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作者：Heese, Jonas; Perez-Cavazos, Gerardo
作者单位：Harvard University
摘要：We use large increases in unemployment insurance (UI) benefits to study the effects of expected retaliation costs on employee whistleblowing. Increases in UI benefits reduce the costs that arise from a job loss, one of the costliest forms of retaliation. We find that increases in UI benefits increase the number of facility-level employee workplace safety complaints filed with the regulator. Furthermore, UI benefit increases also result in more violations and more penalties. The effects are con...
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作者：Kepler, John D.
作者单位：Stanford University
摘要：I study how private communication among competitors affects their public disclosures. Theory suggests that competing firms can use public disclosure to coordinate, and predicts less public disclosure when there is more private communication. Using data on strategic alliances, I predict and find that firms that enter strategic alliances with competitors reduce their public disclosure, and that the reduction is more pronounced for alliances that allow for more private communication. ? 2021 Elsev...
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作者：Dey, Aiyesha; White, Joshua T.
作者单位：Harvard University; Vanderbilt University
摘要：How do firms protect their human capital? We test whether firms facing an increased threat of being acquired strengthen their antitakeover provisions (ATPs) in order to bond with their employees. We use the adoption of the Inevitable Disclosure Doctrine (IDD) by US state courts, which exogenously decreases knowledge-worker mobility, thus elevating takeover risk and reducing employee incentives to innovate. Firms respond to the IDD adoption by strengthening ATPs that defend against hostile take...
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作者：Dong, Yashu; Young, Danqing
作者单位：Shanghai University of Finance & Economics; Chinese University of Hong Kong
摘要：This study examines information transfer regarding how investors react to new foreign macroeconomic and industry-related information embedded in foreign firms' earnings releases. Using non-U.S. firms listed in the U.S. as our main setting, we find that U.S. investors react significantly to foreign macroeconomic information and to information generated by the interaction between macroeconomic and industry-related information. We also find that the benefits (costs) of processing earnings reports...
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作者：Herpfer, Christoph
作者单位：Emory University
摘要：I construct a novel dataset of individual bankers in the U.S. syndicated loan market to analyze the impact of bankers for the largest, most transparent borrowers. Bankers exhibit time-invariant preferences for specific loan characteristics, or styles. In addition, exploiting within-borrower variation in personal relationship strength from banker turnover, I find that stronger relationships lead to significantly lower interest rates. This effect is stronger if borrowers lack a credit rating or ...
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作者：Chen, A. J. Yuan; Ogneva, Maria
作者单位：University of Southern California
摘要：Heater, Nallareddy, and Venkatachalam (2021), hereafter HNV, find that aggregate merger and acquisition (M&A) activity explains the ability of aggregate accruals to predict market wide returns. In this discussion, we delineate HNV's contribution to accounting literature and provide a review of the emerging stream of micro-to-macro accounting research. We also discuss HNV's findings in relation to research beyond accounting, including the literature on aggregate return prediction and mergers an...
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作者：Bushman, Robert
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Over the last two decades, executive compensation research has focused primarily on equity-based pay and incentives emanating from executives' firm-specific equity portfo-lios, while generally ignoring cash-based bonus plans as a second order effect. Exploiting access to new data sources, there has been a revival of interest by accounting researchers in more deeply understanding the value adding roles played by bonus plans. Earlier research viewed accounting measures in bonus plans through the...
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作者：Lester, Rebecca
作者单位：Stanford University
摘要：In The Impact of IP Box Regimes on the M&A Market, Bradley, Robinson, and Ruf (2021) study whether and to what extent tax incentives for intellectual property affect corporate M&A investment activity. The paper finds that a 1.0 percentage point tax benefit leads to a 1.2% increase in M&A activity in a country after the implementation of an Intellectual Property (IP) Box tax regime. Results vary based on country-specific IP Box requirements, as well as firm-specific characteristics such as pate...
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作者：Edelen, Roger M.
作者单位：Virginia Polytechnic Institute & State University
摘要：The authors find that disclosure complexity strongly negatively relates to S&P 500 index fund returns. Because those returns are largely determined by fund fees, their evidence suggests that fund managers obfuscate to drive mutual fund investors into poor investment choices. However, the use of a passive (indexed) investment strategy can overlap with another prominent feature of the mutual fund industry: financial advisers (i.e. money doctors, Gennaioli et al., 2015) who assist with investment...
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作者：Li, Qin; Ma, Mark (Shuai); Shevlin, Terry
作者单位：Hong Kong Polytechnic University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of California System; University of California Irvine
摘要：To constrain the use of intangible assets in tax-motivated state income shifting, many U.S. state governments adopted addback statutes. Addback statutes reduce the tax benefits that firms can gain from creating intangible assets such as patents. Using a sample of U.S. public firms, we examine the effect of addback statutes on corporate innovation behavior. First, the adoption of addback statutes leads to a 4.77 percentage point decrease in the number of patents and a 5.12 percentage point decr...
