2-3期

最新文章

• Tax avoidance and geographic earnings disclosure AI翻译
  作者：Hope, Ole-Kristian; Ma, Mark (Shuai); Thomas, Wayne B.
  作者单位：University of Toronto; University of Oklahoma System; University of Oklahoma - Norman
  摘要：This study tests the relation between corporate tax avoidance and disclosure of geographic earnings for U.S. multinational companies. We find that after the adoption of Statement of Financial Accounting Standards No. 131 in 1998, firms opting to discontinue disclosure of geographic earnings in their financial reports have lower worldwide effective tax rates. These results are consistent with managers perceiving that non-disclosure of geographic earnings helps mask tax avoidance behavior. Howev...
• Accounting restatements, governance and municipal debt financing AI翻译
  作者：Baber, William R.; Gore, Angela K.; Rich, Kevin T.; Zhang, Jean X.
  作者单位：Georgetown University; George Washington University; Marquette University; Virginia Commonwealth University
  摘要：We find that mean municipal debt costs are greater following financial restatement disclosures. Comparisons of the relative use of municipal debt, and of the use of unsecured versus secured debt, corroborate that financial restatements increase the cost of municipal debt financing. Additional analyses indicate that adverse consequences of restatements are mitigated by strong audit oversight and by provisions that encourage direct voter participation in the governance process. The evidence supp...
• Debt, equity, and capital investment AI翻译
  作者：Jackson, Scott B.; Keune, Timothy M.; Salzsieder, Leigh
  作者单位：University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Kansas City
  摘要：Theory suggests that debt financing, relative to equity financing, makes managers reluctant to part with assets. Our evidence supports this theoretical prediction, revealing that the reluctance to part with a debt financed asset causes two decision errors-(1) participants forego investments that increase firm value and (2) participants accept investments that decrease firm value. When the source of finance is equity, participants are less likely to make either of these costly decision errors. ...
• Did the SEC impact banks' loan loss reserve policies and their informativeness? AI翻译
  作者：Beck, Paul J.; Narayanamoorthy, Ganapathi S.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：During the late 1990s, the SEC alleged that banks were overstating loan loss allowances to establish cookie jar reserves. Their intervention in bank accounting culminated in 2001 with new guidance (SAB 102) designed to improve financial reporting quality. We show that banks' allowance estimation changed in response to the SEC's intervention. While allowance informativeness (as proxied by the ability to explain future losses) improved for Strong Banks, informativeness declined for Weak Banks wh...
• The separation of ownership and control and corporate tax avoidance AI翻译
  作者：Badertscher, Brad A.; Katz, Sharon P.; Rego, Sonja O.
  作者单位：University of Notre Dame; Columbia University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
  摘要：We examine whether variation in the separation of ownership and control influences the tax practices of private firms with different ownership structures. Fama and Jensen (1983) assert that when equity ownership and corporate decision-making are concentrated in just a small number of decision-makers, these owner-managers will likely be more risk averse and thus less willing to invest in risky projects. Because tax avoidance is a risky activity that can impose significant costs on a firm, we pr...
• A measurement approach to conservatism and earnings management AI翻译
  作者：Gao, Pingyang
  作者单位：University of Chicago
  摘要：This paper formalizes a two-step representation of accounting measurement and uses it to formalize a general rationale for conservatism as a measurement principle. A transaction's economic substance manifests itself in characteristics of the transaction, and an accounting rule is a mapping from transaction characteristics to an accounting report. Managers who have stakes in the accounting report are able to influence transaction characteristics. Such earnings management is ex post rational for...
• Non-discretionary conservatism: Evidence and implications AI翻译
  作者：Lawrence, Alastair; Sloan, Richard; Sun, Yuan
  作者单位：University of California System; University of California Berkeley; Boston University
  摘要：A large body of accounting research finds that various contracting incentives lead managers to engage in conservative accounting practices. We extend existing research by modeling the impact of extant accounting rules on conservative accounting. Accounting rules typically require assets to be written down when their fair values drop sufficiently below their book values. We document evidence of the resulting non-discretionary conservatism and show that it appears to explain some of the results ...
• The London Stock Exchange's AIM experiment: Regulatory or market failure? A discussion of Gerakos, Lang and Maffett AI翻译
  作者：Piotroski, Joseph D.
  作者单位：Stanford University
  摘要：The conference paper by Gerakos, Lang and Maffett (2013) provides reliable, descriptive evidence on the post-IPO performance of firms listing on the London Stock Exchange's Alternative Investment Market (AIM). Their findings are consistent with both a failure of private sector regulation and incorrect market expectations about AIM's investor protections. In this discussion of Gerakos et al. (2013), I highlight the strengths and limitations of their conference paper, summarize how various regul...
• Discussion of Did the SEC impact banks' loan loss reserve policies and their informativeness? AI翻译
  作者：Ryan, Stephen G.; Keeley, Jessica H.
  作者单位：New York University
  摘要：Beck and Narayanamoorthy (this issue) argue and provide evidence that SEC pressure culminating in the issuance of SAB 102 in July 2001: (1) caused banks to record allowances for loan losses that were more associated with historical loan charge-offs and less associated with current non-accrual loans; (2) primarily affected large and strong banks; and (3) caused allowances for loan losses to be more (less) informative of future loan charge-offs for strong (weak) banks. We argue and provide evide...
• Proxy advisory firms and stock option repricing AI翻译
  作者：Larcker, David F.; McCall, Allan L.; Ormazabal, Gaizka
  作者单位：Stanford University; Stanford University; University of Navarra; IESE Business School
  摘要：This paper examines the economic consequences associated with the board of director's choice of whether to adhere to proxy advisory firm policies in the design of stock option repricing programs. Proxy advisors provide research and voting recommendations to institutional investors on issues subject to a shareholder vote. Since many institutional investors follow the recommendations of proxy advisors in their voting, proxy advisor policies are an important consideration for corporate boards in ...