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作者：Overesch, Michael; Wolff, Hubertus
作者单位：University of Cologne
摘要：We analyze the effect of mandatory financial transparency on corporate tax avoidance. The effectiveness of comprehensive tax transparency, in the form of a public country-by-country reporting, to mitigate corporate tax planning is largely unknown. Capital Requirements Directive IV by the European Commission required multinational banks to publish key financial and tax data in the form of public country-by-country reporting. We examine tax avoidance of banks around the reform. Our focus is on m...
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作者：Gong, Guojin; Qu, Hong; Tarrant, Ian
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University System of Georgia; Kennesaw State University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：When information asymmetry is a major market friction, earnings forecasts can lead to higher price efficiency even after the information in forecasts completely dissipates upon earnings realizations. We show this in an experimental market that features information asymmetry (i.e., some traders possess differential private information). Earnings forecasts reduce information asymmetry and lead to prices that reflect a greater amount of private information. Traders can learn more about others' in...
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作者：Heo, Jin Suk; Kwon, Soo Young; Tan, Hun-Tong
作者单位：Hongik University; Korea University; Korea University; Nanyang Technological University
摘要：Using detailed data for fieldwork hours and audit hours by rank from audit engagements in Korea, we examine whether audits conducted under workload imbalance, proxied by busy-season audits, impair audit quality, and how auditors adjust staff assignments for busy-season audits. We generally find that busy-season audits are associated with lower audit quality, and that audit firms reduce the involvement of senior auditors during busy-season audits. In addition, the greater the involvement of sen...
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作者：Arya, Anil; Ramanan, Ram N. V.
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：The centrality of private information in the design of accounting institutions has been explored via agency models that address control concerns as well as disclosure models that amplify valuation issues. This paper derives disclosures by an entrepreneur-owner when both control and valuation concerns are in play. In particular, the disclosures influence stock price not only via a direct impact on valuation of the firm's revenue but also via an indirect impact on the firm's cost of procuring in...
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作者：Akamah, Herita; Shu, Sydney Qing
作者单位：University of Nebraska System; University of Nebraska Lincoln; University System of Ohio; Miami University
摘要：Although large shareholders have sufficient influence to engage privately with management, extant literature provides inconclusive evidence on the relation between large equity positions and corporate disclosure. This study examines whether large shareholders' portfolio diversification affects voluntary corporate disclosure. We define diversification as the extent to which investors spread investments among portfolio stocks. We predict that holding a diversified portfolio deters large sharehol...
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作者：Pickerd, Jeffrey; Piercey, M. David
作者单位：University of Mississippi; University of Massachusetts System; University of Massachusetts Amherst
摘要：We examine how jurors' negligence judgments and attorneys' out-of-court settlements are differently impacted by two features of a materially misstated accounting estimate-the amount of estimate uncertainty and whether the misstated account is disaggregated into its own line-item or aggregated with other accounts into a single financial statement line-item. We predict and find that jurors and attorneys react to estimate uncertainty in opposite directions under common conditions. This finding is...
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作者：Brewster, Billy E.; Johanns, Alex J.; Peecher, Mark E.; Solomon, Ira
作者单位：Texas State University System; Texas State University San Marcos; University of Illinois System; University of Illinois Urbana-Champaign; Tulane University
摘要：The objective evaluation of evidence is imperative for audit effectiveness and the proper exercise of professional skepticism. However, numerous studies suggest that auditors fail to evaluate evidence objectively when assessing or addressing the risk of material misstatement due to fraud. We develop theory to predict that auditors do evaluate evidence objectively but only when they have stronger wise-thinking dispositions (WTDs), a construct that is new to the audit literature. We define WTDs ...
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作者：Riedl, Edward J.; Sun, Estelle Y.; Wang, Guannan
作者单位：Boston University; Suffolk University
摘要：This study investigates the mispricing of market-wide investor sentiment by exploring the relation between sentiment and investor expectations of future earnings. Prior research argues that sentiment-driven mispricing should be most pronounced for hard-to-value firms, such as those reporting losses (Baker and Wurgler 2006). Using investor expectations of future earnings, we provide empirical results consistent with this behavioral finance theory. We predict and find that investors perceive los...
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作者：Campbell, John L.; Twedt, Brady J.; Whipple, Benjamin C.
作者单位：University System of Georgia; University of Georgia; University of Oregon
摘要：Regulation Fair Disclosure (Reg FD) Form 8-K filings provide a venue where managers release information to the market as a whole that they designate as being material. Using this setting, we study trading patterns immediately prior to the public disclosure of material information. We offer three main results. First, using both intraday and daily trading data, we find abnormal trading volume of 21 percent (13 percent) in the hour (day) prior to the public disclosure, respectively. Second, we fi...
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作者：Fanning, Kirsten; Williams, Jeffrey; Williamson, Michael G.
作者单位：DePaul University; Utah System of Higher Education; Utah Valley University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper reports the results of multiple studies that together provide converging evidence in support of the theory that gender stereotypes bias employee selection during group recruiting events. Specifically, we predict and find that female (male) job candidates who exhibit stereotypically male behaviors receive lower (higher) evaluations during group recruiting events, particularly among male recruiters. Prior research suggests gender stereotypes do not bias employee selection during one-o...
