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作者：Richardson, S. A.; Sloan, R. G.; Soliman, M. T.; Tuna, I
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作者：Burgstahler, David
作者单位：University of Washington; University of Washington Seattle
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作者：Loumioti, Maria; Vasvari, Florin P.
作者单位：University of Texas System; University of Texas Dallas; University of London; London Business School
摘要：We examine the discretionary activities that CLO managers engage in to pass monthly over-collateralization (OC) tests. These tests require a CLO's loan portfolio value, scaled by the CLO notes' principal balance, to be above a certain threshold. Using CLOs' granular disclosures, we develop model-free estimates for discretionary loan fair valuation and transaction-based proxies for strategic loan trading. We find a positive association between these discretionary activities and the probability ...
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作者：Kerr, Jon N.
摘要：Despite evidence that tax surprise is incrementally value relevant, the literature has done little to broaden the investigation beyond the United States or examine circumstances that affect informativeness. After extending to the international setting, I examine the impact of tax enforcement. I report strong results of greater value relevance when tax enforcement is high and that the value relevance of tax surprise is mostly contained within its interaction with tax enforcement. These findings...
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作者：Tan, Hun-Tong; Wang, Elaine Ying; Yoo, G-Song
作者单位：Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst; University of Sydney
摘要：We experimentally investigate how jargon affects investment willingness for investors with different industry knowledge, and whether such effects vary with good or bad jargon. We find that for investors without industry knowledge, jargon decreases investment willingness because it decreases understanding. However, for investors with some but low industry knowledge, jargon increases investment willingness because it increases perceived product premium. Such effects exist whether good or bad jar...
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作者：Wheeler, P. Barrett
作者单位：Tulane University
摘要：I provide evidence that loan loss accounting affects procyclical lending through its impact on regulatory actions. Regulators are more likely to place banks with inadequate loan loss allowances under enforcement actions that restrict lending, leading these banks to lend less during downturns. Further, I find that banks with lower regulatory ratings lend less when they have more timely provisions, consistent with research theorizing that timely provisions increase transparency and inhibit regul...
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作者：Bradshaw, Mark; Liao, Guanmin; Ma, Mark (Shuai)
作者单位：Boston University; Renmin University of China; American University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：In state owned enterprises (SOEs), taxes are a dividend to the controlling shareholder, the state, but a cost to other shareholders. We examine publicly traded firms in China and find significantly lower tax avoidance by SOEs relative to non-SOEs. The differences are pronounced for locally versus centrally-owned SOEs and during the year of SOE term performance evaluations. We link our results to managerial incentives through promotion tests, finding that higher SOE tax rates are associated wit...
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作者：Chen, Shuping; Huang, Ying; Li, Ningzhong; Shevlin, Terry
作者单位：University of Texas System; University of Texas Austin; University of Texas System; University of Texas Dallas; University of California System; University of California Irvine
摘要：We study whether, and more importantly, through what mechanisms, quasi-indexers affect portfolio firms' tax planning by employing the discontinuity in quasi-indexer ownership around the Russell 1000/2000 index cutoff. Using a regression discontinuity design, we find that higher quasi-indexer ownership leads to greater tax saving. With respect to the mechanisms, we find that the greater tax saving is a result of a focus on improved overall firm performance, not a specific focus on improved tax ...
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作者：Demerjian, Peter
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Credit default swaps (CDS) represent a major innovation in debt markets, allowing lenders to transfer credit risk to a counterparty by paying a premium. Shan, Tang, and Winton (2019) explore whether the availability of CDS affects the monitoring incentives of lenders. Their paper finds that CDS leads to looser loan terms (less collateral and looser covenants), consistent with a reduction in monitoring incentives. I examine several aspects of their study, including whether loan provisions and C...
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作者：Shan, Chenyu; Tang, Dragon Yongjun; Winton, Andrew
作者单位：Shanghai University of Finance & Economics; University of Hong Kong; University of Minnesota System; University of Minnesota Twin Cities; Shanghai Jiao Tong University
摘要：The rise of credit default swaps (CDS) provides creditors with a market-based approach to obtaining protection, but it can also affect lenders' monitoring of the borrowers. We find that after CDS begin trading on a given firm, new loans to that firm are less likely to require collateral and have less strict financial covenants, even controlling for endogeneity. The effects are stronger when lenders have easier access to CDS, for safer firms, credit lines, and performance-based covenants. Our e...
