01
原文：Bloomfield M. J., Heinle M. S., Timmermans O. Relative performance evaluation and strategic peer-harming disclosures[J]. Journal of Accounting Research, 2024: 1-57.
Relative Performance Evaluation and Strategic Peer-Harming Disclosures
ABSTRACT: Many firms use relative stock performance to evaluate and incentivize their CEOs their. We document that such firms routinely disclose information that harms their peers’ stock prices, and sometimes explicitly mention the harmed peers, by name, in these disclosures. Consistent with deliberate sabotage, peer-harming disclosures appear to be aimed at peers whose stock price depressions are most likely to benefit the disclosing firms’ CEOs. The pricing effect of these disclosures does not reverse, suggesting that the disclosures contain legitimate information regarding peers’ prospects. In sum, our results suggest that relative performance evaluation in CEO pay motivates CEOs to internalize the externalities of their disclosures, and strategically disclose information that harms peers’ stock prices, in order to improve their firms’ relative standing within their peer group.
相对绩效评估和战略性损害同行披露
摘要：许多公司使用股票相对绩效来评估和激励CEO。研究发现，部分公司经常披露损害同行股价的信息，有时在披露中明确提到被损害的同行公司名称。与蓄意破坏相一致的是，损害同行披露是针对那些同行股价下跌最有可能使披露公司的CEO受益。披露的价格效应不会逆转，表明这些披露包含了涉及同行前景的合法信息。总而言之，文章研究结果表明，CEO薪酬中的相对绩效评估激励CEO内化其披露的外部性，并战略性地披露损害同行股价的信息，以提高其公司在同行群体中的相对地位。
亮点：（1）区别于以往研究同行竞争的文章，文章选取CEO薪酬计划中使用相对绩效评估（Relative performance evaluation, RPE）的视角研究公司自身披露行为对同行公司的溢出效应。（2）文章聚焦于公司电话会议中是否明确提及其RPE同行，并选取频率、长度、可读性、情绪等多维度分析其对同行公司股票收益的影响。（3）公司披露自身RPE同行具有较强的主观性，即对于同行公司的选择存在严重的内生性问题，作者从同行公司的相似性、目标性、密集度等进一步探究。
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原文：Li N. Labor market peer firms: understanding firms’ labor market linkages through employees’ internet “also viewed” firms[J]. Review of Accounting Studies, 2024: 1-52.
Labor market peer firms: understanding firms’ labor market linkages through employees’ internet “also viewed” firms
ABSTRACT: This paper studies the grouping of firms based on their labor-market connections, a significant departure from the traditional approach of grouping based on productmarket connections. It also proposes a measure of labor market peers by analyzing the “also viewed” companies on two major online labor market platforms, LinkedIn and Glassdoor. Using the labor market peer measure, I examine whether firms that hire employees with similar skills and that are presumably exposed to the same labor-related risks and shocks exhibit a strong comovement of stock returns and accounting-based performance variables. I find that labor market peers overlap but differ from traditional product-market-based industry groupings, have significant incremental power to explain stock return and accounting-based performance measure comovements, and outperform traditional industry groupings in explaining return and wage comovements when a base firm shares more labor skills with its peers. Overall, the study highlights that labor market peers capture fundamental linkages between firms that are challenging to identify using traditional industry measures.
