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作者：Bargeron, Leonce; Bonaime, Alice; Docimo, William; Feng, Mei; Thomas, Shawn
作者单位：University of Kentucky; University of Arizona; University of Connecticut; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper studies voluntary disclosures that firms have suspended, resumed, or completed their open market repurchase programs. Voluntary disclosures of repurchase status updates are common and value-relevant. They also inform subsequent repurchase activities: voluntary disclosers are more likely to complete their repurchase programs and to initiate new repurchase programs than firms with undisclosed repurchase status changes. Moreover, firms that disclose repurchase suspensions experience la...
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作者：Drake, Katharine D.; Goldman, Nathan C.; Lusch, Stephen J.; Schmidt, Jaime J.
作者单位：University of Arizona; North Carolina State University; Texas Christian University; University of Texas System; University of Texas Austin; North Carolina State University
摘要：Given that tax-related critical audit matters (tax CAMs) were prevalent among accelerated filers (18.5% of observations) during the initial year of CAM disclosures, we examine whether an auditor's disclosure of tax CAMs is associated with variation in tax-related financial reporting quality, tax avoidance, and tax-related earnings management. Finding an association between tax CAMs and one of these tax outcomes would indicate that the new auditor reporting standard has indirectly affected inve...
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作者：Huang, Yuqin; Li, Feng; Li, Tong; Lin, Tse-Chun
作者单位：Central University of Finance & Economics; Peking University; Xiamen University; Xiamen University; University of Hong Kong; National Taiwan University
摘要：We examine the information asymmetry between local and nonlocal investors with a large dataset of stock message board postings. We document that abnormal relative postings of a firm, that is, unusual changes in the volume of postings from local versus nonlocal investors, capture locals' information advantage. This measure positively predicts firms' short-term stock returns as well as those of peer firms in the same city. Sentiment analysis shows that posting activities primarily reflect good n...
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作者：Lem, Katie W.
作者单位：University System of Ohio; Ohio State University
摘要：I examine whether a strategic focus on data analytics is associated with improvements in firms' internal information quality. Using textual analysis of firm disclosures to identify a data analytics strategy, I first document that firm, leadership, and operating environment characteristics are all important determinants of the decision to adopt a data analytics strategy. I next use operating and financial reporting outcomes to infer whether a data analytics strategy improves internal informatio...
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作者：Donohoe, Michael P.; Gale, Brian T.; Mayberry, Michael A.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle; State University System of Florida; University of Florida; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We examine shareholders' perceptions about how external tax advisors contribute to corporate tax planning. As residual claimants of corporate tax planning, shareholders benefit from lower corporate taxes, but also bear the financial and reputational costs of subsequent tax enforcement. Despite the influential advisory role of external tax advisors in corporate tax planning, existing research on how shareholders perceive this role is limited. Using event study methods and exploiting the heighte...
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作者：Chen, Hui; Petrov, Evgeny
作者单位：University of Zurich
摘要：Stock prices often provide firm managers with new information that can be used in real decisions. Studies generally focus on the ex ante disclosure policy and show that the presence of market feedback crowds out firms' disclosure. We instead examine a manager's ex post biasing incentives and find that market feedback amplifies overreporting bias, but not necessarily underreporting bias, due to three interacting effects. First, the manager biases the report more with feedback since decreased in...
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作者：Frost, Tracie; Jing, Jiao; Shang, Longfei; Su, Lixin (Nancy)
作者单位：Hong Kong Polytechnic University; Jinan University; Southwestern University of Finance & Economics - China
摘要：Foreign workers have been an important part of the labor force in public accounting firms over the past two decades. In this paper, we investigate whether and why foreign workers influence audit quality. We find that audit offices with more newly hired foreign labor have a lower mean absolute value of discretionary accruals and a smaller rate of restatements for their clients. The effect is more pronounced for audit offices that face more resource constraints or require greater foreign experti...
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作者：Jia, Yonghong; Gao, Xinghua
作者单位：Iowa State University; Washington State University; Iowa State University
摘要：Auditor changes are significant corporate events marking disruptions in the auditor-client relationship. Prior studies have primarily examined the impact of such changes on audit quality and investment decisions of market participants. We study the effect of auditor changes on the voluntary disclosure of forward-looking information. Managers may choose to reduce disclosure due to the possible adverse effect of the disruptions on disclosure credibility. Alternatively, shareholders may demand in...
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作者：Edwards, Alexander; Hutchens, Michelle; Persson, Anh, V
作者单位：University of Toronto; University of Illinois System; University of Illinois Urbana-Champaign; University of Toronto
摘要：In 2018, the European Union (EU) introduced a new mandatory reporting requirement for a wide range of cross-border tax arrangements (EU Directive 2018/822, also known as DAC6). Unlike prior corporate transparency initiatives, which put the reporting responsibility primarily on the taxpayers, this directive puts the initial reporting responsibility on the third-party intermediaries who are involved in the reportable arrangement at any stage during the planning and execution process. We exploit ...
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作者：Cho, Young Jun; Seo, Hojun
作者单位：Singapore Management University; Purdue University System; Purdue University
摘要：We study the role of segment disaggregation in equity-based pay contracts in diversified firms. Disaggregated segment disclosures can improve the observability of managerial actions in internal capital markets and thus increase implicit incentives for managers to allocate resources as desired by shareholders, substituting for explicit incentives provided to CEOs. We use the adoption of Statement of Financial Accounting Standards No. 131 as an identification strategy and find that firms affecte...
