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作者：Gallo, Lindsey A.; Kothari, S. P.
作者单位：University of Michigan System; University of Michigan; U.S. Securities & Exchange Commission (SEC); Massachusetts Institute of Technology (MIT)
摘要：Armstrong, Glaeser and Kepler (2019) examine whether accounting quality affects the sensitivity of a firm's stock returns to monetary policy news. The authors document that firms with lower accounting quality experience more pronounced responses to surprise changes in the target Federal funds rate, consistent with proposed balance -sheet channel of policy transmission. We first discuss how this paper fits with prior literature on the role of accounting quality and firm investment and with rece...
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作者：Shevlin, Terry; Shivakumar, Lakshmanan; Urcan, Oktay
作者单位：University of California System; University of California Irvine; University of London; London Business School; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Prior studies on the relation between corporate taxes and future macroeconomic growth present contradictory evidence. We argue this mixed evidence is at least partly due to the use of statutory corporate tax rates which ignore the complexity of tax exemptions, tax deductions, tax enforcement and firms' tax planning. We propose an alternative tax rate measure that aggregates cash effective tax rates of listed firms, which reflect not only statutory tax rates, but also other features of the tax ...
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作者：Gerakos, Joseph
作者单位：Dartmouth College
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作者：Byzalov, Dmitri; Basu, Sudipta
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We develop new distribution discontinuity tests conditional on multiple explanatory variables for analyzing meet-or-just-beat behavior around benchmarks. These tests combine Burgstahler and Dichev's (1997) meet-or-just-beat intuition with a flexible statistical model that addresses important limitations of the existing tests. Our method considerably outperforms logit-based tests of distribution discontinuity determinants and changes the interpretation of a major finding in the earnings discont...
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作者：Arif, Salman; Marshall, Nathan T.; Schroeder, Joseph H.; Yohn, Teri Lombardi
作者单位：Indiana University System; Indiana University Bloomington; University of Colorado System; University of Colorado Boulder
摘要：We document a growing disparity in earnings disclosure mechanisms. Firms are increasingly disclosing earnings announcements (EA) concurrently with the 10-K filing instead of first issuing a 'stand-alone' EA. Firm adoption of concurrent EA/10-Ks is associated with lower investor sophistication, greater impediments to producing timely and reliable earnings information, and greater industry-level concurrent reporting. Concurrent EA/10-Ks differ from stand-alone EAs in that investors anticipate mo...
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作者：Adhikari, Binay K.; Agrawal, Anup; Malm, James
作者单位：University of Texas System; University of Texas Rio Grande Valley; University of Alabama System; University of Alabama Tuscaloosa; College of Charleston
摘要：We find that firms where women have more power in the top management team, measured by female executives' plurality and pay slice, face fewer operations-related lawsuits. This effect is robust to several treatments of endogeneity and does not appear to be driven by female executives' greater willingness to settle the cases. Evidence from a simultaneous equations approach suggests that firms where women executives have more power avoid lawsuits partly by avoiding some risky but value-increasing...
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作者：Jung, Jay Heon; Kumar, Alok; Lim, Sonya S.; Yoo, Choong-Yuel
作者单位：University of London; City St Georges, University of London; University of Miami; DePaul University; Korea Advanced Institute of Science & Technology (KAIST)
摘要：We find that forecast revisions by analysts with more favorable surnames elicit stronger market reactions. The effect is stronger among firms with lower institutional ownership and for analysts with non-American first names. Following the 9/11 terrorist attacks, and France and Germany's opposition to the Iraq War, revisions by analysts with Middle Eastern and French or German surnames, respectively, generated weaker market reaction. Surname favorability is not associated with forecast quality,...
