-
作者：Dhaliwal, DS; Newberry, KJ; Weaver, CD
作者单位：University of Arizona; University of Texas System; University of Texas Austin
摘要：We examine the influence of corporate taxes on U.S. firms' financing methods for taxable acquisitions of 100 percent of a target corporation's stock. We conduct tests of acquirer firms' use of debt or internal funds as the funding source for these acquisitions over the period 1987-97. Our results provide the first empirical evidence that U.S. firms' use of debt to fund acquisitions significantly declines as foreign tax credit limitations reduce the marginal tax benefits received from borrowing...
-
作者：Haw, IM; Qi, DQ; Wu, DH; Wu, W
作者单位：Texas Christian University; Hong Kong Polytechnic University; Chinese University of Hong Kong
摘要：Under the 1996-98 security regulations in China, the accounting rate of return on equity (ROE) has to be greater than 10 percent for three consecutive years for a firm to qualify for stock rights offers. Despite declining economic conditions during this period, the percentage of firms reporting ROE between 10 and I I percent is about three times that for 1994-95. This unique regulatory environment provides a natural experimental setting for the empirical assessment of earnings-management behav...
-
作者：Godfrey, JM; Hamilton, J
作者单位：Monash University; University of Technology Sydney
摘要：The audit fee research literature argues that auditors' costs of developing brand name reputations, including top-tier designation and recognition for industry specialization, are compensated through audit fee premiums. Audited firms reduce agency costs by engaging high-quality auditors who monitor the levels and reporting of discretionary expenditures and accruals. In this study we examine whether specialist auditor choice is associated with a particular discretionary expenditure - research a...
-
作者：Lennox, C
作者单位：Hong Kong University of Science & Technology
摘要：The finance literature identifies two agency problems between managers and outside shareholders. First, there is a divergence-of-interests problem as management ownership falls. Second, there is an offsetting entrenchment problem when management ownership increases within intermediate regions of ownership. Agency problems are mitigated through contracting, but contracts are often based on accounting numbers prepared by management. Because accounting numbers must be reliable for contracts to be...
-
作者：Jackson, SB; Hatfield, RC
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Texas System; University of Texas at San Antonio
摘要：In this study, we incorporate taxpayers' threat/opportunity perceptions into our analysis of taxpayer behavior in order to refine and extend our understanding of the internal cognitive forces that shape taxpayer behavior. Decision-making frames (that is, the gain and loss domains from the prospect theory value function) and individual perceptions (that is, perceptions of decision alternatives as being threats or opportunities) are both likely to influence behavior, yet prior research has gener...
-
作者：Godfrey, JM; Hamilton, J
作者单位：Monash University; University of Technology Sydney
摘要：The audit fee research literature argues that auditors' costs of developing brand name reputations, including top-tier designation and recognition for industry specialization, are compensated through audit fee premiums. Audited firms reduce agency costs by engaging high-quality auditors who monitor the levels and reporting of discretionary expenditures and accruals. In this study we examine whether specialist auditor choice is associated with a particular discretionary expenditure - research a...
