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作者：Kovacs, Tunde
作者单位：University of Massachusetts System; University of Massachusetts Lowell
摘要：This study examines the role of intra-industry information transfers in the analyst forecast-based post-earnings announcement drift. I find that subsequent same-industry-peer earnings announcements influence a firm's post-earnings announcement drift if these subsequent announcements confirm the firm's initial earnings surprise and the firm's industry exhibits ex ante positive (common effect) intra-industry information transfers. The results suggest that underreaction to industry-specific infor...
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作者：Plumlee, Marlene A.
作者单位：Utah System of Higher Education; University of Utah
摘要：Johnstone (2016) provides a theoretical analysis of how information might increase uncertainty and a firm's cost of equity capital (COEC). The author's analysis serves to highlight outcomes that he suggests receive limited attention in prior studies. He focuses on how more information might result in greater, rather than less, uncertainty and whether a decrease in uncertainty leads to a lower COEC. I discuss how his study provides an incremental contribution to the theoretical literature and w...
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作者：Hribar, Paul; Yang, Holly
作者单位：University of Iowa; Singapore Management University
摘要：This paper examines how overconfidence affects the properties of management forecasts. Using both the over-optimism and miscalibration dimensions of overconfidence to generate our predictions, we examine three research questions. First, we examine whether overconfidence increases the likelihood of issuing a forecast. Second, we examine whether overconfidence increases the amount of optimism in management forecasts. Third, we examine whether overconfidence increases the precision of the forecas...
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作者：Evans, John H., III; Moser, Donald V.; Newman, Andrew H.; Stikeleather, Bryan R.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of South Carolina System; University of South Carolina Columbia
摘要：Firms have increasingly adopted open work environments. Although openness is thought to have benefits, it could also expose firms to an unanticipated cost. An open (closed) internal reporting environment makes it more (less) likely that managers will observe a colleague's communications with senior executives. This increase in what one manager knows about another manager's communication to senior executives could facilitate employee collusion to extract resources from the firm. To test whether...
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作者：Pae, Suil; Song, Chang Joon; Yi, Andrew C.
作者单位：Sungkyunkwan University (SKKU); Hanyang University
摘要：This study provides evidence that managers' career concerns affect their earnings guidance decisions. We hypothesize that CEOs who are relatively more concerned about assessments of their abilities have stronger incentives to guide the market expectations of earnings downwards to increase the likelihood of meeting or beating the expectations. Consistent with this hypothesis, we find that (i) short-tenured CEOs, CEOs promoted from inside the firm, and nonfounder CEOs are more likely to provide ...
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作者：Chow, Travis; Klassen, Kenneth J.; Liu, Yanju
作者单位：Singapore Management University; University of Waterloo
摘要：This paper examines the effect of targets' participation in tax shelters on takeover premiums in mergers and acquisitions. Using a novel data set in which targets disclose that they have not participated in tax shelters, we find that targets that make this statement in their merger filings are associated with 4.6 percent higher takeover premiums, on average. These findings suggest that acquirers are concerned about the potential future liabilities when targets have engaged in tax sheltering. C...
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作者：Glover, Jonathan; Kim, Eunhee
作者单位：Columbia University; Carnegie Mellon University
摘要：Evans, Moser, Newman, and Stikeleather (2016) use experiments of a one-shot game to analyze the impact of open versus closed internal reporting on collusive managerial behavior. They interpret their results as inconsistent with economic theory. To better contrast their findings with economic theory and to expand their view of same, we sketch economic models capable of explaining many aspects of their results. We also critique the research design and offer an alternative payoff structure. We th...
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作者：Shevlin, Terry
作者单位：University of California System; University of California Irvine
摘要：Chow, Klassen, and Liu (2016), hereafter CKL, examine whether M&A bidding firms are willing to pay more for target firms that disclose they have not participated in a tax shelter sometime in the past. My discussion provides an overview of the past and current tax literature in accounting and places CKL within this expanding literature. I then provide a critique of this interesting and well-executed study that exploits an unusual disclosure to examine tax shelter participation effects.
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作者：Harris, Erica E.; Neely, Daniel G.
作者单位：Rutgers University System; Rutgers University Camden; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We find evidence indicating that donors use third-party rating information when they donate to U.S. nonprofit organizations (nonprofits). Specifically, using a sample of over 3,800 unique nonprofits rated by the three largest charity rating organizations in 2007, and over 12,000 unrated control nonprofits, we find that rated nonprofits have significantly higher direct donations than unrated charities. We also hypothesize and find that nonprofits with ratings from multiple rating organizations ...
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作者：Edwards, Alexander; Kravet, Todd; Wilson, Ryan
作者单位：University of Toronto; University of Connecticut; University of Oregon
摘要：Current U.S. reporting and tax laws create an incentive for some U.S. firms to avoid the repatriation of foreign earnings, as the U.S. government charges additional corporate taxes on these transfers. Prior research suggests that the combined effect of these incentives leads some U.S. multinational corporations to hold a significant amount of cash overseas. In this study, we investigate the effect of cash trapped overseas on U.S. multinational corporations' foreign acquisitions. Consistent wit...
