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1. Applying Machine Learning to Crowd-sourced Data from Earthquake Detective

Author

Ranadive, Omkar, van der Lee, Suzan, Tang, Vivian, and Chao, Kevin

Subjects
Physics - Geophysics, Computer Science - Machine Learning
Abstract

Dynamically triggered earthquakes and tremor generate two classes of weak seismic signals whose detection, identification, and authentication traditionally call for laborious analyses. Machine learning (ML) has grown in recent years to be a powerful efficiency-boosting tool in geophysical analyses, including the detection of specific signals in time series. However, detecting weak signals that are buried in noise challenges ML algorithms, in part because ubiquitous training data is not always available. Under these circumstances, ML can be as ineffective as human experts are inefficient. At this intersection of effectiveness and efficiency, we leverage a third tool that has grown in popularity over the past decade: Citizen science. Citizen science project Earthquake Detective leverages the eyes and ears of volunteers to detect and classify weak signals in seismograms from potentially dynamically triggered (PDT) events. Here, we present the Earthquake Detective data set - A crowd-sourced set of labels on PDT earthquakes and tremor. We apply Machine Learning to classify these PDT seismic events and explore the challenges faced in segregating and classifying such weak signals. We confirm that with an image- and wavelet-based algorithm, machine learning can detect signals from small earthquakes. In addition, we report that our ML algorithm can also detect signals from PDT tremor, which has not been previously demonstrated. The citizen science data set of classifications and ML code are available online., Comment: Updated version of the paper presented at AI for Earth Sciences Workshop, NeurIPS 2020

Published
2020

4. Lamellar ichthyosis in a female neonate without a collodion membrane

Author

Chao, Kevin, Aleshin, Maria, Goldstein, Zachary, Worswick, Scott, and Hogeling, Marcia

Subjects
ichthyosis, collodion, hyperkeratosis, genodermatosis, ABCA12
Abstract

The term, autosomal recessive congenital ichthyosis (ARCI), describes a group of rare genetic skin diseases of cornification involving hyperkeratotic scaling at birth. The defective skin barrier function may lead to dehydration, body temperature instability, and high susceptibility to infections. In most cases of ARCI, neonates are born with a collodion membrane covering the body, often presenting with ectropion and eclabium. We report a premature female neonate presenting with hyperkeratotic scaling at birth without a collodion membrane. She was managed with placement in a humidified isolette, prophylactic antibiotics, dilute bleach baths, petrolatum ointment, and artificial eye drops. By the fourth week of life, there was marked improvement in her skin with the large, brown, plate-like scales on the trunk and extremities becoming lighter in color and finer in appearance. The ichthyosis genetic panel showed mutations in the ABCA12 gene resulting in the lamellar ichthyosis phenotype of ARCI. Our literature review revealed at least 28 patients with ARCI who were not born as collodion babies. Although collodion babies are a hallmark of most ARCI cases, clinicians should be aware of neonates with ARCI born without a collodion membrane and expedite appropriate workup and treatment.

Published
2018

5. Mycoplasma-induced pustulosis with perifollicular involvement

Author

Chao, Kevin, Balin, Samuel, and Worswick, Scott

Subjects
Mycoplasma pneumoniae-induced rash and mucositis, MIRM, pustulosis
Abstract

Mycoplasma pneumoniae-induced rash and mucositis (MIRM) is a disease characterized by mucosal involvement with variable cutaneous manifestations induced by M. pneumoniae infection. Previously reported rash morphologies include vesiculobullous, targetoid, papular, macular, and morbilliform lesions. Pustulosis is a rare presentation of MIRM that has been described only once before in the literature to our knowledge. We report a case of a 13-year-old boy presenting with a pustular skin eruption induced by Mycoplasma infection. Ours’ is the second report of MIRM, to our knowledge, presenting with pustulosis and the first, to our knowledge, to first to describe the histopathologic finding of perifollicular neutrophilic infiltration in MIRM.

Published
2018

9. CDS Trading Initiation, Information Asymmetry, and Dividend Payout

Author

Chao Kevin Li, Jianxin Zhao, and Wayne R. Landsman

Subjects
Credit default swap, Information asymmetry, Free cash flow, Capital structure, Strategy and Management, Agency cost, Dividend payout ratio, Dividend, External financing, Monetary economics, Business, Management Science and Operations Research
Abstract

This study uses an information-asymmetry framework to examine the effect of initiation of credit default swaps (CDS) trading on firm dividend payout policy. We find evidence that CDS initiation is associated with increasing dividends, which is consistent with firms distributing excess free cash flow to mitigate exacerbated manager-equityholder agency conflicts resulting from reduced monitoring by banks following CDS initiation. Additional findings support this explanation by showing that the dividend increases are concentrated among borrowing firms with higher agency cost before CDS initiation, among firms whose lead arranger banks have a relatively less strong reputation in the loan-syndication market, and among firms whose loans are subject to less intense monitoring features—that is, less restrictive loan covenants—following CDS initiation. Additional analyses also suggest that inferences are robust to controlling for the potential effects of CDS initiation on capital structure. This paper was accepted by Brain Bushee, accounting. Funding: Financial support from the Goizueta Business School, the Kenan-Flagler Business School, and the Business School UNSW Sydney is gratefully acknowledged. Supplemental Material: The data and internet appendix are available at https://doi.org/10.1287/mnsc.2022.4337 .

Published
2023

19. Hierarchy and Performance of Analyst Teams

Author

Chao Kevin Li, Wen He, and Andrew B. Jackson

Subjects
Economics and Econometrics, Knowledge management, Team Structure, media_common.quotation_subject, Control (management), Optimism bias, Economics, Econometrics and Finance (miscellaneous), Accounting, Affect (psychology), Power (social and political), 0502 economics and business, Business and International Management, media_common, Hierarchy, Teamwork, 050208 finance, ComputingMilieux_THECOMPUTINGPROFESSION, Earnings, Group (mathematics), business.industry, 05 social sciences, 050201 accounting, Large sample, Business, Management and Accounting (miscellaneous), Business, Psychology, Finance
Abstract

We examine the effect of hierarchy on analyst teams’ performance using a large sample of financial analysts from China. Hierarchy, defined as the disparity in power or status within a group, which we operationalise as the difference in experience between the senior and junior analyst in a team, is an important aspect of team structure that could affect team performance. We find that analyst teams with a hierarchy outperform flat teams (teams without a clear hierarchy). Specifically, hierarchical teams issue forecasts with higher accuracy, less optimism bias, less co-movement with the consensus, and stronger investor reactions. The results remain robust after we control for a number of firm and analyst characteristics and fixed effects. Further analysis shows that working in a hierarchical team helps junior analysts improve their individual forecasts for other firms, and senior analysts also benefit from working with junior analysts in hierarchical teams. Our results provide important insights into understanding the effect of team structure on the performance of analyst teams who issue majority of earnings forecasts.

