本期推送包括三篇近期SSRN工作論文，具體如下：
1.Gender Bias through Recategorization of Financial Analysts
ROBERT J. BLOOMFIELD
Cornell University
KRISTINA M. RENNEKAMP
SC Johnson Graduate School of Business
BLAKE A. STEENHOVEN
Cornell University
SCOTT D. STEWART
Boston University School of Management
Abstract
We present 179 investment professionals with a scenario that manipulates whether a male or female analyst persists in pitching a stock pick after it has been voted down. Respondents evaluate analysts as less promotable when they do not persist, but only if the analyst is female. Results are consistent with categorization theory, which suggests evaluators shift their categorization of non-persistent women closer to the category of 「woman,」 and away from the category of 「analyst,」 while attributing the behavior of non-persistent men to contextual features. Analysis of free-response questions confirm that the unexpected behavior was a predominant focus in performance evaluations of women, while for men focus was mostly restricted to competence-related factors. Semi-structured interviews with 13 senior investment professionals provide additional support for the role of expectations and categorization heuristics on promotion decisions. Our findings shed light on factors that may contribute to the investment industry’s 「leaky pipeline」 for women.
連結地址：
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3295963
2.New Evidence on Investors』 Valuation of Deferred Tax Liabilities
RUSS HAMILTON
Southern Methodist University
Abstract
Although deferred tax liabilities (DTLs) represent a significant liability for most firms, prior research provides mixed evidence concerning investors』 valuation of these items. Using an expanded data set of hand-collected tax footnotes, I examine (1) whether investors recognize depreciation-related DTLs as economic burdens, and if so, (2) how investors price these liabilities. I find evidence suggesting that investors price depreciation-related DTLs as economic burdens and show that my primary findings are robust to the use of a changes-based methodology. I also examine various factors that could affect investors』 measurement of these liabilities. In doing so, I develop a new method to identify tax-sensitive firms to implement my tests. This method incorporates forward-looking profit expectations without a look-ahead bias. As depreciation-related DTLs are among the largest and most common deferred tax liabilities, my study provides important insights into investors』 valuation of firms』 tax planning.
連結地址：
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3304846
3.When Do Qualitative Risk Disclosures Backfire? The Effects of a Mismatch in Hedge Disclosure Formats on Investors』 Judgments
YANAN HE
Shanghai International Studies University
HUN-TONG TAN
Nanyang Technological University
FENG YEO
University of South Carolina
JIXUN ZHANG
Nankai University
Abstract
Disclosure standards mandate the quantitative disclosure of hedging-instrument related risks but not the disclosure of hedged item related risks. We examine how a match (mismatch) in formats, caused by making quantitative (qualitative) hedged item disclosures alongside quantitative hedging instrument risk disclosures, affects investors』 integration of information from these two related disclosures. Our first experiment varies the hedged item risk disclosure format (quantitative or qualitative) and the portion of risk hedged (small or large). We find that when disclosure formats are mismatched, the less comparable nature of the two disclosures caused investors to neglect their offsetting relationship when assessing net risks. As a result, risk and investment judgments were influenced by the more prominent quantitative hedging instrument disclosures. Our second experiment finds that the use of a qualitative debiaser that clarifies the relationship between the two disclosures led to the integration of information and mitigated this effect.
連結地址：
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3304372
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