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作者：Beyer, Anne; Smith, Kevin C.
作者单位：Stanford University
摘要：When valuing a firm, investors must assess not only its expected future cash flows but also the systematic risk inherent in these cash flows. In this paper, we model the process by which investors may learn about firms' betas from earnings and how this learning process affects the relationship between earnings, announcement returns, and expected future returns. The model's main predictions are: (i) earnings response coefficients vary with macroeconomic conditions and are lower in upswings than...
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作者：Kang, Ya; Li, Oliver Zhen; Lin, Yupeng
作者单位：Chinese University of Hong Kong; Shanghai Lixin University of Accounting & Finance; National University of Singapore
摘要：We investigate tax incidence reflected in the pricing of syndicated loans and argue that loan spread increases in bank income taxes of borrowers' home states. We compare bor-rowers in states with differing bank tax rates and demonstrate the presence of tax inci-dence on borrowers with causality coming from bank taxes. Tax incidence on borrowers increases with local loan market concentration and pre-existing lending relationships. Further, a lack of tax deductibility of loan loss provisions enh...
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作者：Seo, Hojun
作者单位：Purdue University System; Purdue University
摘要：Economic theory suggests that peer effects are present in various contexts: the average behavior of a group influences the behavior of individual group members (Manski,1993). An implicit assumption in most disclosure studies is that a firm's disclosure decision is primarily based on firm-specific factors (Leuz and Wysocki, 2016). However, since firms in the same industry are interdependent (Devenow and Welch,1996; Lieberman and Asaba, 2006; Leary and Roberts, 2014), corporate disclosure decisi...
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作者：Allee, Kristian D.; Do, Chuong; Sterin, Mikhail
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Nevada System of Higher Education (NSHE); University of Nevada Reno; Texas State University System; Texas State University San Marcos
摘要：An extensive stream of literature investigates how product market competition, by increasing the proprietary costs of disclosure, influences corporate disclosure policy. We hypothesize that the proprietary costs incurred by firms are associated with how a disclosure is framed and structured. We predict and find that the intensity of competition in the product market is associated with more negative and uncertain earnings conference calls. We also find evidence of firms casting calls by emphasi...
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作者：Aobdia, Daniel; Dou, Yiwei; Kim, Jungbae
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University; Singapore Management University
摘要：The originate-to-distribute (OTD) model, in which the originators of mortgages sell or securitize the mortgages to third parties, likely contributed to the 2008 financial crisis. Auditors were blamed for permitting clients to understate the risks of the model in their financial reports, fostering undisciplined lending. We investigate whether public audit oversight influences OTD lending by promoting more vigilant audits of the financial reports of originators. Using a difference-in-differences...
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作者：Blouin, Jennifer L.; Fich, Eliezer M.; Rice, Edward M.; Tran, Anh L.
作者单位：University of Pennsylvania; Drexel University; University of Washington; University of Washington Seattle; City St Georges, University of London
摘要：We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the U.S. Results indicate that the quantity and quality of acquisition bids by DPADadvantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related ta...
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作者：Iselin, Michael; Park, Min; Van Buskirk, Andrew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Kansas; University System of Ohio; Ohio State University
摘要：Sell-side equity analysts produce and disseminate a variety of outputs, including stock recommendations, 12-month target prices, and earnings estimates of various horizons. While these different outputs are generally positively correlated with one another (Bandyopadhyay et al., 1995; Bradshaw, 2004; Ertimur et al., 2007; Da et al., 2016), prior research documents inconsistenciesdcases where one measure conflicts in some way with another measure issued by the same analyst at the same timedanywh...
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作者：Hills, Robert; Kubic, Matthew; Mayew, William J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Austin; Duke University
摘要：We examine whether SEC effort to review state sponsors of terrorism (SST) disclosure negatively influences financial reporting oversight. Using comment letter inquiries about SST to measure effort, we find the likelihood that the SEC fails to identify a financial reporting error increases when comment letters reference SST. Consistent with SST disclosure review crowding out financial reporting oversight, comment letters referencing SST are less likely to mention accounting, non-GAAP, and MD&A ...
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作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
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作者：Leone, Andrew J.; Li, Edward Xuejun; Liu, Michelle
作者单位：Northwestern University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Hunter College (CUNY)
摘要：This study examines changes in SEC enforcement and firm cooperation after the SEC introduced its new cooperation program in 2010. While previous research shows that the SEC penalized cooperative firms prior to 2010, our results suggest that after that year, it rewarded cooperation, especially good faith actions. We also find that after 2010, the SEC increased mentions of cooperation in public speeches and publicized more details about firm cooperative activities in AAERs. Finally, we find some...
