Mandatory IFRS adoption and management forecasts: The impact of enforcement changes

We examine how concurrent enforcement changes affect the positive relationship between mandatory IFRS adoption and firms’ voluntary disclosure. We show that the increase in the issuance of management forecasts after IFRS adoption is smaller for firms from IFRS-mandating countries with concurrent enforcement changes than for those from countries without such changes. We find no difference in the increase of forecast informativeness between firms from IFRS-mandating countries without concurrent enforcement changes and firms from non-IFRS-mandating countries; however, firms domiciled in IFRS-mandating countries with concurrent enforcement changes exhibit a significantly smaller increase in forecast informativeness. Our findings suggest that better IFRS enforcement distinctly weakens (strengthens) the positive effect of IFRS adoption on voluntary (mandatory) disclosure.     

The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China

We examine how mandatory disclosure of corporate social responsibility (CSR) impacts firm performance and social externalities. Our analysis exploits China's 2008 mandate requiring firms to disclose CSR activities, using a difference-in-differences design. Although the mandate does not require firms to spend on CSR, we find that mandatory CSR reporting firms experience a decrease in profitability subsequent to the mandate. In addition, the cities most impacted by the disclosure mandate experience a decrease in their industrial wastewater and SO₂ emission levels. These findings suggest that mandatory CSR disclosure alters firm behavior and generates positive externalities at the expense of shareholders.     

The valuation relevance of environmental performance revisited: The moderating role of environmental provisions

This study attempts to broaden our understanding of the value relevance of environmental performance by providing empirical evidence on the moderating role of financial environmental reporting. Previous studies find that firms' environmental performance can be both positively and negatively associated with market value. Such contradictory findings can be attributed to the fact that environmental performance is associated with future economic benefits and costs. This study suggests that firms with recognized environmental provisions on their balance sheets enable investors to disentangle these opposite effects either by signaling strong future financial performance or by enhancing the reliability of environmental performance information. Regardless of the mechanism by which this moderation effect is invoked, it is hypothesized that capital market participants place a positive and significantly higher value on the environmental performance ratings of firms with recognized environmental provisions than on the ratings of firms without environmental provisions. Utilizing a sample of 692 firm-year observations of French listed firms and employing a linear price-level model that associates the market value of a firm's equity with its environmental performance, I provide empirical evidence to corroborate this thesis. In addition to contributing to the academic debate on the market valuation implications of environmental performance, this study intends to provide useful insights from a country that can be considered a pioneer of environmental reporting legislation; hence, it provides valuable lessons for other jurisdictions that are in the process of developing their sustainability reporting regulations. Finally, the findings of this study support the calls for more integrated reporting showing that the interaction of financial and non-financial information has market valuation implications.     

户籍门槛、发展型政府与人口城镇化政策——基于大中城市面板数据的经验研究

文章从制度变迁视角分析了户籍改革难以突破的原因,在发展主义理念的指引下,如果户籍改革对地方经济增长或财政收支产生负面影响,地方政府可能会拖延或阻碍改革进程。基于大中城市面板数据的实证研究显示,特大城市提高门槛对地方人均产出有正面影响,户籍改革动力最弱。其他城市虽然可以通过降低户籍门槛提高人均产出水平,但率先放开户籍制度可能引发流动人口大量涌入抵消政策效果,地方政府的户籍改革动力随着城市人口规模增长逐步下降。同时,户籍人口增长会带来财政支出的显著增加,为避免户籍化政策对财政支出产生压力,地方政府会通过户籍门槛对流动人口进行筛选,将对财政收入贡献较低或产生明显财政支出的群体排斥在户籍门槛之外。本文认为中国大中城市的户籍制度存在刚性,可以通过收回地方制定落户政策的权力强制推动户籍制度改革,或利用财政政策降低户籍化成本,激励地方政府推动改革。     

Market reactions to announcements to expense options

The joint hypotheses of informationally efficient markets, transparent financial statements, and adequate accounting disclosure suggest that announcements of changes in the accounting treatment of employee stock options from footnote disclosure to expense recognition should not trigger stock price reactions because free-cash-flows will not change. Event study results from a sample of 241 firms that announce such changes reveal statistically significant negative price changes followed by positive price changes about equal in magnitude. We propose the learning, sophisticated investor, neglected firm, and firm size hypotheses to explain the observed announcement-period stock price reaction.

