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作者：Condie, Eric R.; Lisic, Ling Lei; Seidel, Timothy A.; Truelson, Jonathan Michael; Zimmerman, Aleksandra B.
作者单位：University System of Georgia; Georgia Institute of Technology; Virginia Polytechnic Institute & State University; Brigham Young University; Mississippi State University; State University System of Florida; Florida State University
摘要：Motivated by prior literature on organizational identification and 23 semistructured interviews with a variety of US audit partners and directors, we examine whether the gender and ethnic diversity of an office's audit partners influences the retention of the office's audit professionals and the quality of the audits conducted by the office. Using hand-collected data on US audit partners, we find that greater levels of (or changes in) diversity in office audit partners' gender and ethnicity ar...
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作者：Jacob, Martin; Mueller, Maximilian A.; Wulff, Thorben
作者单位：WHU - Otto Beisheim School of Management; University of Cologne
摘要：Using granular gas price data and rich variation in corporate tax rates, we find that corporate taxes increase consumer prices. About 64% of the corporate tax is borne by consumers. The effect is stronger when firms have limited access to tax planning opportunities, face stricter tax enforcement, or when consumer demand is less elastic. Taxes also reduce the number of firms and their scale, consistent with a tax-induced increase in marginal cost. Our results suggest that tax policies that incr...
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作者：Brown, Stephen V.; Ma, Guang; Tucker, Jennifer Wu
作者单位：University of Connecticut; Rutgers University System; Rutgers University New Brunswick; State University System of Florida; University of Florida
摘要：We propose financial statement similarity as a measure of financial reporting comparability. The firm-pair version of our measure reflects the degree to which two firms report similar relations within their financial statement items; this version can help managers and market participants identify peer firms. The firm-year version of our measure reflects the degree to which a firm reports financial statement relations that are similar to other members of its industry; this version can help mark...
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作者：Wiedman, Christine; Zhu, Chunmei
作者单位：University of Waterloo; Chinese University of Hong Kong
摘要：The stated goal of the SEC Whistleblower Program introduced as part of the Dodd-Frank Act was to deter securities violations and thereby to strengthen investor protection. We document significant reductions in the likelihood of financial reporting fraud by US firms following the introduction of this program. The reductions are robust to controlling for other regulatory changes in the Dodd-Frank Act and economic trends. Given that employees of firms with weaker internal compliance and reporting...
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作者：Thompson, Rachel A.
作者单位：North Dakota State University Fargo
摘要：In recent years, firms reporting revisions of prior financial statements outnumber those reporting restatements. Misstatements that are material to prior periods are required to be reported as restatements, whereas immaterial errors can be reported as revisions. Based on SEC guidance and widely used materiality benchmarks, I find a significant percentage (29%) of revisions are suspect in that they meet at least one materiality criterion. These suspect revisions are 15% to 29% more likely to be...
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作者：Pittman, Jeffrey; Stein, Sarah E.; Valentine, Delia F.
作者单位：Memorial University Newfoundland; Virginia Polytechnic Institute & State University; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：Relying on their history of legal infractions to measure individuals' risk tolerance, we examine the association between engagement partners' risk appetites and audit quality in the United States. Criminology and economics research links infraction activity with enduring personality traits that capture an individual's risk tolerance. Our evidence supports the prediction that partners known to engage in risky off-the-job behaviors conduct lower quality audits. Specifically, we find that clients...
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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：De Simone, Lisa; Stomberg, Bridget; Williams, Brian
作者单位：University of Texas System; University of Texas Austin; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Global tax enforcement policies have received increased attention since the financial crisis, with much stated focus on curbing perceived harmful tax practices of multinational corporations. Yet there is a dearth of evidence on possible differential effects of home-country tax enforcement on multinationals. We take a step toward filling this void in the tax policy discussion by examining whether there is a differential relation between changes in home-country enforcement and the tax avoidance ...
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作者：Bedford, Anna; Ghannam, Samir; Grosse, Matthew; Ma, Nelson
作者单位：University of Technology Sydney; University of Technology Sydney
摘要：We examine the role of CEO power in the appointment of accounting financial experts (AFEs) to firm audit committees. Our results show that firms with powerful CEOs have a lower likelihood of appointing AFEs to their audit committees. In addition, effective AFEs-those characterized by experience, high status, and social independence from the CEO-are less likely to be appointed in firms with powerful CEOs. In the presence of powerful CEOs, effective AFEs are also less likely to be designated aud...
