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作者：Blouin, Jennifer
作者单位：University of Pennsylvania
摘要：This discussion reflects my thoughts on Lester and Olbert's (2025) review of the tax literature. I address the notion of real effects in tax work and the reliance by Lester and Olbert (2025) on the Hall and Jorgenson (1967) neoclassical framework. I intend to complement the review by discussing some of the competitive advantages of accounting researchers working in taxation. I close by emphasizing some areas where accountants can potentially be the most impactful on tax research and listing so...
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作者：Wasserman, Melissa F.
作者单位：University of Texas System; University of Texas Austin
摘要：The paper by Kim, Shi, and Verdi (2025) examines how judicial efficiency-as defined by the court's ability to resolve patent cases quickly and in a manner that is mutually agreeable to both parties in the lawsuit-affects the incentives of corporations to innovate. The authors utilize the Patent Pilot Program (PPP), which routed patent cases to PPP-designated judges in select districts to facilitate efficient rulings, as a shock to judicial efficiency. The authors find that firms headquartered ...
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作者：Garman, Amy D.; Kubick, Thomas R.
作者单位：Kansas State University; University of Nebraska System; University of Nebraska Lincoln
摘要：We use staggered enactments of state stakeholder constituency laws as a natural experiment to examine the effect of such laws on corporate pension risk shifting. Our analysis encompasses three components of pension risk shifting: funding risk, investment risk, and benefit risk. We observe a reduction in all three elements of pension risk shifting following the enactment of stakeholder orientation laws that promote greater consideration of stakeholder interests. We also find that the post-enact...
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作者：Basu, Riddha; Roychowdhury, Sugata; Sinha, Kirti
作者单位：George Washington University; Northwestern University; University of Texas System; University of Texas Dallas
摘要：We examine the impact of lagged guidance from prudential regulators on new accounting standards in the context of the Current Expected Credit Loss (CECL) standard. We refer to the period following CECL's 2016 pronouncement but prior to the 2018 guidance from prudential banking regulators on the standard as the lagged guidance (LG) period. We find that during the LG period, banks reduce loan amounts and increase loan spreads for affected loans (Term Loan As, or TLAs) relative to unaffected loan...
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作者：Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; Zheng, Jiaqi (Jacky)
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; The Chinese University of Hong Kong, Shenzhen; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：We examine whether CEOs use share repurchases to sell their equity at inflated prices. We document that share repurchases, like equity-based compensation, are affected by the corporate calendar-the firm's schedule of earnings announcements and insider trading restrictions. The corporate calendar can fully explain why share repurchases and equity-based compensation coincide. The alignment with the corporate calendar is stricter in firms with strong internal governance or high external monitorin...
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作者：Bratten, Brian; Huang, Meng; Jenkins, Nicole Thorne; Xie, Hong
作者单位：University of Kentucky; University System of Ohio; University of Toledo; University of Virginia
摘要：We examine the effect of disclosure requirements on managers' stock repurchase decisions. In 2003, the SEC amended Rule 10b-18, significantly increasing the disclosure requirements for and transparency of stock repurchases for all issuers. While stock repurchases are often used by firms to efficiently return capital to shareholders, they can also be used opportunistically to increase earnings per share. We find that the 2003 SEC amendment enables investors to detect and discount opportunistic ...
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作者：Griffin, Laura; Mcinnis, John
作者单位：University of Colorado System; University of Colorado Boulder; University of Texas System; University of Texas Austin
摘要：Roughly two decades ago, standard setters mandated recognition of two controversial expenses: stock-based compensation (SBC) and amortization of intangibles from acquisitions (AMT). Today, most firms undo GAAP by excluding these recurring expenses from earnings as part of their nonGAAP reporting. Do investors agree? Using short-window returns around quarterly earnings announcements, we find investors react similarly to unexpected SBC/AMT, regardless of firms' exclusion reporting. Further, amon...
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作者：Hui, Kai Wai; Oh, Jun; She, Guoman; Yeung, P. Eric
作者单位：University of Hong Kong; Purdue University System; Purdue University; Cornell University
摘要：We study contingencies written in firms' material product market contracts, focusing on the theoretical prediction of uncertainty as an important determinant. We identify contract contingencies from firms' public regulatory filings and examine the effects of general business uncertainty and specific innovation-related uncertainty. To enhance causal inference, we utilize two major business shocks (i.e., the 2008 Financial Crisis and the COVID pandemic) and the diffusion of 29 disruptive innovat...
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作者：Jiang, Xu; Mondria, Jordi; Yang, Liyan
作者单位：Duke University; University of Toronto; University of Toronto
摘要：Investors in financial markets are often uncertain about the relationship intensity between firms and have to rely on firms' disclosure of such relationship intensity. We analytically study the asset pricing implications of this relationship intensity uncertainty and how such uncertainty affects firms' incentives to form and disclose their relationship intensities (i.e., the real implications). We find that while such disclosure has a positive price impact by increasing the expected cash flow,...
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作者：Kallapur, Sanjay; Khizer, Abdul; Manchiraju, Hariom; Vijayaraghavan, Rajesh
作者单位：Indian School of Business (ISB); Arizona State University; Arizona State University-Tempe; University of British Columbia
摘要：Ratings shopping is a well-documented cause for ratings inflation by credit rating agencies (CRAs). Its unobservability makes it difficult for market participants to undo it. In this paper, we exploit a unique regulation in India that requires CRAs to disclose ratings that were solicited but were eventually rejected by issuers. This regulation, which aims to enhance the transparency in the ratings process, allows us to empirically examine whether these disclosures influence ratings shopping an...