Published
2020

22. The effects of a comply-or-explain dividend regulation in China

Author

Chao Kevin Li and Wen He

Subjects
Economics and Econometrics, 050208 finance, Earnings, Strategy and Management, media_common.quotation_subject, 05 social sciences, Dividend payout ratio, Monetary economics, State ownership, Corporate finance, Stock exchange, Debt, 0502 economics and business, Dividend, Comply or explain, Business, Business and International Management, 050203 business & management, Finance, media_common
Abstract

We examine the effects of the world's first comply-or-explain dividend regulation in China's Shanghai Stock Exchange, which requires firms to either pay at least 30% of profits as dividends or explain the use of funds. We find that many firms increased their payout ratio to comply, by increasing dividends or decreasing earnings. Firms with high profitability, state ownership, and fewer agency conflicts were more likely to comply. However, complying firms subsequently issued more debt and had a decline in accounting performance and firm valuation. The evidence suggests that the comply-or-explain regulation increased firms' dividends at substantial costs.

Published
2018

28. TAIWANESE NATIONAL IDENTITY, CROSS-STRAIT ECONOMIC RELATIONS, AND THE THREAT OF THE PEOPLE'S LIBERATION ARMY: EXAMINING TAIWAN'S RELATIONS WITH MAINLAND CHINA SINCE 2000

Author

Chao, Kevin, Meyskens, Covell F., Twomey, Christopher P., and National Security Affairs (NSA)

Subjects
Cross-strait Services Trade Agreement, China, National Defense, One Country Two Systems, People's Republic of China, Tsai Ing-wen, International Relations, Taiwan, Nationalist Party, Economy, National Identity, Chen Shui-bien, Democratic Progressive Party, 1992 Consensus, Economic Cooperation Framework Agreement, National Chung-Shan Institute of Science and Technology, National Security, One China Respective Interpretation, Ma Ying-jeou, Kuomintang, Republic of China, Cross-Strait Relations
Abstract

This thesis examines the impacts of national identity, cross-strait economic relations, and the security threat of the People's Liberation Army (PLA) on Taiwan's relationship with mainland China since 2000. Analyzing primary sources and academic analyses on both the Kuomintang (KMT) and the Democratic Progressive Party (DPP) administrations, this thesis argues that Taiwan's national identity has moderated its political elites to implement policies that would otherwise excessively challenge Taiwan's de facto sovereignty status. From an economic standpoint, Taiwan has shown to consistently establish close economic ties with the mainland to bolster its prospects in the global market. On the role of national security, the island has steadily refined its defense strategy and invested in its military to contest the expanding security threat from the PLA. In observation of these findings, this thesis predicts that in the near term, Taiwan's two main opposing political parties, the KMT and the DPP, will both increasingly adopt a centrist view toward its mainland policies, asserting its de facto sovereignty status and continuing to resist the mainland's pressure for unification. Based on past trends, Taiwan will likely continue to maintain its economic ties with the mainland and remain committed to its national defense in order to deter and defend against the PLA. Major, United States Air Force Approved for public release. distribution is unlimited