Mandatory Calorie Disclosure: A Comprehensive Analysis of Its Effect on Consumers and Retailers

In 2018 restaurants in the United States will need to provide calorie information on their menus as part of the Patient Protection and Affordable Care Act. In the present research, we examine the efficacy of this legislation in reducing restaurant based food calorie consumption. Specifically, we explore the likely effect of the new policy on both the supply and demand side, that is, consumer and retailer behaviors. To achieve this, two studies are included in this research: a meta-analysis of 186 studies investigating the effect of calorie disclosure on calories selected, and a meta-analysis of 41 studies examining the effect of calorie disclosure on calories offered by retailers. Across these two studies we reveal a significant and unequivocal calorie disclosure effect for menu labels; disclosure results in both fewer calories selected (?27 Calories) and fewer calories offered by retailers (?15 Calories).     

论惩罚性赔偿的正当性

惩罚性赔偿在我国一些法律制度中已有所体现。惩罚性赔偿的正当性,是惩罚性赔偿制度架构的基石。从古代法及宗教教义中发掘惩罚的正当性思想,大陆法系理应蕴含惩罚性赔偿制度。通过经济学的方法,分析补偿性赔偿的缺陷,惩罚性赔偿的产生原因,阐释惩罚性赔偿具有的惩罚、威慑、激励等功能。此外,惩罚性赔偿蕴含着正义,秩序等法律理念,包含着促使民众为权利斗争的精神。惩罚性赔偿外在的工具价值与内在的法律价值,均体现了惩罚性赔偿的正当性。     

宅基地使用权转让合同效力探究--基于30个宅基地使用权转让纠纷的实证研究

近年宅基地使用权转让合同效力纠纷案件大量发生,其中不乏当事人"恶意"起诉的案件。但因宅基地使用权制度规定与法院对宅基地相关法条强制性规定分类的不同理解,导致案例判决结果差异较大。对比学说且结合实际案例,提出将公法权益与私法权益的对比权衡作为强制性规定分类的主要标准,赋予法官在此类案件中的自由裁量权,即依据实际情况认定转让合同效力。     

Organizational form and access to capital: The role of regulatory interventions

We examine how regulatory nudges mandating only disclosure of ownership information and no structural change impact a firm’s access to capital based on its organizational form. As a first of its kind, Clause 35 in India (characterized by weak enforcement and concentrated ownership) only required classifying shareholders into insiders and outsiders. Pre-regulation, group-affiliated firms exhibited lesser financial constraints than standalone firms. This reverses post-regulation, especially for group firms with higher insider ownership. More so for those with weaker compensating mechanisms or poorer future performance. In essence, regulation exclusively requiring information disclosure has been effective in reallocating capital more efficiently to firms with fewer agency problems.     

The effect of mobile application-driven customer participation on bakery purchase behavior: Evidence from a field experiment

This paper empirically examines individual and joint effects of two types of customer participation (CP)—mandatory and replaceable—within a mobile app on bakery purchase behavior. This research conducts a field experiment to track customer decisions on whether to participate in in-app CP events—store loyalty program enrollment and store satisfaction survey—and whether to change their purchasing amount and frequency. After controlling other influencing factors, the authors performed ANOVA with the sample of 19,065 bakery customers’ behavioral decisions. The results confirm that mandatory CP has a positive effect on purchase behavior, while replaceable CP has mixed effects across stores. In addition, the results confirm that customers who engaged in both types of CP increased their purchase amount and frequency, compared to customers who engaged in one type or neither. The study suggests hospitality firms should motivate customers to engage in mandatory and replaceable CP to enhance customer loyalty cost-effectively.