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The Effect of Financial Regulation on Nonfinancial Violations
No full textThis paper examines the effect of financial regulation on nonfinancial violations. Using differences in compliance requirements with Sarbanes-Oxley Act of 2002 (SOX) Section 404, we find that adoption of Section 404 increased firms’ propensity for nonfinancial violations. This effect is stronger for firms with greater external scrutiny toward their financial reporting, greater challenges in monitoring their operations, and limited resources. These results, together with an examination of changes in audit fees, conference call transcripts, and 10-K disclosures, suggest that the effects primarily stem from a shift in attention and resources toward SOX 404. Further, the effects are concentrated in employee-related violations and persist for approximately two years. Overall, our results suggest that financial reporting regulation can result in unintended consequences harming stakeholders, such as employees
Unveiling bias: Assessing the efficacy of an intervention in enhancing bias awareness of pre-service teachers
No full textThe social dynamics of economic comparisons: A longitudinal study on the effects of relative wages on subjective well‑being using linked survey and register data
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Evidence from priming on how L2 sentence processing impacts L3 production and cross-linguistic awareness
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Extracting affect aggregates from longitudinal social media data with temporal adapters for Large Language Models
No full textWhat is a good way to ask about racist experiences? Exploring the difference between direct and indirect measures
No full textRising energy prices without falling consumption? The role of energy price dispersion in a multi-product world
No full textGovernments around the world are under pressure to reduce industrial energy use and emissions without losing out to international competition. For this reason, climate policies often come with exemptions or additional support for large energyintensive firms, increasing the heterogeneity in energy prices. We document such a rising dispersion in industrial energy prices in the German manufacturing sector that coincides with rising average energy prices. Surprisingly, we observe an increase in industrial energy intensity, while at the same time, manufacturing firms have shifted toward producing less energy intensive products. We develop a model of multi-product firms with heterogeneous energy prices and heterogeneous products that can partially explain this puzzle via a 'reshuffling' among producers: If energy prices rise only for a share of firms, those firms will drop energy-intensive products. But the remaining low energy price firms will increase their market share of these products and produce them in a less energy-efficient way. Empirical analyses based on German administrative firm data suggest that such a 'reshuffling' is indeed taking place. We show in a simple quantification that reshuffling can have sizable effects on aggregate energy intensity