Published
2020

29. Contributors

Author

Aarabi, Bizhan, primary, Abbott, Rick, additional, Abdulrauf, Saleem I., additional, Acosta, Frank L., additional, Adler, John R., additional, Agazaryan, Nzhde, additional, Aghi, Manish, additional, Ahn, Edward S., additional, Alaraj, Ali, additional, Albert, Gregory W., additional, Albright, Leland, additional, Albuquerque, Felipe C., additional, Alden, Tord D., additional, Alexander, Michael J., additional, Alexandrov, Andrei V., additional, Al-Mefty, Ossama, additional, Alterman, Ron L., additional, Álvarez, Lázaro, additional, Amankulor, Nduka M., additional, Amenta, Peter S., additional, Ames, Christopher P., additional, Amin-Hanjani, Sepideh, additional, Ammirati, Mario, additional, Anderson, Carryn, additional, Anderson, Richard C.E., additional, Anderson, William S., additional, Angevine, Peter D., additional, Arif, Hiba, additional, Arle, Jeffrey E., additional, Armonda, Rocco, additional, Arnold, Paul M., additional, Asadi-Moghaddam, Kaveh, additional, Asghar, Ferhan A., additional, Ashley, William W., additional, Aydin, Sabri, additional, Aygun, Nafi, additional, Baehring, Joachim M., additional, Bagley, Jacob H., additional, Bahgat, Diaa, additional, Bailes, Julian E., additional, Ball, Jonathon R., additional, Baltuch, Gordon H., additional, Bambakidis, Nicholas C., additional, Baraban, Scott C., additional, Barani, Igor J., additional, Barbaro, Nicholas M., additional, Barker, Frederick G., additional, Barnett, Gene H., additional, Barnwell, Stanley L., additional, Barone, Constance M., additional, Barrow, Daniel L., additional, Bartolomei, Fabrice, additional, Bartolomei, Juan, additional, Batchelor, Tracy T., additional, Batjer, H. Hunt, additional, Bauer, Andrew M., additional, Bauman, Joel A., additional, Baumann, Thomas K., additional, Baumgartner, James E., additional, Bayouth, John, additional, Beaumont, Andrew, additional, Bederson, Joshua B., additional, Beisse, Rudolf, additional, Bell, Randy S., additional, Belzberg, Allan, additional, Benabid, Alim Louis, additional, Benarroch, Eduardo E., additional, Benazzouz, Abdelhamid, additional, Bendok, Bernard R., additional, Benzel, Edward C., additional, Berenstein, Alejandro, additional, Berger, Mitchel S., additional, Bergsneider, Marvin, additional, Bertalanffy, Helmut, additional, Bhalla, Tarun, additional, Bidros, Dani S., additional, Biller, José, additional, Bilsky, Mark H., additional, Binder, Devin K., additional, Bingaman, William, additional, Birch, Rolfe, additional, Bishop, Allen T., additional, Black, Peter M., additional, Blount, Jeffrey P., additional, Blumbergs, Peter C., additional, Bohman, Leif-Erik, additional, Boomsaad, Zackary E., additional, Boop, Frederick A., additional, Bou-Haidar, Pascal, additional, Boué, Daniel R., additional, Bourgeois, Blaise F.D., additional, Bowman, Robin M., additional, Bozinov, Oliver, additional, Bramlett, Helen M., additional, Brem, Henry, additional, Brem, Steven, additional, Britz, Gavin W., additional, Brockmeyer, Douglas L., additional, Brooks, David J., additional, Browd, Samuel R., additional, Brown, Paul D., additional, Brown, Robert D., additional, Bruce, Jeffrey N., additional, Brunstrom-Hernandez, Janice E., additional, Buatti, John, additional, Bullock, M. Ross, additional, Burchiel, Kim J., additional, Burger, Peter C., additional, Bussière, Marc R., additional, Bydon, Mohamad, additional, Byrne, Richard W., additional, Calcagnotto, Maria Elisa, additional, Campbell, Victoria A., additional, Campbell, William, additional, Cannon, George M., additional, Caragine, Louis P., additional, Carson, Benjamin S., additional, Cascino, Gregory D., additional, Cascio, Ethan, additional, Castinetti, Frédéric, additional, Cawley, C. Michael, additional, Cetas, Justin S., additional, Chabardès, Stéphan, additional, Chang, Edward F., additional, Chang, Eric C., additional, Chang, Eric L., additional, Chang, Steven D., additional, Chang, Steven W., additional, Chang, Susan M., additional, Chao, Kevin, additional, Chapman, Paul H., additional, Charbel, Fady T., additional, Chauvel, Patrick, additional, Chen, Grace, additional, Cheng, Boyle C., additional, Cheng, Joseph S., additional, Chern, Joshua J., additional, Chiocca, E. Antonio, additional, Choutka, Ondrej, additional, Chowdhry, Shakeel A., additional, Christian, Cindy W., additional, Chuang, Kathy, additional, Claassen, Jan, additional, Clatterbuck, Richard E., additional, Claus, Elizabeth B., additional, Cleary, Daniel R., additional, Coffey, Robert J., additional, Cohen, Alan R., additional, Cole, Andrew J., additional, Connolly, E. Sander, additional, Connolly, Patrick J., additional, Copay, Anne G., additional, Coppens, Jeroen R., additional, Corbett, James J., additional, Corcos, Daniel M., additional, Coric, Domagoj, additional, Cosgrove, Garth Rees, additional, Couldwell, William T., additional, Craig, Stirling, additional, Crawford, Neil R., additional, Crino, Peter B., additional, Crowley, R. Webster, additional, Curt, Bradford A., additional, Czosnyka, Marek, additional, Czosnyka, Zofia, additional, Dadashev, Vladimir Y., additional, Dailey, Andrew T., additional, Danan, Deepa, additional, Danish, Shabbar F., additional, Dashti, Shervin R., additional, David, Carlos A., additional, David, David J., additional, Day, Arthur L., additional, De Salles, Antonio A.F., additional, Dehdashti, Amir R., additional, Del Brutto, Oscar H., additional, Delashaw, Johnny B., additional, Delman, Bradley, additional, DeLong, Mahlon R., additional, DeMonte, Franco, additional, Dhall, Sanjay S., additional, Dias, Mark S., additional, Dickman, Curtis A., additional, Dietrich, W. Dalton, additional, DiLuna, Michael L., additional, Di Meco, Francesco, additional, Dirks, Peter, additional, Dixon, C. Edward, additional, Donoghue, Jacob A., additional, Dorward, Ian G., additional, Doshi, Amish H., additional, Drake, James, additional, Drzymalski, Dan, additional, Du, Rose, additional, Ducruet, Andrew, additional, Duhaime, Ann-Christine, additional, Dumont, Aaron S., additional, Duntsch, Christopher D., additional, Dusick, Joshua R., additional, Dyve, Suzan, additional, Eberwine, James, additional, Eboli, Paula, additional, Ecker, Robert D., additional, Edwards, Richard J., additional, Eichler, Marc E., additional, Engel, Doortje C., additional, Epstein, Nancy E., additional, Ewend, Matthew G., additional, Farhat, Hamad, additional, Farrell, Christopher J., additional, Fehlings, Michael G., additional, Feiz-Erfan, Iman, additional, Feldstein, Neil A., additional, Fessler, Richard G., additional, Figueroa, Juan J., additional, Filler, Aaron G., additional, Findlay, J. Max, additional, Finn, Michael A., additional, Fiorella, David J., additional, Fisher, James L., additional, Fisher, Robert S., additional, Flamm, Eugene S., additional, Fleck, James D., additional, Flemming, Kelly D., additional, Flickinger, John C., additional, Flores-Sarnat, Laura, additional, Follett, Kenneth A., additional, Foote, Kelly D., additional, Fourney, Daryl R., additional, Fraix, Valerie, additional, Frazier, James L., additional, Fried, Itzhak, additional, Friedman, Allan H., additional, Friedman, William A., additional, Friehs, Gerhard M., additional, Fry, Donald E., additional, Fuller, Gregory N., additional, Garcia, Hector H., additional, Gardner, Paul A., additional, Garrett, Mark, additional, Garton, Hugh, additional, Gavin, Cormac G., additional, Gean, Alisa D., additional, Gennarelli, Thomas A., additional, Gerganov, Venelin, additional, Germanwala, Anand V., additional, Gerosa, Massimo, additional, Gerstner, Elizabeth R., additional, Gerszten, Peter C., additional, Ghatan, Saadi, additional, Ghostine, Samer, additional, Giannotta, Steven, additional, Gigante, Paul R., additional, Gilliam, Frank, additional, Gilmer-Hill, Holly, additional, Gjedde, Albert, additional, Glick, Roberta P., additional, Gokaslan, Ziya L., additional, Gologorsky, Yakov, additional, Golshani, Kiarash, additional, Gonzalez, Nestor R., additional, Goodrich, James Tait, additional, Gordon, Tessa, additional, Gorgulho, Alessandra