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作者：Baginski, Stephen P.; Clinton, Sarah B.; Mcguire, Sean T.
作者单位：University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville; Texas A&M University System; Texas A&M University College Station
摘要：Using a unique, hand-gathered sample of 893 forward-looking voluntary disclosures by 70 proxy contest firms during 1992-2001, we examine whether managers temporarily alter the frequency and tone of their disclosures during proxy contests. Broadly consistent with the corporate control contest hypothesis, we find that, after controlling for performance and other determinants of disclosure, managers increase the frequency of forward-looking voluntary disclosures during the proxy contest relative ...
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作者：Gaertner, Fabio B.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：I examine the association between CEOs' after-tax incentives and their firms' level of tax avoidance. Economic theory holds that firms should compensate CEOs on an after-tax basis when the expected tax savings generated from additional incentive alignment outweigh the incremental compensation demanded by CEOs for bearing additional tax-related compensation risk. Using hand-collected data from proxy statements, I find a negative relation between the use of after-tax incentives and effective tax...
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作者：Haw, In-Mu; Lee, Jay Junghun; Lee, Woo-Jong
作者单位：Texas Christian University; University of Massachusetts System; University of Massachusetts Boston; Hong Kong Polytechnic University
摘要：This study investigates the role of public debt financing in shaping accounting conservatism in privately held companies. We focus on the change in conservatism of private firms following initial issuance of public debt and examine the effects of agency conflicts between bondholders and shareholders on the change in conservatism. Regression analyses on a large sample of public bond issues by Korean private firms reveal the following: First, private firms with public debt exhibit a higher degre...
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作者：Hunton, J. E.; Hoitash, R.; Thibodeau, J. C.
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作者：Jung, Boochun; Lee, Woo-Jong; Weber, David P.
作者单位：University of Hawaii System; University of Hawaii Manoa; Hong Kong Polytechnic University; University of Connecticut
摘要：We examine whether accounting quality is associated with efficient investments in labor, a key factor of production that has been largely overlooked in prior studies. We find evidence that abnormal net hiring (measured as the absolute deviation from net hiring predicted by economic fundamentals) is negatively associated with accounting quality. These results are robust to a battery of sensitivity tests and controls for other relevant factors, including labor power and other contemporaneous inv...
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作者：Mohanram, Partha S.
作者单位：University of Toronto
摘要：The accruals anomaly, demonstrated by Sloan (1996), generated significant excess returns consistently for more than four decades until 2002 but has apparently weakened in the subsequent period. In this paper, I argue that one factor responsible for this decline is the increasing incidence of analysts' cash flow forecasts that provide markets with forecasts of future accruals. The negative relationship between accruals and future returns is significantly weaker in the presence of cash flow fore...
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作者：Ecker, Frank; Schipper, Katherine
作者单位：Duke University
摘要：We discuss three research design choices made by Mohanram (2014) and Radhakrishnan and Wu (2014) in their examinations of the link between cash flow forecasts and declines in returns to a trading strategy based on past realized accruals (the accruals anomaly). The first choice is the use of pooled estimation combined with an indicator for the incidence of a cash flow forecast; we argue that the over-time increase in cash flow forecast incidence acts as an implicit weighting scheme in pooled es...
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作者：Carter, Chris; Spence, Crawford
作者单位：University of Edinburgh; University of Warwick
摘要：Extant literature on professional services firms in general, and on the Big 4 accounting firms in particular, consistently shows that these firms are in a state of institutional flux. In turn, it has been argued that new types of professionals are emerging within this context. Adopting a sociological perspective inspired by the work of Pierre Bourdieu, this article unravels the meaning of success within the Big 4 via an exploration of who makes partner. Specifically, the paper reports upon a q...
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作者：Hughes, John S.; Pae, Suil
作者单位：University of California System; University of California Los Angeles; Sungkyunkwan University (SKKU)
摘要：This study examines efficiency implications of discretionary disclosure for ex ante investment and ex post project abandonment in an entrepreneurial setting. Privacy of the ex ante investment combined with subsequent discretionary disclosure of information about a project's future payoff engenders underinvestment. This is in contrast to the possible overinvestment when the ex ante investment is publicly observable. Distortions in ex ante investment lead to inefficiencies in ex post project aba...
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作者：Gallemore, John; Maydew, Edward L.; Thornock, Jacob R.
作者单位：University of Chicago; University of North Carolina; University of North Carolina Chapel Hill; University of Washington; University of Washington Seattle
摘要：We investigate whether firms and their top executives bear reputational costs from engaging in aggressive tax avoidance activities. Prior literature has posited that reputational costs partially explain why so many firms apparently forgo the benefits of tax avoidance, the so-called under-sheltering puzzle. We employ a database of 118 firms that were subject to public scrutiny for having engaged in tax shelters, representing the largest sample of publicly identified corporate tax shelters analy...
