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作者：Murphy, Frank
作者单位：University of Connecticut
摘要：I analyze US multinationals' (MNCs) use of foreign holding companies in their organizational structures and the impact of holding companies on internal capital markets. The look-thru rule in the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) reduces the after-tax cost of foreign intercompany financing transactions. I use TIPRA as a natural experimental setting to test whether a shift in US tax policy that reduces the cost of moving foreign capital increased firms' reliance on f...
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作者：Xu, Nina
作者单位：University of Connecticut
摘要：This study examines whether and how media coverage improves price discovery before earnings announcements. Given the broad reach and timeliness of media coverage, understanding its role in forming earnings expectations is important. I posit that the media specialize in searching for and screening news, while institutional investors and financial analysts specialize in interpreting and integrating information. I expect these coordinated efforts to improve earnings expectations and preempt upcom...
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作者：Baker, H. Kent; Kumar, Satish; Pandey, Nitesh; Kraus, Sascha
作者单位：American University; National Institute of Technology (NIT System); Malaviya National Institute of Technology Jaipur; Swinburne University of Technology; Free University of Bozen-Bolzano
摘要：This study critically evaluates research published by Contemporary Accounting Research (CAR) between 1984 and 2021 using bibliometric analysis. We examine the following: (i) CAR's publication quality and the factors associated with its citations and (ii) CAR's scope regarding research diversity, methods, authors geographical dispersion, and collaborative networks. The methodology permits observation of finer collaboration details and research patterns not apparent by simply categorizing the da...
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作者：Palmon, Dan; Peng, Xuan; Yezegel, Ari
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Southwestern University of Finance & Economics - China; Bentley University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：We examine the relation between voluntary disclosure and the value of analysts' research by studying the change in the informativeness of analysts' research after managers stop providing quarterly guidance to investors. We find that the market reaction to analysts' recommendation revisions increases significantly after guidance stoppage, controlling for confounding factors as well as for firm and time fixed effects. The increase in market reaction is greater for firms with more opaque informat...
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作者：Lourie, Ben; Shanthikumar, Devin; Yoo, Il Sun
作者单位：University of California System; University of California Irvine; University of Hawaii System; University of Hawaii Manoa
摘要：The revised Markets in Financial Instruments Directive (MiFID II) requires the unbundling of research payments from trading execution, fundamentally changing the way in which investors typically pay for analyst research in Europe. We examine the effectiveness of the regulation in changing the link between analyst research and trading, the research-trading link, and the analyst response to this potential change in incentives. Using a difference-in-differences research design, we find that forec...
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作者：Bochkay, Khrystyna; Brown, Stephen V.; Leone, Andrew J.; Tucker, Jennifer Wu
作者单位：Northwestern University; University of Connecticut; State University System of Florida; University of Florida; University of Miami
摘要：Natural language is a key form of business communication. Textual analysis is the application of natural language processing (NLP) to textual data for automated information extraction or measurement. We survey publications in top accounting journals and describe the trend and current state of textual analysis in accounting. We organize available NLP methods in a unified framework. Accounting researchers have often used textual analysis to measure disclosure sentiment, readability, and disclosu...
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作者：Aghamolla, Cyrus; Hashimoto, Tadashi
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Yeshiva University
摘要：This study investigates the real effects of management communication, specifically of forecasts or earnings guidance, on investment. Managers can signal the strength of their projects through accuracy in their earnings guidance. This leads less accurate managers to distort their investments; the equilibrium investment strategy involves over-investment when earnings exceed the forecast and under-investment when earnings fall short. Moreover, we find that managers are pessimistic in their foreca...
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作者：Emett, Scott A.; Kaplan, Steven E.; Mauldin, Elaine G.; Pickerd, Jeffrey S.
作者单位：Arizona State University; Arizona State University-Tempe; University of Missouri System; University of Missouri Columbia; University of Mississippi
摘要：Audit firms hesitate to take full advantage of data and analytics (D&A) audit approaches because they lack certainty about how external reviewers evaluate those approaches. We propose that external reviewers use an effort heuristic when evaluating audit quality, judging less effortful audit procedures as lower quality, which could shape how external reviewers evaluate D&A audit procedures. We conduct two experiments in which experienced external reviewers evaluate one set of audit procedures (...
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作者：Fan, Qintao; Johnson, Nicole Bastian; Pfeiffer, Thomas
作者单位：University of Oregon; University of Vienna
摘要：We study how corporate taxation interacts with intrafirm incentive conflicts between shareholders and managers and how this interaction impacts the firm's economic decisions and outcomes. In our model, investment under asymmetric information facilitates entrenchment and rent extraction by the privately informed manager. We show that when the future investment payoff is exogenous, a corporate tax cut increases managerial rents, reduces pre-tax investment profitability, increases the firm's opti...
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作者：Garavaglia, Shannon
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Using a mixed-methods approach, I investigate how the terms that firms use to label non-GAAP earnings interact with investors' scrutiny of non-GAAP reporting to affect investors' information search behavior and investment decisions. This study informs regulators, who have expressed concern over the mislabeling of non-GAAP measures, and managers, who are often criticized for their misuse of discretion in non-GAAP reporting. I first provide descriptive evidence on the non-GAAP labels used in pra...