A., additional, Goumnerova, Liliana C., additional, Grady, M. Sean, additional, Grafman, Jordan, additional, Grand, Sylvie, additional, Grant, Gerald A., additional, Graziano, Gregory P., additional, Greenberg, Benjamin, additional, Guest, James, additional, Guha, Abhijit, additional, Günel, Murat, additional, Gupta, Gaurav, additional, Gupta, Nalin, additional, Guridi, Jorge, additional, Guthrie, Barton L., additional, Haddad, Georges F., additional, Haglund, Michael M., additional, Haid, Regis W., additional, Haines, Stephen J., additional, Hamani, Clement, additional, Hamilton, Bronwyn E., additional, Hamilton, D. Kojo, additional, Hankinson, Todd C., additional, Happel, Leo T., additional, Haq, Ihtsham Ul, additional, Haque, Raqeeb, additional, Harbaugh, Robert E., additional, Harraher, Ciara D., additional, Harris, Leo, additional, Harrop, James S., additional, Hassaneen, Wael, additional, Hawkins, Cynthia, additional, Hawryluk, Gregory W.J., additional, Haynes, Neal G., additional, Heary, Robert F., additional, Heimberger, Amy B., additional, Heinricher, Mary M., additional, Hemmen, Thomas M., additional, Henderson, Jaimie M., additional, Heros, Roberto C., additional, Herrup, Karl, additional, Hervey-Jumper, Shawn L., additional, Heuer, Gregory G., additional, Hirsch, Lawrence J., additional, Hirschl, Robert, additional, Hoh, Brian L., additional, Hoh, Daniel J., additional, Holland, Eric C., additional, Holtzheimer, Paul E., additional, Hopkins, L. Nelson, additional, Horner, Philip J., additional, Hovda, David A., additional, Howard, Matthew A., additional, Hsieh, Patrick, additional, Hu, Yin C., additional, Hua, Sherwin E., additional, Huang, Jason H., additional, Huang, Judy, additional, Hughes, Samuel A., additional, Huisman, Thierry A.G.M., additional, Hunt, Matthew A., additional, Hurlbert, R. John, additional, Hurst, Robert W., additional, Huttner, Anita, additional, Hwang, Steven W., additional, Isaias, Ioannis U., additional, Iskandar, Bermans J., additional, Jacob, Arun, additional, Jaeckle, Kurt A., additional, Jagannathan, Jay, additional, Jakacki, Regina I., additional, Jallo, George I., additional, Jane, John A., additional, Janicki, Ryan, additional, Janigro, Damir, additional, Jeelani, N u Owase, additional, Jellinger, Kurt A., additional, Jenkins, Arthur L., additional, Jernigan, Sarah, additional, Jimenez, David F., additional, Johanson, Conrad E., additional, Johnson, J. Patrick, additional, Johnson, Matthew D., additional, Jones, G. Alexander, additional, Jutla, Rajni K., additional, Kainth, Koijan Singh, additional, Kaiser, Michael G., additional, Kakarla, U. Kumar, additional, Kalfas, Iain H., additional, Kalnins, Aleksandrs Uldis, additional, Kano, Hideyuki, additional, Kanpolat, Yucel, additional, Kanter, Adam S., additional, Karimi, Reza J., additional, Kassam, Amin B., additional, Kaufman, Bruce A., additional, Kaufman, Christian B., additional, Kawasaki, Hiroto, additional, Kelley, Brian C., additional, Kellner, Christopher P., additional, Keong, Nicole C., additional, Kestle, John R.W., additional, Khalessi, Alexander A., additional, Khan, Nadia, additional, Khurana, Vini G., additional, Kim, Daniel H., additional, Kim, Dong Gyu, additional, Kim, Dong H., additional, Kim, Jong Hyun, additional, Kim, Louis J., additional, Kim, Paul K., additional, Kim, Thomas Aquinas, additional, Kim, Won, additional, King, James A.J., additional, Kitagawa, Ryan S., additional, Kitchen, Neil D., additional, Klimo, Paul, additional, Kline, David G., additional, Kobayashi, Kazutaka, additional, Kochanek, Patrick M., additional, Kondziolka, Douglas, additional, Kongkham, Paul N., additional, Koski, Tyler R., additional, Kosztowski, Thomas, additional, Krack, Paul, additional, Krauss, Joachim K., additional, Kraut, Michael A., additional, Krayenbühl, Niklaus, additional, Kretschmer, Thomas, additional, Krishnaney, Ajit, additional, Kuntz, Charles, additional, Kuo, Jeffrey V., additional, Kwon, Brian K., additional, Laack, Nadia N. Issa, additional, Lad, Shivanand P., additional, Ladha, Alim M., additional, Ladouceur, Amos K., additional, Lam, Arthur M., additional, Lang, Frederick F., additional, Lanzino, Giuseppe, additional, Lavine, Sean D., additional, Laws, Edward R., additional, Lawton, Michael T., additional, Laxton, Adrian W., additional, Le, Tuong H., additional, LeBas, Jean François, additional, Lebed, Brett D., additional, Lebow, Richard L., additional, Lee, Amy, additional, Lee, Ian, additional, Lee, Seon-Kyu, additional, Lehmann, Emily, additional, Leiphart, James W., additional, Lekovic, Gregory P., additional, Lenz, Frederick A., additional, Leonard, Jeffrey R., additional, LeRoux, Peter D., additional, Lévêque, Marc, additional, Levi, Allan D., additional, Levy, Elad I., additional, Liau, Linda M., additional, Liauw, Jason, additional, Lichtenbaum, Roger, additional, Lichtor, Terry, additional, Limbrick, David D., additional, Lingsma, Hester, additional, Link, Michael J., additional, Linskey, Mark E., additional, Litt, Brian, additional, Litvack, Zachary N., additional, Liu, James K.C., additional, Liu, Kenneth C., additional, Loeffler, Jay S., additional, Loftus, Christopher M., additional, Lonser, Russell R., additional, Louvi, Angeliki, additional, Lozano, Andres M., additional, Lu, Daniel C., additional, Lukas, Rimas V., additional, Lunsford, L. Dade, additional, Luther, Neal, additional, Lylyk, Pedro, additional, Maas, Andrew I.R., additional, Macdonald, R. Loch, additional, Machado, Andre, additional, Macias, Raul, additional, Maciunas, Robert J., additional, Maddux, Brian N., additional, Magistretti, Pierre, additional, Malessy, Martijn J.A., additional, Malhotra, Neil R., additional, Malone, Donald A., additional, Mamelak, Adam N., additional, Mandigo, Christopher E., additional, Mangano, Francesco T., additional, Maniker, Allen H., additional, Manley, Geoffrey T., additional, Marchac, Daniel, additional, Marmarou, Anthony, additional, Maroon, Joseph C., additional, Marshall, Lawrence F., additional, Martin, Neil A., additional, Martin, Timothy J., additional, Mason, Alexander M., additional, Mathews, Marlon S., additional, Mayberg, Helen S., additional, McAllister, James P., additional, McComb, J. Gordon, additional, McCormick, Paul C., additional, McCutcheon, Ian E., additional, McDermott, Michael W., additional, McDougall, Cameron G., additional, McGehee, Matthew, additional, McIntyre, Cameron C., additional, McKhann, Guy M., additional, McKisic, M. Sean, additional, Meaney, David F., additional, Mehta, Minesh P., additional, Mehta, Vivek, additional, Melega, William P., additional, Menezes, Arnold H., additional, Mertens, Patrick, additional, Meyer, Fredric B., additional, Meyer, Scott A., additional, Meyers, Philip M., additional, Michaelides, Costas, additional, Michaud, Karine, additional, Midha, Rajiv, additional, Miele, Vincent J., additional, Miller, Jonathan, additional, Miller, Matthew L., additional, Miller, Neil R., additional, Mitrofanis, John, additional, Miyashiro, Kevin Y., additional, Mocco, J., additional, Modic, Michael T., additional, Moftakhar, Parham, additional, Mohan, Avinash, additional, Monteith, Stephen J., additional, Morcos, Jacques J., additional, Morgan, Michael, additional, Morris, David E., additional, Moss, S. David, additional, Muizelaar, J. Paul, additional, Mukhida, Karim, additional, Mummaneni, Praveen V., additional, Murad, Gregory J.A., additional, Muraszko, Karin, additional, Mussi, Antônio C.M., additional, Najm, Imad, additional, Nakaji, Peter, additional, Narayanan, Sandra, additional, Newell, David W., additional, Nicholas, M. Kelly, additional, Niimi, Yasunari, additional, Nimjee, Shahid M., additional, Niranjan, Ajay, additional, North, Richard B., additional, Novotny, Josef, additional, Nurmikko, Turo, additional, Nutt, Samuel E., additional, Oakes, W. Jerry, additional, Obeso, José A., additional, Ogden, Alfred T., additional, Ogieglo, Lissa, additional, Ogilvy, Christopher S., additional, Okonkwo, David O., additional, Okun, Michael S., additional, Oldfield, Edward