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作者：Cheng, Qiang; Lin, An-Ping; Yang, Mengjie
作者单位：Singapore Management University; Monash University
摘要：This study examines the effects of firms' green innovation on their future financial and environmental performance. If pollution is primarily a manifestation of wasted resources, then investments in pollution prevention technologies can both reduce the environmental impact of production and improve financial performance. In contrast, investments in pollution control technologies likely reduce the environmental impact of production without improving financial performance. Using green patents to...
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作者：Cen, Xiao; Li, Nan; Tang, Chao; Wang, Juanting
作者单位：Texas A&M University System; Texas A&M University College Station; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
摘要：This study explores the relationship between executive compensation and the preference dynamics of managers and shareholders. Our analysis centers on the theoretical prediction that changes in firms' asset value can differentially affect the risk-taking preferences of the two groups, potentially influencing the optimal compensation policy. Utilizing local real estate price changes to identify variations in firms' asset value, we find that a decrease in asset value leads to more risk-taking inc...
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作者：Ashraf, Musaib; Donelson, Dain C.; Mcinnis, John; Mergenthaler, Richard D.
作者单位：Michigan State University; University of Wisconsin System; University of Wisconsin Madison; University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine the effect of fair value standards on firms' litigation risk. The discretion required by fair value allows plaintiffs to second guess managers' judgments, potentially increasing litigation risk. Alternatively, the complexity of fair value may decrease litigation risk if it's more difficult to demonstrate scienter. Our evidence suggests firms that rely more on fair value standards are relatively less likely to be sued. We find no evidence of a relation between fair value and the risk...
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作者：Cabezon, Felipe
作者单位：Virginia Polytechnic Institute & State University
摘要：I report and analyze a recent one-size-fits-alltrend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components - salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites - disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogeno...
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作者：Hepfer, Bradford F.; Judd, Hannah W.; Rice, Sarah C.
作者单位：Texas A&M University System; Texas A&M University College Station; Brigham Young University
摘要：Using the IPO setting, we test whether firms signal the quality of their investments in innovation activities by claiming R&D tax credits. We find the presence and amount of the R&D credit are each associated with lower information asymmetry and with higher investor demand at IPO. Conservatively, we estimate that sample firms realize additional IPO proceeds of 32-45 percent of their creditable R&D expenditures, indicating economically significant non-tax benefits associated with the R&D credit...
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作者：Aobdia, Daniel; Liu, Xuejiao; Na, Ke; Wu, Hong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of International Business & Economics; Fudan University; Shanghai Institute of International Finance & Economics
摘要：This paper examines audit offices' human capital investment in response to client restatement announcements and the resulting effects on audit quality and audit office client base. We find that audit offices attempt to acquire human capital and talent by posting more audit-related job positions just after a client announces a restatement. The increase in job postings follows restatements with more negative announcement returns and restatements of annual financial statements, and is concentrate...
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作者：Carter, Mary Ellen
作者单位：Boston College
摘要：Donelson, Hutzler, and Rhodes (this issue) examine the impact on firms' corporate governance of increased government antitrust enforcement against competitor interlocking directors. While these directors could facilitate collusion among firms, raising antitrust concerns, they also bring crucial industry expertise that enhances corporate governance. The authors find enhanced enforcement led to voluntary reductions in these directors. Given that these directors are associated with improved firm ...
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作者：Rauter, Thomas
作者单位：University of Chicago
摘要：Amberger, Wilde, and Wu (2025, AWW) examine the impact of EU beneficial ownership transparency (BOT) regulation on cross-border investment. They find that BOT is associated with reductions in investments from non-EU financial havens into the EU and that BOT unintentionally discourages legitimate investments without deterring illicit actors. My discussion evaluates AWW's evidence, positions the paper within the existing literature, and discusses its contributions. I particularly focus on challe...
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作者：Delis, Fotis; Delis, Manthos D.; Laeven, Luc; Ongena, Steven
作者单位：Audencia; European Central Bank; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Norwegian University of Science & Technology (NTNU); Centre for Economic Policy Research - UK
摘要：We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009-2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensi...
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作者：Amiraslani, Hami; Deller, Carolyn; Ittner, Christopher D.; Keusch, Thomas
作者单位：INSEAD Business School; University of Pennsylvania; University of Pennsylvania; INSEAD Business School
摘要：We examine the relation between board risk oversight and environmental and social (E&S) performance. Our study is motivated by heightened awareness of E&S risks and growing calls for their inclusion in the purview of board risk oversight. Using a novel proprietary dataset on board risk oversight for an international sample, we find that firms with more extensive board risk oversight are more likely to institute E&S compensation, set environmental (but not social) targets, adopt policies that a...
