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作者：Parsons, John E.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：My discussion of Reichelstein and Sahoo (2018) is organized into three parts. First, what is the context for this work? That is, what are the energy and climate stakes? Second, what does the paper do? I will re-work the equation defining the components of long-run marginal cost to better reflect what is actually estimated and to better highlight some important choices about how the different components are modeled. Third, and most importantly, how do the results inform business decisions and p...
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作者：Falsetta, Diana; Kaplan, Steven E.
作者单位：University of Miami; Arizona State University; Arizona State University-Tempe
摘要：Hansen, Jackson, Schaefer, and Stewart (2018) examine the effects of three contextual features on tax professionals' billing decisions in a case involving issue-specific tax research. In this discussion, we present a tax fee model. In contrast to determining a bill, our model views tax fees in a more comprehensive perspective. We subsequently use this model to discuss the design choices and limitations of their study and to provide suggestions for future research.
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作者：Hamm, Sophia J. W.; Jung, Boochun; Lee, Woo-Jong
作者单位：University System of Ohio; Ohio State University; University of Hawaii System; University of Hawaii Manoa; Seoul National University (SNU)
摘要：We study labor unions, an important stakeholder group that has not been a focus of the earnings smoothing literature. We posit that managers strike a balance between sheltering resources from employees' profit sharing demands and catering to employees' aversion to downside risk by smoothing earnings. We then hypothesize that a strong labor union would intensify managerial incentives to smooth earnings. Consistent with our hypothesis, we find that union strength is positively associated with ea...
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作者：Bonacchi, Massimiliano; Cipollini, Fabrizio; Zarowin, Paul
作者单位：Free University of Bozen-Bolzano; University of Florence; New York University
摘要：We find evidence consistent with Italian nonlisted subsidiaries engaging in accrual and real earnings management, so that their listed parents can meet or beat benchmarks. Thus, the parent firm drives the earnings management of the subsidiaries. We identify parents that are more likely to have managed earnings as the ones that avoid a small loss or meet or beat analyst forecast by a few cents. Cross-sectional analysis reveals that Big 4 auditors mitigate accrual earnings management at the subs...
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作者：Lu, Tong; Sivaramakrishnan, Konduru
作者单位：University of Houston System; University of Houston; Rice University
摘要：We develop a theoretical framework to study the effects of expensing versus capitalization of investment expenditures on capital market asset prices, corporate investment, and investment efficiency. We use a two-period model in which the financial reports at the end of the first period influence the price of the firm. In the first period, the current owner makes an investment decision that yields returns during the first and the second periods. We highlight the benefits and costs of the matchi...
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作者：Reichelstein, Stefan; Sahoo, Anshuman
作者单位：Stanford University; University of Mannheim
摘要：A basic tenet of microeconomics is that for a competitive industry in equilibrium the market price of a product will be equal to its marginal cost. This paper develops a model framework and a corresponding empirical inference procedure for estimating long-run marginal cost in industries where production costs decline over time. In the context of the solar photovoltaic (PV) module industry, we rely primarily on firm-level financial accounting data to estimate the long-run marginal cost of PV mo...