H., additional, Olivi, Alessandro, additional, Olvey, Stephen E., additional, Omahen, David, additional, O'Neill, Brent, additional, Oskouian, Rod J., additional, Owen, Robert, additional, Özduman, Koray, additional, Ozturk, Ali Kemal, additional, Pamir, M. Necmettin, additional, Pang, Dachling, additional, Pardini, Jamie, additional, Parent, Andrew D., additional, Park, T.S., additional, Partington, Michael D., additional, Patel, Aman B., additional, Patil, Parag G., additional, Pavese, Nicola, additional, Penn, Richard D., additional, Perin, Noel I., additional, Persing, John A., additional, Petersen, Erika A., additional, Petraglia, Anthony L., additional, Piallat, Brigitte, additional, Piatt, Joseph H., additional, Pickard, John D., additional, Piepmeier, Joseph M., additional, Pilcher, Webster H., additional, Pineda, José, additional, Pinter, Joseph D., additional, Pisculli, Mary L., additional, Pittman, Thomas, additional, Pollack, Ian F., additional, Pollak, Pierre, additional, Pollock, Bruce E., additional, Ponce, Francisco A., additional, Porter, Alyx B., additional, Porter, Randall W., additional, Post, Kalmon D., additional, Powers, Alexander K., additional, Proctor, Mark R., additional, Prost, Robert W., additional, Pugh, Jeffrey, additional, Quiñones-Hinojosa, Alfredo, additional, Raffel, Corey, additional, Rajpal, Sharad, additional, Rangel-Castilla, Leonardo, additional, Rao, Ganesh, additional, Raslan, Ahmed, additional, Rasmussen, Peter A., additional, Ray, Dibyendu K., additional, Raza, Shaan M., additional, Reames, Davis L., additional, Reddy, Chandan G., additional, Redmond, Andy J., additional, Régis, Jean, additional, Reilly, Peter L., additional, Renier, Dominique, additional, Resnick, Daniel K., additional, Reynolds, Renee, additional, Rezai, Ali R., additional, Rhines, Laurence D., additional, Rhoton, Albert L., additional, Ribalta, Teresa, additional, Richardson, R. Mark, additional, Rigamonti, Daniele, additional, Riggins, Gregory J., additional, Riva-Cambrin, Jay, additional, Rizzo, Paolo, additional, Roberts, David W., additional, Robertson, Claudia, additional, Robinson, Lawrence, additional, Robinson, Shenandoah, additional, Roche, Pierre-Hugues, additional, Rockoff, Mark A., additional, Rodts, Gerald E., additional, Romanelli, Pantaleo, additional, Rosenblum, Mark L., additional, Rosenow, Joshua M., additional, Rosner, Michael K., additional, Rovner, Eric S., additional, Runge-Samuelson, Christina L., additional, Russell, Stephen M., additional, Rutka, James T., additional, Sagher, Oren, additional, St. Clair, Eric G., additional, Samii, Madjid, additional, Sampath, Prakash, additional, Samudrala, Srinath, additional, Sanai, Nader, additional, Sanford, Robert A., additional, Santiago, Paul, additional, Santiago-Sim, Teresa, additional, Sarnat, Harvey B., additional, Sawaya, Raymond, additional, Scheld, W. Michael, additional, Shirzadi, Wouter I., additional, Schiff, Nicholas D., additional, Schirmer, Clemens M., additional, Schlesinger, David, additional, Schmidt, Meic H., additional, Schouten, Joost W., additional, Schramm, Johannes, additional, Schuler, Thomas C., additional, Schuster, James M., additional, Schwartz, Theodore H., additional, Schwartzbaum, Judith A., additional, Schweder, Patrick M., additional, Scott, R. Michael, additional, Seigneuret, Eric, additional, Selden, Nathan R., additional, Selman, Warren R., additional, Shaffrey, Christopher I., additional, Shah, Manish N., additional, Shahlaie, Kiarash, additional, Shapiro, William R., additional, Sharma, Deepak, additional, Sheehan, Jason P., additional, Sheehan, Jonas M., additional, Sherma, Arun K., additional, Shiflett, James M., additional, Shih, Helen A., additional, Shils, Jay L., additional, Shin, Alexander Y., additional, Shirzadi, Ali, additional, Siddiqui, Adnan H., additional, Sindou, Marc, additional, Slavin, Konstantin V., additional, Smith, Edward R., additional, Smith, Justin S., additional, Smith, Yoland, additional, Smyth, Matthew D., additional, Sneed, Penny K., additional, Snyder, Brian J., additional, Snyder, Kenneth V., additional, Solomon, Robert A., additional, Sonntag, Volker K.H., additional, Sørensen, Leif, additional, Soriano, Sulpicio G., additional, Souweidane, Mark M., additional, Spears, Julian, additional, Spencer, David, additional, Spencer, Dennis D., additional, Spetzler, Robert F., additional, Spinner, Robert J., additional, Stacey, Brett R., additional, Stacey, William C., additional, Starke, Robert M., additional, Starr, Philip A., additional, Steinberg, Gary K., additional, Stephens, Frederick L., additional, Stern, Barney J., additional, Stevenson, Charles B., additional, Stiner, Eric, additional, Stone, Scellig, additional, Stroud, Nicole L., additional, Stuart, Robert Morgan, additional, Subach, Brian R., additional, Sugrue, Patrick A., additional, Suki, Dima, additional, Sulaiman, Wale A.R., additional, Surdell, Daniel L., additional, Sutherling, William W., additional, Sutton, Leslie N., additional, Syed, Omar N., additional, Tagliati, Michele, additional, Takagi, Yasushi, additional, Tamargo, Rafael J., additional, Tan, Caroline C., additional, Tandon, Nitin, additional, Tatagiba, Marcos, additional, Taylor, Michael D., additional, Telian, Steven A., additional, Teo, Charles, additional, Tessier, Jeffrey M., additional, Than, Khoi D., additional, Thapar, Kamal, additional, Theodore, Nicholas, additional, Thompson, B. Gregory, additional, Tiel,, Robert, additional, Tihan, Tarik, additional, Tilton, Ann, additional, Timmons, Shelly D., additional, Toledo, Maria, additional, Tomita, Tadanori, additional, Tomycz, Nestor D., additional, Torres, Napoleon, additional, Toussaint, Charles P., additional, Trapp, Bruce D., additional, Traynelis, Vincent C., additional, Tubbs, R. Shane, additional, Tumialán, Luis M., additional, Tunkel, Allan R., additional, Umemura, Atsushi, additional, Vaccaro, Alexander R., additional, van Besien, Koen, additional, Vitek, Jerrold L., additional, Vives, Kenneth P., additional, Vogel, Timothy W., additional, Vogelbaum, Michael A., additional, Vollmer, Dennis G., additional, Von Allmen, Gretchen K., additional, von Eckardstein, Kajetan L., additional, Wackym, P. Ashley, additional, Wainwright, Mark, additional, Waldau, Ben, additional, Walker, Marion L., additional, Wallace, M. Christopher, additional, Walsh, Brian, additional, Wang, Huan, additional, Wang, Michael Y., additional, Wang, Vincent Y., additional, Warnick, Ronald E., additional, Webb, Sharon, additional, Weigel, Ralf, additional, Weil, Robert J., additional, Weingart, Jon D., additional, Weir, Bryce, additional, Weiss, Martin, additional, Weiss, Nirit, additional, Welch, William C., additional, Wellons, John C., additional, Wen, Hung Tzu, additional, Wess, Christian, additional, West, G. Alexander, additional, Wetjen, Nicholas M., additional, Whitmore, Robert G., additional, Whitworth, Louis A., additional, Wichmann, Thomas, additional, Wiemels, Joseph L., additional, Wijdicks, Eelco F.M., additional, Wilberger, Adam C., additional, Wilberger, Jack, additional, Wildrick, David M., additional, Wilson, Jason, additional, Winfree, Christopher J., additional, Winn, H. Richard, additional, Wolfla, Christopher, additional, Wong, Eric T., additional, Wormald, Peter J., additional, Wrensch, Margaret, additional, Wright, Neill M., additional, Wright, Zachary, additional, Yam, David, additional, Yamada, Shinya, additional, Yamada, Yoshiya, additional, Yang, Isaac, additional, Yang, Victor X.D., additional, Yao, Tom, additional, Yen, Chun-Po, additional, Yeoh, H. Kwang, additional, Yonekawa, Yasuhiro, additional, Yoo, Alice, additional, Yousem, David M., additional, Yuen, Eric C., additional, Zabramski, Joseph M., additional, Zacest, Andrew C., additional, Zacko, J. Christopher, additional, Zada, Gabriel, additional, Zafonte, Ross, additional, Zager, Eric L., additional, Zaidi, Hasan A., additional, Zarzour, Hekmat, additional, Zerris, Vasilios A., additional, Zivin, Justin A., additional, Zovickian, John G., additional, Zubkov, Alexander Y., additional, and Zwienenberg-Lee, Marike, additional

