2-3期

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...
• 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...
• 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...
• Conservatism and debt AI翻译
  作者：Beatty, Anne; Weber, Joseph; Yu, Jeff Jiewei
  作者单位：Massachusetts Institute of Technology (MIT); University System of Ohio; Ohio State University
  摘要：Despite the unquestionable influence of conservatism, disagreement remains about what economic demands lead to financial reporting conservatism. Research examining lenders' demands for reporting conservatism has been questioned for ignoring conservative contract modifications. We document that these modifications exist but are not ubiquitous. We find contract modifications are more likely when agency costs are higher and litigation, tax and equity demands for conservatism are lower. However, w...
• A positive theory of flexibility in accounting standards AI翻译
  作者：Dye, Ronald A.; Sridhar, Sri S.
  作者单位：Northwestern University
  摘要：We develop a positive theory of accounting standards when standards generate network externalities and differ in the amount of reporting discretion, or flexibility, they provide firms. We evaluate expected value-maximizing firms' preferences between two standards regimes, rigid and flexible, as the number of firms subject to each standard varies, as the organization of the securities market varies, and as the mapping from the underlying economics of the firms' transactions to the accounting re...
• Economic consequences of increasing the conformity in accounting for uncertain tax benefits AI翻译
  作者：Frischmann, Peter J.; Shevlin, Terry; Wilson, Ryan
  作者单位：University of Washington; University of Washington Seattle; Idaho State University; University of Iowa
  摘要：Commentary during the development of FASB Interpretation no. 48 suggests the interpretation could be costly for firms because new disclosure requirements could be used by the IRS to more effectively challenge uncertain tax positions. Stock returns around FIN 48 pronouncements suggest investors were not concerned about an increase in tax costs, and investors responded favorably to initial disclosures required Under FIN 48. However, we document a significant negative market reaction to subsequen...
• The role of information asymmetry and financial reporting quality in debt trading: Evidence from the secondary loan market AI翻译
  作者：Wittenberg-Moerman, Regina
  作者单位：University of Chicago
  摘要：I explore which firm and loan characteristics decrease or exacerbate information asymmetry in the trading of private debt. I find that loans of public firms, loans with an available credit rating, loans of profit firms and loans syndicated by more reputable arrangers are traded at lower bid-ask spreads, while revolvers, distressed loans and loans issued by institutional investors are associated with higher information costs. I also find that timely loss recognition reduces the bid-ask spread. ...
• Do accounting measurement regimes matter? A discussion of mark-to-market accounting and liquidity pricing AI翻译
  作者：Sapra, Haresh
  作者单位：University of Chicago
  摘要：Using a model with banking and insurance sectors, Allen and Carletti show that marking-to-market interacts with liquidity pricing to exacerbate the likelihood of financial contagion between the two sectors. In this discussion, I lay out the main ingredients of their model and explain how they interact with liquidity pricing to generate financial contagion. I then discuss some limitations of their model and propose an interesting extension. (c) 2007 Elsevier B.V. All rights reserved.