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作者：Nesbitt, Wayne L.; Outslay, Edmund; Persson, Anh V.
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the stock market reaction to the unprecedented leaks of confidential advance tax rulings between Luxembourg and multinational corporations-also known as the LuxLeaks. Contrary to the negative market reaction to tax shelter news documented in prior research, we find that investors responded positively to these leaks. This reaction is concentrated among U.S. firms. Furthermore, we document a positive association between abnormal returns and the reduction in firms' tax uncerta...
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作者：Yost, Benjamin P.
作者单位：Boston College
摘要：This study investigates whether tax-based proprietary costs associated with being a public firm (i.e., costs resulting from increased visibility to the tax authority) discourage public listing. I exploit the introduction of a mandatory disclosure requirement (FIN 48) which generated a signal to the government regarding the uncertainty of public firms' tax po-sitions, allowing for more carefully targeted audits. I hypothesize and find evidence of an increased propensity to go private by public,...
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作者：Zhang, Rachel Xi
作者单位：National University of Singapore
摘要：I examine whether corporate managers learn from institutional investors through direct interactions at investor conferences. I find that managers seek more direct interactions with institutional investors at conferences when they have a greater need for information about their firm's product markets and supply chains. This relation is stronger when managers expect investors to be knowledgeable. I also show that the information acquired from conference interactions is reflected in subsequent ma...
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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：V. Chen, Jason
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The wisdom of crowds suggests that groups with more diversely informed individuals reach more informed decisions because their members are collectively more knowledgeable. I study this idea in the context of the market's response to earnings announcements by examining how information diversity across investors affects the efficiency of the price response to earnings news. I measure investors' information diversity based on their geographic dispersion, which I estimate using the locations of th...
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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：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：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 ...