Published
2011
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41. Market response to expected regulatory costs related to haze

Author

Naomi S. Soderstrom, Jin-hui Luo, and Chao Kevin Li

Subjects
040101 forestry, Government, Sociology and Political Science, business.industry, 05 social sciences, Control (management), Accounting, 050201 accounting, 04 agricultural and veterinary sciences, Industrialisation, Beijing, Urbanization, 0502 economics and business, Economics, 0401 agriculture, forestry, and fisheries, Corporate social responsibility, business, Market value, Air quality index, health care economics and organizations
Abstract

One of the consequences of rapid industrialization and urbanization of China has been a significant increase in air pollution, frequently at levels that are hazardous to health. On 2 December 2013, pollution reached new levels, with the air quality index crossing the threshold from “very unhealthy” into “hazardous”. We take this exogenous event, along with related increases in outrage and governmental attention, as an opportunity to explore market valuation of expected regulatory costs. Contrary to research indicating government protection of state-owned enterprises (SOEs) (e.g., Berkman et al., 2010), we find evidence supporting market expectations of larger haze-related regulatory costs for SOEs versus non-state-owned enterprises (NSOEs). We also find evidence that the market initially expected firms that provide corporate social responsibility (CSR) reports and firms in high polluting industries would be relatively shielded from higher regulatory costs. However, this changed following increased outrage and government attention to haze, with resulting larger expected regulatory costs. Our evidence is also consistent with initial market expectation that firms located closer to Beijing would be shielded, but this expectation changed over time. Overall, expected regulatory costs appear to have increased over time, reducing the market valuation of SOEs, CSR reporters, and firms in polluting industries over the longer term. Increased occurrence of haze events in other countries (e.g., more recent events in India, Indonesia) will likely result in similar expected increases in regulatory costs. Further, our study underscores the existence of material impacts on firms related to environmental events that are beyond firms’ control.

Published
2017

42. Specifying Dividend Provisions in Response to Dividend Regulation: Evidence from China.

Author

Jia, Qian, Li, Chao Kevin, and Si, Yi

Subjects
DIVIDENDS, AGENCY costs, DIVIDEND policy
Abstract

By exploring a unique setting wherein all Chinese listed firms were mandated to specify dividend provisions, we find such dividend regulation generates costs to firms. In particular, low agency cost firms tend to strengthen their dividend provisions. Firms strengthening dividend provisions raise more equity than other firms, at least in a subsample with high dependence on equity. These firms incur higher costs than other firms when issuing equity. All these findings highlight the regulatory cost imposed by dividend regulation. In addition, investors downward revise their valuation of earnings if a firm misses its dividend provision, maintaining the observed separating equilibrium. [ABSTRACT FROM AUTHOR]

Published
2021
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43. Goodwill and Stock Price Crash Risk: An International Study

Author

Jeong-Bon Kim, Chao Kevin Li, Wen He, and Yi Si

Subjects
Incentive, Amortization (business), Goodwill, Crash risk, Crash, Monetary economics, Audit, Business, Enforcement, Stock price
Abstract

Using data from 43 markets around the world, we document that firms with larger goodwill balances have a higher stock price crash risk in future years. The positive association between goodwill balances and future crash risk is stronger for firms with weaker incentives to provide transparent disclosure, in markets with poorer investor protection or weaker accounting and auditing enforcement, and after periodic goodwill amortization was replaced by fair-value- based goodwill impairment. Further evidence suggests that goodwill balances are positively related to a measure of bad news withholding. Overall, the results are consistent with the view that managers have greater tendency to withhold negative information about goodwill and delay the release of information about the economic impairments of goodwill, thereby leading to increasing the likelihood of stock price crash occurrences in the future.

