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作者：Ayers, Benjamin C.; Call, Andrew C.; Schwab, Casey M.
作者单位：University System of Georgia; University of Georgia; Arizona State University; Arizona State University-Tempe; Indiana University System; Indiana University Bloomington
摘要：Recent research finds that analysts' cash flow forecasts have meaningful financial reporting ramifications, but, to date, the identified effects are unlikely to yield meaningful cash flow benefits. This study examines whether analysts' cash flow forecasts encourage managers to enhance the firm's cash flow position through tax avoidance activities. We evaluate the change in cash tax avoidance after analysts begin issuing cash flow forecasts relative to a propensity score matched control sample ...
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作者：Chen, Ciao-Wei; Collins, Daniel W.; Kravet, Todd D.; Mergenthaler, Richard D.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Iowa; University of Connecticut; University of Arizona
摘要：This study examines whether acquirers make better acquisition decisions when target firms' financial statements exhibit greater comparability with industry peer firms. We predict and find that acquirers make more profitable acquisition decisions when target firms' financial statements are more comparableas evidenced by higher merger announcement returns, higher acquisition synergies, and better future operating performance. We also find that post-acquisition goodwill impairments and post-acqui...
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作者：Downar, Benedikt; Ernstberger, Juergen; Link, Benedikt
作者单位：Technical University of Munich
摘要：This paper examines the monitoring effect of disclosure frequency from a shareholder perspective. For our analyses, we use a setting in the European Union in which reporting frequency requirements differed across and within countries before being harmonized by a directive requiring the implementation of quarterly disclosure. We investigate how both cross-sectional differences in reporting frequency and their harmonization affect shareholders' ability to monitor managers. To gauge monitoring ef...
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作者：Cheng, Qiang; Goh, Beng Wee; Kim, Jae B.
作者单位：Singapore Management University; Lehigh University
摘要：In this study, we examine whether internal control over financial reporting affects firm operational efficiency. We find that operational efficiency, derived from frontier analysis, is significantly lower among firms with material weaknesses in internal control relative to firms without such weaknesses. We also find that the remediation of material weaknesses leads to an improvement in operational efficiency. Additional analyses indicate that the negative effect of material weaknesses on opera...
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作者：Darrough, Masako; Huang, Rong; Zur, Emanuel
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University System of Maryland; University of Maryland Baltimore
摘要：This paper examines how disclosures regarding internal controls, required by sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX), affect the market for corporate control. We hypothesize that acquirers with internal control weaknesses (ICWs) make suboptimal acquisition decisions based on poor-quality information generated by their ineffective controls over financial reporting. We expect that such acquirers will be more likely to misestimate the value of their targets or the potential s...
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作者：Henry, Erin
作者单位：University of Memphis
摘要：I investigate the information content of income tax expense using variance decomposition to separate stock returns into cash flow and discount rate news components. While prior literature has focused on linking tax expense with expected future cash flows, I argue that tax expense should also be informative about discount rates because of its ability to summarize fundamental economic performance. Consistent with my arguments, I find that tax expense surprises are correlated with both revisions ...
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作者：Hansen, Victoria J.; Jackson, Scott B.; Schaefer, Tammie J.; Stewart, Bryan W.
作者单位：University of North Carolina; University of North Carolina Wilmington; University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Kansas City; Brigham Young University
摘要：Contracting between tax entities and tax professionals occurs millions of times every year, yet little is known about the nature of these economic interactions. This study examines the effect of commonly occurring contextual factors on tax professionals' billing decisions for tax research. These contextual factors are unrelated to the tax research itself and the time it takes to conduct the tax research, but we find that billing decisions are strongly influenced by the three non-time-related c...
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作者：Bol, Jasmijn C.; Leiby, Justin
作者单位：Tulane University; University System of Georgia; University of Georgia
摘要：We examine how managers assess performance and promotion prospectsthat is, the ex ante likelihood of promotionand the conditions under which these assessments diverge. We argue that managers apply different cognitive schemas when they make different assessments. To the extent that a signal provides different information about future versus current contributions, assessed performance and promotion prospects are likely to diverge. In two experiments, we manipulate professionals' promotion eligib...
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作者：Mullis, Curtis E.; Hatfield, Richard C.
作者单位：University System of Georgia; Georgia State University; University of Alabama System; University of Alabama Tuscaloosa
摘要：Auditors must frequently multitask in order to complete their work efficiently. However, the potential impact of multitasking on auditors' judgment quality is poorly understood. Using Ego Depletion Theory and a laboratory experiment, we predict and find that auditors become less able to identify seeded errors after multitasking, and that this effect is most prominent in the identification of conceptual, rather than mechanical, errors. These negative consequences of multitasking are mitigated w...
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作者：Bao, Dichu; Fung, Simon Yu Kit; Su, Lixin (Nancy)
作者单位：Hong Kong Polytechnic University; Deakin University; Lingnan University
摘要：Using a propensity score matched sample and a difference-in-differences research design, we find that stock price crash risk increases after a firm voluntarily incorporates clawback provisions in executive officers' compensation contracts. This heightened crash risk is concentrated in adopters that increase upward real activities-based earnings management and those that reduce the readability of 10-K reports. Based on cross-sectional analyses, we also find that the increased crash risk is more...
