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作者：Kohlhase, Saskia; Wielhouwer, Jacco L.
作者单位：Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Vrije Universiteit Amsterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We study the roles of the head office (HO) and the business units (BUs) of a multinational corporation (MNC) in reducing income tax and tariff payments through internal transfer prices in international trades. Using confidential transfer price data of a large MNC, we analyze how the different elements of internal transfer prices set by the HO and BUs vary differently from external prices with income tax rates, tariff rates, and the tradeoff between the two. Absent severe agency conflicts, we f...
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作者：Belnap, Andrew
作者单位：University of Texas System; University of Texas Austin
摘要：Intermediaries play a significant role in capital markets by reducing disclosure processing costs to market participants. Yet, due to selection and other empirical challenges, the extent and mechanisms through which intermediaries influence firm disclosure are largely unknown. To address these challenges, I conduct a field experiment that randomizes coverage of a mandatory disclosure by two key intermediariesdnon-governmental or-ganizations and the media. I show that this coverage causes nonco...
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作者：Core, John E.; deHaan, Ed; Guay, Wayne; Hanlon, Michelle; Lang, Mark; Wu, Joanna
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作者：Gelsomin, Eric; Hutton, Amy
作者单位：University of Rochester; Boston College
摘要：While Sani, Shroff and White (2023) examine a plausibly exogenous shock to the information acquisition landscape that arguably changes informed traders' incentives to generate private information without the focal firm changing its disclosure policy, the causal chain underlying their analyses shares the implicit assumptions employed in the extant empirical literature that tests the Learning Hypothesis. Thus, the focus of our discussion is to make explicit the implicit assumptions and highlight...
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作者：Goldman, Nathan C.; Ozel, Naim Bugra
作者单位：North Carolina State University; University of Texas System; University of Texas Dallas
摘要：We examine whether individual-level taxes affect executives' propensity to use nonpublic information in insider trades. We predict and find a positive relation between abnormal insider trading profitability and income tax rates. Using plausibly exogenous variation in state income tax rates, we estimate that the average executive uses insider trading profits to offset between 12.2% and 19.6% of the effect that income taxes have on their net compensation. We show that the sensitivity of these pr...
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作者：Du, Mengqiao
作者单位：National University of Singapore
摘要：This paper explores the shock of school closures caused by the COVID-19 pandemic to study the effect of childcare responsibilities on analyst forecasts. With manually collected data on whether analysts have children, I find that female analysts with children (mother analysts) are less likely to issue timely forecasts after school closures, compared to male analysts with children (father analysts). Mother analysts' forecasts also become less accurate after school closures, but the negative effe...
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作者：Gallo, Lindsey A.
作者单位：University of Michigan System; University of Michigan
摘要：Binz, Ferracuti, and Joos (2023) examine whether better internal information systems can mitigate the association between inflation and investment. According to Real Business Cycle models, inflation should not impact real decisions like investment, yet empirically the two are positively related. Lucas (1972) theorizes that imperfect information can cause agents to rationally extrapolate from their local set of information to make conclusions about what is happening in aggregate. Motivated by t...
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作者：Glover, Jonathan; Xue, Hao
作者单位：Columbia University; Duke University
摘要：This paper develops a positive role for accounting conservatism in fostering relational contracts between two agents in a two-period model of moral hazard. Building on Kreps (1996), the principal in our model designs a conservative measurement system and optimal contracts to create multiple equilibria that foster a team-based corporate culture. Accruals introduced by conservatism increase each agent's stake in the future of the relationship when it matters most-when it is going badly. This mak...
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作者：Amiraslani, Hami; Donovan, John; Phillips, Matthew A.; Wittenberg-Moerman, Regina
作者单位：INSEAD Business School; University of Notre Dame; Massachusetts Institute of Technology (MIT); University of Southern California
摘要：We document a novel trend in syndicated lending where some participants voluntarily waive their rights to borrowers' private information. We posit that public-side lending emerged to facilitate broad lender participation in the syndicated loan market by miti-gating concerns about the leakage of borrowers' private information into public securities markets. In line with this proposition, we find that public-side lending facilitates the loan market participation of lenders for which maintaining ...
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作者：Cheng, Stephanie F.; De Franco, Gus; Lin, Pengkai
作者单位：Tulane University; Singapore Management University
摘要：We find that the staggered passage of state-level laws that legalize marijuana for medical use increases states' borrowing costs by 7e9 basis points. Consistent with economic theory on substance use suggesting that marijuana legalization increases local consumption of the drug (by expanding its availability and reducing its perceived risks), we predict and find that increased consumption represents an important mechanism that explains the higher state bond spreads. We also show that following ...