Published
2019

44. List of Contributors

Author

Abdullah, Anthony, Abel, Mary Kathryn, Abudu, Boya, Abu-Hilal, Mohannad, Al Hammadi, Anwar, Al Awadhi, Ameen, Alexis, Andrew F., Aljefri, Khadija, Al-Kutubi, Huda, Almazan, Timothy H., Almohssen, Amer Ali, Alpsoy, Erkan, Ameen, Mahreen, Anderson, Bryan E., Anshelevich, Ellen, Bacik, Lindsay C., Baker, Donald J., Banach, David, Banfield, Cedric C., Baran, Robert, Barankin, Benjamin, Barkham, Melissa C., Bauer, Johann W., Begun, Zoe, Bell, Michael A., Benton, Emma, Bergfeld, Wilma F., Berman, Brian, Berth-Jones, John, Bhate, Chinmoy, Bhatia, Bhavnit K., Bilgiç, Asli, Bitterman, Avi, Black, Samantha, Blume, Jonathan E., Bohelay, Gérôme, Bordet, Nevianna, Brodell, Robert T., Brown, Marc D., Brownstone, Nicholas D., Burdick, Anne E., Butala, Niraj, Callen, Jeffrey P., Camacho, Ivan D., Camasmie, Helena, Caplivski, Daniel, Cappell, Mitchell S., Casey, Genevieve A., Caux, Frédéric, Chan, Cynthia X., Chan, Lawrence S., Chan, Loi-Yuen, Chan, Stephanie, Chao, Kevin Young, Chen, Jennifer K., Child, Fiona J., Choate, Keith, Chosidow, Olivier, Chousakos, Emmanouil, Chuh, Antonio A.T., Cices, Ahuva, Cobos, Gabriela A., Cohen, Steven R., Collier, Nicholas, Cooper, Elizabeth A., Coulson, Ian H., Cowen, Edward W., Craiglow, Brittany, Cruz, Ponciano D., Jr., Cummins, Donna, Cusack, Carrie Ann R., Daniel, Benjamin S., Daunton, Adam R.A., Davis, Mark D.P., Dawe, Robert S., D’Cruz, David P., de Berker, David, de Brito, Marianne, De Maeseneer, Hannelore, de Moll, Ellen H., Decker, Ashley, DeHoratius, Danielle M., Del Rosso, James Q., Desai, Seemal R., Dhawan, Gaurav K., DiGiovanna, John J., Dodiuk-Gad, Roni P., Duffy, Robert F., Dummer, Reinhard, Dunn, Annie, Duong, Tu-Anh, Dutz, Jan P., Eichenfield, Dawn Z., Eichenfield, Lawrence F., Eisen, Drore, Elman, Scott A., Elston, Dirk M., Elyoussfi, Sarah, Emanuel, Patrick O.M., Enos, Clinton W., Noliza Encarnacion, Maria Rosa, Epstein, Ervin H., Jr., Farberg, Aaron S., Farrugia, Michael E., Fassihi, Hiva, Fawaz, Bilal, Feigenbaum, Lawrence S., Felmingham, Claire, Femia, Alisa, Fenner, Justine, Ferguson, Felicity, Fett, Nicole, Finlay, Andrew Y., Firooz, Alireza, Firoz, Bahar F., Flischel, Amy E., Forrestel, Amy, Foley, Kelly A., Fourzali, Kayla, Frare, Cindy P., Freedman, Derek, Frey, Surina, Fried, Richard, Friedman, Adam J., Fuller, L. Claire, Gabel, Colleen, Gach, Joanna E., Ganesh, Jaya, Ganjoo, Shikhar, Gao, Jing Mia, Gaspari, Anthony A., Glaser, Katherine, Goenaga-Vázquez, Yamila, Goldberg, Leonard H., Goldfarb, Johanna, González Barreto, Reina M., Goon, Peter K.C., Gottlieb, Alice B., Gowda, Asha, Grada, Ayman A., Grande, Donald J., Grant, Matthew, Grattan, Clive E.H., Green, Justin J., Grimes, Pearl E., Gropper, Charles A., Grossberg, Anna L., Gupta, Aditya K., Guttman-Yassky, Emma, Guzman, Anthony K., Haddadi, Nazgol-Sadat, Hadi, Ali S., Hadi, Suhail M., Hagans, Iris A., Hairston, Bethany R., Halpern, Analisa Vincent, Halverstam, Caroline, Haque, Emily, Harries, Matthew, Harris, John E., Haw, William, Hazan, Ezra, Heaton, Henry, Hebert, Adelaide A., Helm, Matthew F., Helms, Stephen E., Hexsel, Camille L., Hexsel, Doris M., Heymann, Warren R., High, Whitney A., Hoffman, Melissa, Horenstein, Marcelo G., Hurst, Eva A., Hussain, Walayat, Ibbotson, Sally H., Ibrahim, Sherrif F., Inamadar, Arun C., Ingen-Housz-Oro, Saskia, Iorizzo, Matilde, Jacobe, Heidi, James, William D., Jemec, Gregor B.E., Jennings, Tara, Jibbe, Atieh S., Johnston, Graham A., Joly, Pascal, Joseph, Adrienne, Kanelleas, Antonios, Karadağ, Ayşe Serap, Katugampola, Ruwani P., Katz, Bruce E., Kavanagh, Gina M., Khan, Sidra S., Khattri, Saakshi, Khong, Brendan, Khorasani, Hooman, Kim, Ellen J., Kim, Hee J., Kim, Youn H., King, Brett, Kirby, Joslyn S., Kirby, Lisa, Kirsner, Robert S., Ko, Lauren, Koch, Dimitra, Koh, Wei-Liang, Koo, John Y.M., Kopp, Sandra A., Kouby, Floriane, Kovarik, Carrie, Kraemer, Kenneth H., Kreeshan, Firas C., Krishnamurthy, Karthik, Kroshinsky, Daniela, Krueger, Steven, Kvernebo, Knut, Laimer, Martin, Lalor, Leah, Lam, Charlene, Lambert, Peter C., Lang, Claudia, Lawlor, Frances, Lawrence, Naomi, Layher, Heather, Lebwohl, Mark G., Lebwohl, Oscar, Lee, Helen, Lehman, Julia S., Lemieux, Alexandre, Leslie, Tabi A., Leung, Alexander K.C., Levitt, Jacob O., Lewis, Daniel J., Lewis, Fiona M., Liaqat, Maryam, Ling, Tsui Chin, Litchman, Graham H., Liu, Stephanie, Luger, Thomas A., Luna, Paula C., Lupi, Omar, Lyon, Calum C., Maatouk, Ismael, MacGibeny, Margaret A., Maddukuri, Spandana, Mahmoud, Bassel H., Makkar, Timothy, Mallett, Richard B., Malta, Kiana, Manci, Rachel, Mancuso, Jennifer, Manders, Steven, Mann, Jasmine, Marghoob, Ashfaq A., Markova, Alina, Markowitz, Orit, Martinez, Daniela, Martinka, Michal, Maurer, Marcus, McGee, Jean S., McLarney, R. Matthew, Meah, Nekma, Metz, Martin, Micali, Giuseppe, Michalik, Daniel, Micheletti, Robert G., Mirowski, Ginat W., Mori, Shoko, Mørk, Cato, Morris, Caroline R., Morton, Colin A., Motaparthi, Kiran, Muldoon, Eavan G., Murase, Jenny E., Murdoch, Michele E., Murrell, Dedee F., Muthiah, Shareen, Myers, Bridget, Naeem, Zunaira, Nakamura, Mio, Nambi, Rabindranath, Nasca, Maria R., Navarrete-Dechent, Cristian, Needham, Glen R., Nehal, Kishwer, Newell, Glenn C., Nixon, Rosemary L., Noy, Mariana L., Nunns, David, Olbricht, Suzanne M., Oldenburg, Reid, Orekoya, Fikki, Osborne, Ruth A., Owen, Cindy E., Pandya, Amit G., Papaefthymiou, Vasileios, Paravar, Taraneh, Parish, Jennifer L., Parish, Lawrence Charles, Perz, Allison M., Peterson, Danielle, Phelps, Robert G., Philips, Rebecca C., Phillips, Tania J., Poh-Fitzpatrick, Maureen B., Polansky, Maxim, Pomeranz, Miriam Keltz, Pope, Elena, Privalle, Ashley N., Prost, Catherine, Que, Syril Keena T., Quint, Koen, Qureshi, Sumera, Rashid, Rabia S., Rashighi, Mehdi, Ratnavel, Ravi, Rawi, Sarah, Reddy, Vidhatha, Renzi, Michael A., Jr., Revuz, Jean, Richard, Gabriele, Rigel, Darrell S., Rivera, Sydney, Robles, Wanda S., Rodriguez, Ramiro, Jr., Rook, Alain H., Rosen, Ted, Rosenbach, Misha, Rowland, Emma, Rustin, Malcolm, Sadlier, Muriel, Salavastru, Carmen Maria, Samimi, Sara, Sandoval, Erika Romero, Sarkany, Robert P.E., Scerri, Lawrence, Schimmel, Joshua, Schmults, Chrysalyne D., Schnur, Rhonda E., Schoinas, Spyridon, Schwartz, Robert A., Scorer, Matthew J., Shah, Kalee, Shah, Nidhi, Shah, Radhika, Shah, Sheevam, Sharif, Jennifer, Shea, Christopher R., Shear, Neil H., Sheriff, Tabrez, Shields, Bridget E., Shimizu, Hiroshi, Shinkai, Kanade, Shiu, Jessica, Shivanna, Ragunatha, Shwayder, Tor, Silverberg, Nanette, Sinclair, Rodney, Singal, Archana, Smith, Janellen, Snyder, Margaret L., Sommer, Lacy L., Soter, Nicholas A., Stanger, Roselyn K., Stoll, Joseph R., Sun, Qisi, Sunderkötter, Cord, Swali, Ritu, Taibjee, Saleem M., Talasila, Sreya, Talebi-Liasi, Faezeh, Tamura, Deborah, Tan, Eunice, Y.-M. Tang, William, Thibodeaux, Quinn, Tian, Tina M., Tiplica, George Sorin, Tkachenko, Elizabeth, Tolkachjov, Stanislav N., Tolliver, Starling D., Tomecki, Kenneth, Torgerson, Rochelle R., Tosti, Antonella, Tsuji-Abe, Yukiko, Twaij, Sara, Tyring, Stephen K., van de Kerkhof, Peter, Van Gysel, Dirk, Van Voorhees, Abby S., Varma, Aakaash, Vasani, Resham, Verma, Shyam B., Vermeer, Maarten H., Vieira, Carlos, Vignes, Stéphane, Vleugels, Ruth Ann, Wallengren, Joanna, Wanat, Karolyn A., Wang, Erica B., Wei, Chapman, Weichert, Gabriele, Weigelt, Maximillian A., Weinberg, Jeffrey M., Weitzer, Danielle, Welponer, Tobias, Werth, Victoria P., White, Lucile E., Wilkin, Jonathan K., Wilson, Niall, Wiznia, Lauren E., Wollenberg, Andreas, Wollina, Uwe, Chun Wong, Junie Li, Wright, Andrew L., Wynne, Matthew, Yan, Daisy, Yosipovitch, Gil, Youssef, Molly J., Zaenglein, Andrea L., Zaki, Irshad, Zarbo, Allison, Zawar, Vijay, Zhu, Jane L., Zone, John J., and Zuberbier, Torsten

