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作者：Kim, Jinhwan; Valentine, Kristen
作者单位：Stanford University; University System of Georgia; University of Georgia
摘要：We examine the spillover effect of public firm disclosures on the patent trading market. The patent market is rife with information frictions, yet can potentially facilitate the reallocation of innovation to the most productive users. We find that going from the 25th percentile to the 75th percentile in public firm presence - our proxy for public firm disclosures - is linked to a 9.4% increase in other related parties' future patent sales. The positive link between public firm presence is stro...
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作者：Pan, Yue; Shroff, Nemit; Zhang, Pengdong
作者单位：Xiamen University; Massachusetts Institute of Technology (MIT); Sun Yat Sen University
摘要：This paper examines the relation between audit market competition and audit quality. We use the staggered introduction of bullet trains in different Chinese cities as shocks to travel time between audit clients and prospective audit firms, which increases the threat of competition for incumbent audit firms. The inception of bullet train connectivity leads to a 4.5 percentage point (pp) increase in the probability of GAAP violations and a 1.7 pp decrease in the probability of modified audit opi...
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作者：Avi-Yonah, Reuven
作者单位：University of Michigan System; University of Michigan
摘要：This comment explains that while taxpayers may increase loss harvesting in crypto, they are wrong if they believe such losses will be upheld if challenged by the IRS.(c) 2023 Elsevier B.V. All rights reserved.
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作者：Bloomfield, Matthew J.; Marvao, Catarina; Spagnolo, Giancarlo
作者单位：University of Pennsylvania; Stockholm School of Economics; Centre for Economic Policy Research - UK
摘要：We examine whether the potential for costly sabotage is a deterrent to firms' use of relative performance evaluation (RPE) in CEO pay plans. We exploit illegal cartel membership as a source of variation in the potential for costly sabotage and document that firms are more likely to use RPE if they are currently cartel members. Moreover, firms frequently drop RPE from their CEOs' pay plans immediately after their cartels are detected, dissolved and punished. We further provide suggestive eviden...
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作者：Belnap, Andrew; Welsch, Anthony; Williams, Braden
作者单位：University of Texas System; University of Texas Austin
摘要：Tax enforcement and compliance are critical features of any tax system. One way that prior studies examine these topics is by measuring taxpayer responses to different types of letters from a tax authority. We extend this research by focusing on 'remote firms' e firms with no physical presence in the tax authority's jurisdiction e and examining sales tax compliance. Specifically, we partner with the Texas Comptroller's office to conduct a randomized field experiment that examines whether and w...
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作者：Fee, Edward; Li, Zhi; Peng, Qiyuan
作者单位：Tulane University; Chapman University System; Chapman University; University System of Ohio; University of Dayton
摘要：We find that a new compensation disclosure item on expected payouts from performancebased stock grants reveals unique information regarding future firm performance. Extracting inferred performance expectations from the disclosures, we find that firms disclosing the highest expected grant payout significantly outperform in ROA, Q, sales growth, and profit margin over the next two years, while those disclosing the lowest expected payout underperform. The embedded information is not captured by o...
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作者：Bertomeu, Jeremy
作者单位：Washington University (WUSTL); Washington University (WUSTL)
摘要：Aghamolla and Smith (2023) make a significant contribution to enhancing our under-standing of how managers choose financial reporting complexity. I outline the key as-sumptions and implications of the theory, and discuss two empirical implications: (1) a U-shaped relationship between complexity and returns, and (2) a negative association between complexity and investor sophistication. However, the robust equilibrium also implies a counterfactual positive market response to complexity. I develo...
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作者：Stewart, Christopher R.
作者单位：University of Chicago
摘要：Target shareholders have the right to ask for a higher merger price if good news emerges after a merger agreement. This appraisal right varies with state law and was substantially strengthened in Delaware in 2007. I examine how target managers respond to changes in this right. If target managers represent target shareholders, the managers would be more likely to release good news, but I find they are more likely to withhold good news when appraisal rights are higher. This suggests agency probl...
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作者：Aghamolla, Cyrus; Smith, Kevin
作者单位：University of Minnesota System
摘要：Extensive evidence suggests that managers strategically choose the complexity of their descriptive disclosures. However, their motives in doing so appear mixed, as complex disclosures are used to obfuscate in some cases and to provide information in others. Building on these observations, we first identify a novel stylized fact: disclosure complexity is non-monotonic in firm performance. We develop a model of disclosure complexity that incorporates the dual roles of complexity and can explain ...
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作者：deHaan, Ed; Li, Jiacui; Watts, Edward M.
作者单位：Stanford University; Utah System of Higher Education; University of Utah; Yale University
摘要：Using comprehensive data on U.S. corporate bond trades since 2002, we find evidence that retail bond investors overrely on untimely credit ratings to their financial detriment. Specifically, they appear to select bonds by first screening on a credit rating and then sorting by yield, buying the highest-yielding bonds within each rating level. Because yields lead credit rating changes, selecting on yield-within-rating means that retail investors systematically trade in the opposite direction of ...
