In this paper, we study detailed financial forecasts provided by entrepreneurs who seek funds via equity-based crowdfunding on a leading U.K. platform. We investigate: 1) what forecast signals investors react to; 2) whether investors can filter out the optimistic bias in forecasts; and 3)...

This paper examines the severity of comment letters on annual reports in an emerging market. The literature has exclusively focused on the U.S. Securities Exchange and Commission (SEC) comment letters, although many other market regulators also use SEC-style comment letters as a public...

This paper explores Securities and Exchange Commission comment letters that address firms' use of non-Generally Accepted Accounting Principles (GAAP) measures in 10-Ks, 10-Qs, and earnings releases. We investigate the determinants of firms' receiving non-GAAP comments and the revisions to...

Rule compliance is an important way to achieve and sustain cooperation in large-scale societies. In this study, we investigate the impact of social identity on rule following behavior. First, using large-scale traffic violation data from a major city in China, we empirically showed that traffic...