Published
2022
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45. Air pollution and analyst information production

Author

Naomi S. Soderstrom, Chao Kevin Li, and Jin-hui Luo

Subjects
Pollution, Economics and Econometrics, Natural resource economics, media_common.quotation_subject, Strategy and Management, Air pollution, ComputerApplications_COMPUTERSINOTHERSYSTEMS, medicine.disease_cause, Information supply, Business economics, ComputerApplications_MISCELLANEOUS, Credibility, Econometrics, medicine, Market price, Production (economics), Business and International Management, Productivity, ComputingMilieux_MISCELLANEOUS, health care economics and organizations, media_common, Work productivity, Equity (finance), Particulates, Business, Capital market, Finance
Abstract

Recent studies investigate the impact of air pollution on labor productivity. We extend this literature by showing that air pollution negatively affects equity analyst information production. Analysts exposed to air pollution are less likely to issue timely forecasts or improve their forecast accuracy. Investigating the underlying mechanism, we find that analysts exposed to air pollution are less likely to provide bold (especially, negatively bold) forecasts. We also find evidence that market pricing is less sensitive to forecast revisions issued by analysts exposed to air pollution. Our results are robust to controlling for firm/analyst and time fixed effects, as well as additional specifications employing difference-in-differences designs and placebo tests.

Published
2020

46. Diversity of Signing Auditors and Audit Quality

Author

Gary S. Monroe, Chang He, Yi Si, and Chao Kevin Li

Subjects
Economics and Econometrics, Auditor's report, 050208 finance, Cognitive diversity, business.industry, 05 social sciences, Cognition, Accounting, 050201 accounting, Audit, respiratory system, Quality audit, health services administration, 0502 economics and business, Business, human activities, Inclusion (education), Finance, Diversity (business)
Abstract

SUMMARY Using data for listed firms in China, where two auditors sign the audit report, we examine whether the diversity of signing auditors' characteristics affects audit quality. We find a positive association between diversity and audit quality, consistent with the notion that diversity facilitates team performance. Further analyses show there is a stronger association between cognitive, rather than demographic, diversity of signing auditors and audit quality. Our results are robust to the inclusion of client firm and engagement auditor fixed effects. Cross-sectional results indicate stronger effects of the cognitive diversity of signing auditors on audit quality in complex, opaque, less important clients or firms without industry specialist auditors. Findings from our study suggest that audit firms should allocate staff to audit teams in a manner that results in cognitively diverse audit teams because such teams are more likely to deliver high quality audits. JEL Classifications: M42.

Published
2018

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