2008

最新文章

• An unintended consequence of book-tax conformity: A loss of earnings informativeness AI翻译
  作者：Hanlon, Michelle; Maydew, Edward L.; Shevlin, Terry
  作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of Washington; University of Washington Seattle
  摘要：Increasing the conformity between accounting earnings and taxable income has been proposed to improve financial reporting and curtail aggressive tax planning. We find, however, that increasing conformity results in earnings that are less informative. Our inquiry exploits a unique sample of firms forced to change from the cash method to the accrual method for tax purposes, thereby increasing their book-tax conformity. We find that these firms experienced a decrease in earnings informativeness c...
• Earnings management, lawsuits, and stock-for-stock acquirers' market performance AI翻译
  作者：Gong, Guojin; Louis, Henock; Sun, Amy X.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：There is a positive association between stock-for-stock acquirers' pre-merger abnormal accruals and post-merger announcement lawsuits. The market only partially anticipates the effects of post-merger announcement lawsuits at the merger announcement and the post-merger announcement long-term market underperformance is largely limited to litigated acquisitions. Overall, the evidence suggests that it is important that investors not only undo the direct stock price effects of earnings management b...
• The role of tax regulation and compensation contracts in the decision to voluntarily expense employee stock options AI翻译
  作者：Blacconiere, Walter G.; Johnson, Marilyn F.; Lewis, Melissa F.
  作者单位：Michigan State University; Michigan State University's Broad College of Business; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Utah System of Higher Education; University of Utah
  摘要：We show that firms wit h executive bonuses that qualify for deduction under Internal Revenue Code Section 162(m) were less likely to expense stock option compensation (SOC) in 2002. Additionally, the more likely it is that a qualified firm will incur re-contracting costs, the less likely it is that the firm will expense SOC. CEOs Of qualified firms that also expense SOC receive smaller bonuses than CEOs of expensing firms that are not qualified under 162(m), and the lower 162(m) bonuses are no...
• The effect of invisible tax preferences on investment and tax preference measures AI翻译
  作者：Robinson, Leslie A.; Sansing, Richard
  作者单位：Dartmouth College; Tilburg University
  摘要：This paper develops and analyzes a model in which tax considerations and financial reporting considerations have countervailing effects on a firm's investments in internally developed intangible assets. It also proposes and estimates a new measure of tax preferences, which we call the economic effective tax rate. This measure reflects both investments in intangible assets and the use of bebt financing, neither of which generates a book-tax difference. Our measure indicates that the economic ef...
• Voluntary disclosures and information production by analysts AI翻译
  作者：Langberg, Nisan; Sivaramakrishnan, K.
  作者单位：University of Houston System; University of Houston
  摘要：We analyze the voluntary disclosure decision of a manager when analysts scrutinize the quality of disclosure. We derive all equilibrium ill which Managers voluntarily disclose unfavorable information only if sufficiently precise, but disclose favorable news with lower levels of accuracy. We show that analysts cover good news disclosures with higher scrutiny. To the extent analysts rely on mandatory financial reports to interpret Voluntary disclosures, we show that more precise financial report...
• Performance standards and optimal incentives AI翻译
  作者：Arnalz, Oscar Gutierrez; Salas-Fumas, Vicente
  作者单位：Autonomous University of Barcelona; University of Zaragoza
  摘要：This paper analyzes incentive design when agents' effort influences an uncertain output governed by a random process with semi-heavy tails. We find that the second-best incentive contract pays an output-increasing but bounded fee with a shape resembling performance-standard contracts that pay a fixed salary plus a capped bonus. In this contract, the pay-performance sensitivity around the standard increases (decreases) with the frequency with which performance is measured and with the kurtosis ...
• Do firms manage earnings to meet dividend thresholds? AI翻译
  作者：Daniel, Naveen D.; Denis, David J.; Naveen, Lalitha
  作者单位：Purdue University System; Purdue University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Drexel University
  摘要：Dividend-paying firms tend to manage earnings upward when their earnings would otherwise fall short of expected dividend levels. This behavior is evident only in firms with positive debt and is more aggressive prior to the Sarbanes-Oxley Act, subsequent to the 2003 dividend tax cut, in high-payout firms, in firms whose CEOs receive higher dollar dividends and have higher pay-performance sensitivities, and in firms that raise less outside equity. Moreover, this earnings management behavior appe...
• The impact of the SEC's regulation of non-GAAP disclosures AI翻译
  作者：Heflin, Frank; Hsu, Charles
  作者单位：State University System of Florida; Florida State University; Hong Kong University of Science & Technology
  摘要：Roles implemented by the U.S. Securities and Exchange Commission in 2003 impose additional disclosure and filing requirements oil firms publicly disclosing non-GAAP earnings. We find the regulations produced (1) modest declines in the frequency of special- and other item exclusions, (2) a decline in exclusion magnitude, (3) a modest decline in the probability disclosed earnings meet or beat forecasts, and (4) a decline in the association between returns and forecast errors. Our results suggest...
• Earnings quality at initial public offerings AI翻译
  作者：Ball, Ray; Shivakumar, Lakshmanan
  作者单位：University of Chicago; University of London; London Business School
  摘要：We show that, contrary to popular belief, initial public offering (IPO) firms report more conservatively. We attribute this to the higher quality reporting demanded of public firms by financial statement users and consequentially higher monitoring by auditors, boards, analysts, rating agencies, press, and litigants, and to greater regulatory scrutiny [Ball, R., Shivakumar, L., 2005. Earnings quality in UK private firms: comparative loss recognition timeliness. Journal of Accounting and Economi...
• Using tax return data to simulate corporate marginal tax rates AI翻译
  作者：Graham, John R.; Mills, Lillian F.
  作者单位：Duke University; National Bureau of Economic Research; University of Texas System; University of Texas Austin
  摘要：We document that simulated corporate marginal tax rates based on financial statement data [Shevlin. T., 1990. Estimating corporate marginal tax rates with asymmetric tax treatment of gains and losses. The Journal of the American Taxation Association 11, 51-67; Graham, J., 1996a. Debt and the marginal tax rate. Journal of Financial Economics 41, 41-73] are highly correlated with simulated rates based on corporate tax return data. We provide algorithms that can be used to estimate the book or ta...