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作者：Defond, Mark; Qi, Baolei; Si, Yi; Zhang, Jieying
作者单位：University of Southern California; Xi'an Jiaotong University; Xi'an Jiaotong University; University of Texas System; University of Texas Dallas
摘要：Prior research concludes that tax-expert auditors facilitate tax aggressiveness. However, these studies examine auditors who also provide non-audit tax services to their clients, creating conflicting incentives. We predict that tax-expert auditors, who do not provide non-audit tax services, reduce tax aggressiveness, because tax aggressiveness imposes costs on them. We test our prediction using Chinese data, allowing us to identify Certified Tax Agents as tax-expert auditors. We find that comp...
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作者：Yang, Daniel G.
作者单位：Hong Kong University of Science & Technology
摘要：I examine whether and how foreign bank branch participation in U.S. loan syndicates influences loan contract design. I predict that foreign bank branches' dollar funding liquidity risk and information frictions increase renegotiation costs and affect loan contract design. I find that loan contracts with greater foreign bank branch participation include fewer flexibility-reducing covenants, such as capital expenditure and balance sheet covenants, that restrict borrowers from making positive net...
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作者：Rupar, Kathy; Wang, Sean; Yoon, Hayoung
作者单位：University System of Georgia; Georgia Institute of Technology; Southern Methodist University
摘要：We find that the adverse impact of bad news on analysts' valuations is 57% larger when the CEO is Non-White, resulting in more pessimistic valuations for Non-White CEOs relative to their White counterparts. Non-White CEO firms are more likely to surpass analysts' valuation targets in the subsequent 12 months, suggesting that this racial gap lacks economic justification. To provide further evidence of a racial bias: (1) we triangulate our empirical findings with corroborating evidence from a co...
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作者：Dittmann, Ingolf; Li, Amy Yazhu; Obernberger, Stefan; Zheng, Jiaqi (Jacky)
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; 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：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：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：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：Cowx, Mary
作者单位：Arizona State University; Arizona State University-Tempe
摘要：Tax enforcement deters noncompliance, increasing tax revenue, but may also discourage taxpayer investment in activities that policymakers aim to incentivize through tax credits and deductions. This paper investigates this investment-revenue trade-off through the lens of the research and development (R&D) tax credit, a federal tax incentive that is highly scrutinized by the Internal Revenue Service (IRS). My results suggest that expectations about IRS corporate tax scrutiny are negatively assoc...
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作者：Ru, Hong; Yang, Endong; Zou, Kunru
作者单位：Nanyang Technological University; University of Macau; University of Macau; Hong Kong Baptist University
摘要：This study investigates how CEOs' experience of natural disasters and severe disease outbreaks in their formative years influences their firms' responses to the COVID-19 pandemic in the United States. We observe that firms whose CEOs experienced disease outbreaks akin to COVID-19 early in their lives demonstrated more conservative responses to the emergence of the COVID-19 in late February 2020, notably through a substantial slowdown in capital expenditure growth. Moreover, firms led by CEOs w...
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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...
