Terrorist Attacks, Managerial Sentiment, and Corporate Disclosures
研究美国恐怖袭击作为管理者情绪的负面冲击，发现袭击地区企业发布更悲观的盈利预测，且该效应在经营不确定性高、高管年轻或经验不足的企业中更强。
ABSTRACT This study investigates the effect of managerial sentiment on corporate disclosure decisions. Using terrorist attacks in the United States as adverse shocks to managerial sentiment, we find that firms located in the metropolitan areas attacked issue more negatively biased earnings forecasts. The effect is stronger for firms with higher operating uncertainty and firms with younger, inexperienced, or less confident executives, and it is weaker for firms located in states with increasing violent crime rates. A potential alternative explanation is that managers strategically bias earnings forecasts downward and attribute the poor performance to terrorist attacks. To address this issue, we conduct a battery of additional analyses and find results more consistent with managerial sentiment than strategic attribution. In addition, we show that our results are unlikely to be driven by any economic effects of terrorist attacks. Finally, firms in attacked areas exhibit a more pessimistic tone in 10-K/10-Q filings. JEL Classifications: D83; G14; M41.