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Field
Secondary Outcomes (Explanation)
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Before
Question 1: Answers to this question will provide a data quality check to determine (i) whether respondents are thoughtfully and carefully responding to questions and (ii) whether respondents have the practical knowledge necessary to provide meaningful answers to Question 2 and 3. These outcomes will be numbers from 0% to 30%, in intervals of 0.1%.
Question 3: Answers to this question will provide an alternative means to estimating treatment effects based on respondents’ perceptions of how other CFA members would use the firm-specific information in their valuation decisions. These outcomes will be numbers from 0% to 30%, in intervals of 0.1%.
Question 4: This question will explicitly ask participants how influential each individual piece of firm-specific information was in their estimation of a discount rate in Question 2. They will be asked the following: “When using the Expanded CAPM to determine ABC's required return on equity in Question #2, by incorporating the additional company-specific information, how did each of the following pieces of information influence your estimate of ABC's required return on equity?” They will answer using a five-point Likert scale from “Large Negative Influence” to “Large Positive Influence.” We will also ask participants how they felt each piece of information influenced others’ estimates of ABC’s required return on equity.
We will also ask respondents how certain they are of their answers to Questions 1-3, which will help us gauge the quality of each individual’s response data.
Regarding the questions about the sources of information they use (or would use, hypothetically, if accessible) when they perform financial analysis and make investment decisions, these will be presented as statements to which respondents will indicate their level of agreement/disagreement.
Regarding the types of human capital management information that they would most want regulators to require firms to disclose, we will present them with different types of disclosures that they can vote on (allocating 100 votes however they’d like).
Responses to the remaining questions will be used to estimate treatment effect heterogeneity across particular groups. Specifically, based on respondent age, gender, race/ethnicity, and work experience.
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After
Question 1: Answers to this question will provide a data quality check to determine (i) whether respondents are thoughtfully and carefully responding to questions and (ii) whether respondents have the practical knowledge necessary to provide meaningful answers to Question 2 and 3. These outcomes will be numbers from 0% to 30%, in intervals of 0.1%.
Question 3: Answers to this question will provide an alternative means to estimating treatment effects based on respondents’ perceptions of how other CFA members would use the firm-specific information in their valuation decisions. These outcomes will be numbers from 0% to 30%, in intervals of 0.1%.
Question 4: This question will explicitly ask participants how influential each individual piece of firm-specific information was in their estimation of a discount rate in Question 2. They will be asked the following: “When using the Expanded CAPM to determine ABC's required return on equity in Question #2, by incorporating the additional company-specific information, how did each of the following pieces of information influence your estimate of ABC's required return on equity?” They will answer using a five-point Likert scale from “Large Negative Influence” to “Large Positive Influence.” We will also ask participants how they felt each piece of information influenced others’ estimates of ABC’s required return on equity.
We will also ask respondents how certain they are of their answers to Questions 1-3, which will help us gauge the quality of each individual’s response data.
Regarding the questions about the sources of information they use (or would use, hypothetically, if accessible) when they perform financial analysis and make investment decisions, these will be presented as statements to which respondents will indicate their level of agreement/disagreement.
Regarding the types of human capital management information that they would most want regulators to require firms to disclose, we will present them with different types of disclosures that they can vote on (allocating 100 votes however they’d like).
Responses to the remaining questions will be used to estimate treatment effect heterogeneity across particular groups. Specifically, based on respondent age, gender, race/ethnicity, work experience, and political/ideological leanings (conditional on the CFA being able to link this information to each response).
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