4期

最新文章

• Earnings guidance stoppage and the value of financial analysts' research AI翻译
  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...
• MiFID II and the unbundling of analyst research from trading execution AI翻译
  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...
• Auditing with data and analytics: External reviewers' judgments of audit quality and effort AI翻译
  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 (...
• The impact of intrafirm incentive conflicts on the interplay between tax incidence and economic efficiency AI翻译
  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...