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• The importance of the internal information environment for tax avoidance AI翻译
  作者：Gallemore, John; Labro, Eva
  作者单位：University of Chicago; University of North Carolina; University of North Carolina Chapel Hill
  摘要：We show that firms' ability to avoid taxes is affected by the quality of their internal information environment, with lower effective tax rates (ETRs) for firms that have high internal information quality. The effect of internal information quality on tax avoidance is stronger for firms in which information is likely to play a more important role. For example, firms with greater coordination needs because of a dispersed geographical presence benefit more from high internal information quality....
• Market (in)attention and the strategic scheduling and timing of earnings announcements AI翻译
  作者：deHaan, Ed; Shevlin, Terry; Thornock, Jacob
  作者单位：Stanford University; University of California System; University of California Irvine; University of Washington; University of Washington Seattle
  摘要：We investigate whether managers hide bad news by announcing earnings during periods of low attention, or by providing less forewarning of an upcoming earnings announcement. Our findings are consistent with managers reporting bad news after market hours, on busy days, and with less advance notice, and with earnings receiving less attention in these settings. Paradoxically, our findings indicate that managers also report bad news on Fridays, but we do not find lower attention on Fridays. Further...
• Evidence that the zero-earnings discontinuity has disappeared AI翻译
  作者：Gilliam, Thomas A.; Heflin, Frank; Paterson, Jeffrey S.
  作者单位：IE University; State University System of Florida; Florida State University
  摘要：Discontinuities in earnings distributions at zero have been widely cited as evidence of earnings management but not without controversy. Recent research suggests discontinuities may be mere artifacts of certain research design choices. We find that the well-known zero-earnings discontinuity disappears soon after passage of the Sarbanes-Oxley Act (SOX) and has not returned. We also find that neither the discontinuity nor its disappearance require the effects of widely cited alternative (non-ear...
• Signaling through corporate accountability reporting AI翻译
  作者：Lys, Thomas; Naughton, James P.; Wang, Clare
  作者单位：Northwestern University
  摘要：We document that corporate social responsibility (CSR) expenditures are not a form of corporate charity nor do they improve future financial performance. Rather, firms undertake CSR expenditures in the current period when they anticipate stronger future financial performance. We show that the causality of the positive association between CSR expenditures and future firm performance differs from what is claimed in the vast majority of the literature and that corporate accountability reporting i...
• The economic effects of financial derivatives on corporate tax avoidance AI翻译
  作者：Donohoe, Michael P.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：This study estimates the corporate tax savings from financial derivatives. I document a 3.6 and 4.4 percentage point reduction in three-year current and cash effective tax rates (ETRs), respectively, after a firm initiates a derivatives program. The decline in cash ETR equates to $10.69 million in tax savings for the average firm and $4.0 billion for the entire sample of 375 new derivatives users. Of these amounts, $8.75 million and $3.3 billion, respectively, are incremental to tax savings th...
• Does return dispersion explain the accrual and investment anomalies? AI翻译
  作者：Chichernea, Doina C.; Holder, Anthony D.; Petkevich, Alex
  作者单位：University System of Ohio; University of Toledo
  摘要：Recent research shows that high return dispersion (RD) is associated with economic conditions characterized by high discount rates, which are not conducive to growth and investment. We propose that RD risk can explain the accrual and investment anomalies. We conduct asset-pricing tests that include RD as a potential risk factor and show that low-accrual and low-investment firms have significantly higher exposure to the risk captured by RD. RD significantly explains future returns and the exces...
• Geographic proximity and analyst coverage decisions: Evidence from IPOs AI翻译
  作者：O'Brien, Patricia C.; Tan, Hongping
  作者单位：University of Waterloo; York University - Canada
  摘要：Using hand-collected data on analyst locations, we study how geographic proximity affects analyst coverage decisions for U.S. firms that went public during 1996-2009, along with the impact of local coverage on firm visibility. Analysts are 80% more likely to cover local firms than non-local ones, and nearby non-underwriter analysts initiate coverage one to three weeks earlier than distant ones. Proximity matters most for smaller, less visible firms, for firms with less complex operations and f...
• Do financial market developments influence accounting practices? Credit default swaps and borrowers' reporting conservatism AI翻译
  作者：Martin, Xiumin; Roychowdhury, Sugata
  作者单位：Washington University (WUSTL); Boston College
  摘要：This paper investigates whether the initiation of trading in credit default swaps (CDSs) on a borrowing firm's outstanding debt is associated with a decline in that firm's reporting conservatism. CDS investments can modify lenders' payoffs on their loan portfolios by providing insurance on negative credit outcomes. The onset of CDS trading reduces lenders' incentives to continuously monitor borrowers and also their demand that borrowers report conservatively. Additionally, borrowers expect CDS...
• CEO tenure and earnings management AI翻译
  作者：Ali, Ashiq; Zhang, Weining
  作者单位：University of Texas System; University of Texas Dallas
  摘要：This study examines changes in CEOs' incentive to manage their firms' reported earnings during their tenure. Earnings overstatement is greater in the early years than in the later years of CEOs' service, and this relation is less pronounced for firms with greater external and internal monitoring. These results suggest that new CEOs try to favorably influence the market's perception of their ability in their early years of service, when the market is more uncertain. Also, consistent with the ho...
• Do scaling and selection explain earnings discontinuities? AI翻译
  作者：Burgstahler, David; Chuk, Elizabeth
  作者单位：University of Washington; University of Washington Seattle; University of Southern California
  摘要：Earnings distributions commonly exhibit statistically significant discontinuities at zero earnings, which are widely interpreted as evidence of earnings management to avoid a loss. In contrast, Durtschi and Easton (2005, 2009, hereafter DE) assert that discontinuities are instead explained by some combination of prior researchers' choice(s) of scaling and sample selection as well as a scaling-related effect due to a systematic relation between the sign of earnings and market prices. Resolution...