2-3期

最新文章

• FOMC news and segmented markets AI翻译
  作者：Golez, Benjamin; Kelly, Peter; Matthies, Ben
  作者单位：University of Notre Dame; Claremont Colleges; Claremont McKenna College; Claremont Graduate University
  摘要：A growing body of evidence suggests that Federal Open Market Committee (FOMC) announcements can affect private sector beliefs about near-term macroeconomic conditions. We measure the impact of central bank policy on index option trader beliefs about near-term economic conditions using the return of short-term dividend strips around each FOMC announcement (we term this short-term dividend strip return, SDR). Consistent with the idea that these announcements contain valuable information about ma...
• The future performance implications of Non-GAAP firms' investments AI翻译
  作者：Ahn, Minkwan; Christensen, Theodore E.; Johnson, Ryan G.; Lewis-Western, Melissa F.
  作者单位：Sungkyunkwan University (SKKU); University System of Georgia; University of Georgia; Indiana University System; Indiana University Bloomington; Brigham Young University
  摘要：We investigate whether consistent non-GAAP reporting is associated with investment efficiency. Prior research finds a positive association between non-GAAP reporting and investment levels, concluding that it represents overinvestment. We corroborate this positive association, but additional tests are not consistent with the conclusion of inefficient overinvestment. Specifically, we explore the relation between investment and future cash flows as a proxy for the realization of investments in po...
• Sell-by-plan mandate and opportunistic insider selling: Evidence from China AI翻译
  作者：Ye, Pengfei; Zeng, Qingsheng; Zhang, Cheng
  作者单位：Virginia Polytechnic Institute & State University; Shanghai University of Finance & Economics
  摘要：We examine whether requiring insiders to sell their stock shares based on pre-disclosed plans can mitigate opportunistic insider selling activities and, more importantly, to what extent insiders can circumvent this regulation. Using China's mandate enacted in 2017 as the setting, we demonstrate that a sell-by-plan mandate can reduce opportunistic selling activities. However, insiders can circumvent this mandate by strategically initiating their plans before bad news. We find that this gaming p...
• Do personal income taxes affect corporate tax-motivated profit shifting? AI翻译
  作者：De Vito, Antonio; Hillmann, Lisa; Jacob, Martin; Vossebuerger, Robert
  作者单位：University of Bologna; WHU - Otto Beisheim School of Management; University of Navarra; IESE Business School
  摘要：This paper examines the role of personal income taxes on multinationals' corporate tax-induced profit shifting. As mandated in most OECD countries, firms need economic substance in low corporate-tax countries to justify profit shifting to these countries. Because high personal income taxes raise labor costs and thus the cost of providing economic substance, we predict that personal income taxes mute profit shifting. Using data from 26 European countries, we find that personal income taxes subs...
• The innovation consequences of judicial efficiency AI翻译
  作者：Kim, Jinhwan; Shi, Terrence Tianshuo; Verdi, Rodrigo S.
  作者单位：Stanford University; University of California System; University of California Los Angeles; Massachusetts Institute of Technology (MIT)
  摘要：We examine how judicial efficiency, defined as a court's ability to resolve patent cases quickly and in a manner that is mutually agreeable to both parties in the lawsuit, impacts corporate innovation. To do so, we exploit the Patent Pilot Program (PPP) introduced by the U.S. Congress in 2011, which allowed judges with expertise and resources (as opposed to randomly selected judges) to preside over more patent cases to facilitate efficient ruling. We find firms headquartered in counties subjec...
• Creditor protection and government procurement contracting☆ AI翻译
  作者：Liu, Xiao; Ma, Zhiming; Ruan, Lufei
  作者单位：Nankai University; Peking University; California State University System; San Francisco State University
  摘要：This paper examines the effect of creditor protection on the choice of government procurement contract types. We use the staggered adoption of anti-recharacterization laws (ARLs) as a quasi-natural experiment to investigate the research question. ARLs strengthen creditors' rights to repossess collateral in bankruptcy and thus enhance creditor protection. Using a dataset of U.S. government contracts, we find a significant shift from the use of fixed-price contracts to cost-plus contracts after ...
• Cross-border investment, deterrence, and compliance effects of ownership transparency AI翻译
  作者：Amberger, Harald J.; Wilde, Jaron H.; Wu, Yuchen
  作者单位：Vienna University of Economics & Business; University of Iowa; Zhejiang University of Finance & Economics
  摘要：We exploit the staggered adoption of beneficial ownership registers in the EU to study (i) whether and how the requirement to disclose information on an entity's ultimate human owner (ownership transparency) shapes cross-border investment, (ii) whether ownership transparency deters potentially illicit versus likely legitimate activity, and (iii) which types of firms try to avoid ownership disclosure. We find that investment from non-EU financial havens into the EU declines significantly after ...
• Firms' real and reporting responses to taxation: A review AI翻译
  作者：Lester, Rebecca; Olbert, Marcel
  作者单位：Stanford University; University of London; London Business School
  摘要：Taxation is a central economic policy tool, with governments increasingly using tax policy to stimulate local economic growth and also regulate multinational firms. We review the empirical literature that studies the effect of tax policies on firms' investment, employment, and other real outcomes. Building on the neoclassical theory of corporate taxes and tangible investment, we propose an organizing framework for our review that captures the wide set of tax policies and firm responses examine...
• The value of lending to bellwether firms by institutional investors AI翻译
  作者：Landsman, Wayne R.; Pena-Romera, F. Dimas; Zhao, Jianxin (Donny)
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; Arizona State University; Arizona State University-Tempe; Emory University
  摘要：We predict that institutional investors in loan syndicates charge bellwether firms lower loan spreads as compensation for having access to private information that can help identify trading opportunities in other firms' public market securities. Consistent with this prediction, when lending to bellwether firms, institutional investors charge a loan premium that is between 17 and 25 bps lower relative to non-bellwether firms, and earn annualized excess returns of 1.5-2.2% from trading in other ...
• Firms' real and reporting response to taxation: A discussion AI翻译
  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...