劳动力市场同行公司:
通过招聘互联网中列为“also viewed”公司理解企业的劳动力市场联系
摘要：文章研究基于劳动力市场联系对公司进行分组，这与基于产品市场联系的传统分组方法有显著区别。通过分析LinkedIn和Glassdoor两大在线劳动力市场平台上列为“另外观看”（“also viewed”）的公司，提出了一种衡量劳动力市场同行的方法。使用劳动力市场同行的度量指标，文章检验了雇用具有相似技能的员工，同时面临相同的劳动力风险和冲击的公司，是否在股票收益和会计绩效指标上具有强烈的一致性。研究发现，劳动力市场同行公司与传统基于产品市场的行业分组有重叠但也有差异，这对于解释股票收益和会计绩效指标方面具有显著的增量价值，并且当标的公司与同行公司共享更多劳动技能时，在解释收益和工资变动方面优于传统行业分组。总体而言，文章强调，劳动力市场同行公司捕捉到了公司之间很难用传统行业衡量标准识别的基本联系。
亮点：（1）文章强调劳动力市场的相似性，即从招聘市场识别劳动力市场同行公司，探究人力资本对公司股票市场和会计绩效的影响。（2）在指标构建时，利用两大人才招聘平台中被列为“另外观看”的公司来寻找同行公司，即如果A公司在LinkedIn被列为B公司的“people also viewed”公司，或Glassdoor上列为B公司的“job seekers also viewed”公司，那么两家公司的人才库存在较大程度的相似性，进而构成劳动力市场同行公司。（3）交叉分析中，作者另外构建技能相似度指标，即测量标的公司和同行公司共享技能占总体的比例，进一步衡量标的公司与其劳动力市场同行公司之间的差异。
03
原文：Alhusaini B., Call A. C., Chapman K. Analyst information about peer firms during the IPO quiet period[J]. Review of Accounting Studies, 2024.
Analyst information about peer firms during the IPO quiet period
ABSTRACT: The SEC limits sell-side analysts’ research activities on IPO firms both before and immediately after going public (the IPO quiet period). However, during the IPO quiet period, analysts provide regular coverage of IPO peer firms, which is potentially relevant to investors seeking to glean information about the IPO firm itself. We examine whether, despite the restrictions on analyst research of IPO firms during the quiet period, investors uncover information about the IPO firm indirectly through analyst research of peer firms. We find that, on the IPO date, institutional investors trade on the information in analysts’ recommendation revisions of peer firms that were issued earlier in the quiet period. Institutional investors also trade in the short window around analyst revisions of peer firms that are issued later in the quiet period (after the IPO date) but before analysts initiate coverage of the IPO firm. Retail investors, however, are inattentive to the information available in analyst research of peer firms. Importantly, our findings vary predictably with attributes of the issuing analyst, which helps rule out firm- and industry-level alternative explanations. Lastly, we find that recommendation revisions analysts issue for peer firms predict future IPO-firm performance, suggesting that analyst research of peer firms during the quiet period conveys meaningful information about the IPO firm that results in an information advantage for institutional investors.
IPO静默期同行公司的分析师信息
摘要：美国证券交易委员会限制卖方分析师在上市前和上市后的一段时间内（the IPO quiet period, IPO静默期）对IPO公司的报告活动。然而，分析师在IPO静默期会定期提供IPO同行公司的报道，这对于寻求IPO公司自身信息的投资者可能具有潜在影响。仅管静默期限制分析师报告IPO公司，投资者可以通过同行公司的分析师报告间接获取IPO公司的信息。文章发现，在IPO当日，机构投资者根据静默期较早时间分析师对同行公司发布的修订报告信息进行交易。机构投资者也会在晚于静默期（IPO日期之后）但在分析师开始报告IPO公司前对同行公司的修订报告信息进行短窗口期交易。然而，散户投资者并不关注同行公司分析师提供的报告。重要的是，文章研究结果证实了分析师报告的预测属性，这有助于排除公司和行业层面的替代解释。最后，文章发现分析师对同行公司的修订报告预测了未来IPO公司的表现，表明在静默期分析师对同行公司的报告传递了有关IPO公司的有价值的信息，从而为机构投资者带来了信息优势。
亮点：（1）与以往研究静默期后分析师报告不同，本文选取静默期前或静默期同行公司的分析师报告，研究同行公司信息对IPO公司的预测价值，同时对比分析机构投资者和散户投资者行为。（2）文章通过同行公司分析师修订报告探究溢出效应，即引入所有分析师对同行公司上升或下调股票推荐这一变量，探究同行公司的分析师对IPO公司交易情况的影响。（3）本文选取特殊期间（IPO静默期）IPO公司禁止发布分析师报告的场景剥离公司自身信息的影响，巧妙地缓解了潜在的内生性问题。
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总编：游家兴
解析：司淑玉
审校：伟丽斯 黎俞宏
编辑：潘芳妍
