financial Services

February 1, 2001
Article

Read 2000 Annual Report Securitization Disclosures: New Information and New Accounting Impact Explained

By: David F. Hawkins

Keywords: Reports; Information; Accounting; Corporate Disclosure

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Article

Corporate Social Responsibility and Access to Finance

By: Beiting Cheng, Ioannis Ioannou and George Serafeim

In this paper, we investigate whether superior performance on corporate social responsibility (CSR) strategies leads to better access to finance. We hypothesize that better access to finance can be attributed to a) reduced agency costs due to enhanced stakeholder... View Details

Keywords: Corporate Social Responsibility; Sustainability; Capital Constraints; ESG (Environmental, Social, Governance) Performance; Stakeholder Engagement; Disclosure; Corporate Disclosure; Corporate Social Responsibility and Impact; Environmental Sustainability; Capital

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September 2023
Article

Stock Price Reactions to ESG News: The Role of ESG Ratings and Disagreement

By: George Serafeim and Aaron Yoon

We investigate whether ESG ratings predict future ESG news and the associated market reactions. We find that the consensus rating predicts future news, but its predictive ability diminishes for firms with large disagreement between raters. Relation between news and... View Details

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2017
Article

Making Transparency Transparent: The Evolution of Observation in Management Theory

By: Ethan Bernstein

Observation is key to management scholarship and practice. Yet a holistic view of its role in management has been elusive, in part due to shifting terminology. The current popularity of the term “transparency” provides the occasion for a thorough review, which finds... View Details

Article

Core Earnings: New Data and Evidence

By: Ethan Rouen, Eric C. So and Charles C.Y. Wang

Using a novel dataset, we show that components of firms' GAAP earnings stemming from ancillary business activities or transitory shocks are significant in frequency and magnitude. These components have grown over time and are dispersed across various sections of the... View Details

Keywords: Core Earnings; Transitory Earnings; Non-operating Earnings; Quantitative Disclosures; Equity Valuation; Big Data; Business Earnings; Financial Reporting; Valuation; Analytics and Data Science

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2022
Working Paper

ESG: Hyperboles and Reality

By: George Serafeim

ESG has rapidly become a household name leading to both confusion about what it means and creating unrealistic expectations about its effects. In this paper, I draw on more than a decade of research to dispel several myths about ESG and provide answers to important... View Details

Keywords: ESG; ESG (Environmental, Social, Governance) Performance; ESG Disclosure; ESG Reporting; ESG Ratings; Sustainability; Corporate Social Responsibility and Impact; Environmental Sustainability; Performance; Corporate Disclosure; Reports

February 2017 (Revised June 2017)
Case

ExxonMobil: Business as Usual? (A)

By: George Serafeim, Shiva Rajgopal and David Freiberg

Climate change was becoming an important societal and business issue as more governments were introducing climate change related regulations and investors became increasibly worried about stranded assets within oil and gas firms. In September 2016, the U.S. Securities... View Details

Keywords: Oil ＆ Gas; Oil Prices; Oil Companies; Asset Impairment; Predictive Analytics; Sustainability; Environmental Impact; Innovation; Disclosure; Accounting; Valuation; Climate Change; Renewable Energy; Environmental Sustainability; Financial Reporting; Energy Industry

February 2008
Article

Attracting Skeptical Buyers: Negotiating for Intellectual Property Rights

By: James J. Anton and Dennis A. Yao

Expropriable disclosures of knowledge to prospective buyers may be necessary to facilitate the sale of intellectual property (IP). In principle, confidentiality agreements can protect disclosures by granting the seller rights to sue for unauthorized use. In practice,... View Details

Keywords: Corporate Disclosure; Intellectual Property; Knowledge Sharing; Lawsuits and Litigation; Rights; Agreements and Arrangements; Competition

01 Jan 2014
News

Competing with Privacy

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