Hao Xue

Journal Article The Accounting Review · April 1, 2025 ABSTRACTThis paper examines the impact of environmental, social, and governance (ESG) disclosure on firm investment. The analysis characterizes the optimal precision of ESG disclosure that channels investors ... Full text Open Access Cite

Investors’ information acquisition and the manager’s value-risk tradeoff

Journal Article Review of Accounting Studies · March 1, 2025 This paper studies a model in which investors’ information acquisition and the manager’s investment choice (hence the moments of the firm’s cash flow) are jointly determined. I show that a lower information acquisition cost alters the information environme ... Full text Open Access Cite

Accounting conservatism and relational contracting

Journal Article Journal of Accounting and Economics · August 1, 2023 This paper develops a positive role for accounting conservatism in fostering relational contracts between two agents in a two-period model of moral hazard. Building on Kreps (1996), the principal in our model designs a conservative measurement system and o ... Full text Open Access Cite

Disclosure and Competition for Capital

Journal Article Management Science · July 1, 2023 Ownership segmentation in the municipal bond market gives rise to competition among local issuers for a limited supply of capital.We consider the disclosure implications of this competition for capital, using Moody's 2010 recalibration of the municipal rat ... Full text Open Access Cite

Word-of-mouth communication, noise-driven volatility, and public disclosure

Journal Article Journal of Accounting and Economics · February 1, 2021 This paper examines how a firm adjusts its disclosure quality in response to technological innovations that improve investors' private information. We show that more precise private information can endogenously amplify supply shocks and, hence, increase no ... Full text Open Access Cite

Team incentives and bonus floors in relational contracts

Journal Article Accounting Review · February 28, 2020 Teamwork and team incentives are increasingly prevalent in modern organizations. Performance measures used to evaluate individuals’ contributions to teamwork are often non-verifiable. We study a principal-multi-agent model of relational (self-enforcing) co ... Full text Open Access Cite

Independent and Affiliated Analysts: Disciplining and Herding

Journal Article The Accounting Review · July 1, 2017 ABSTRACTThe paper investigates strategic interactions between an independent analyst and an affiliated analyst in the context of issuing stock recommendations. Compared to the independent analyst, the affili ... Full text Open Access Cite

Relational Contract with and Between Agents

Journal Article Journal of Accounting and Economics · 2016 Open Access Cite