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作者：Seida, JA; Wempe, WF
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Washington University (WUSTL)
摘要：This paper examines individual investors' short- and long-term trading reactions to the 1986 Tax Reform Act's (TRA 86) capital gain tax rate increase. Consistent with a tax-induced trading model, we document a December 1986 change in year-end trading patterns. TRA 86 also had long-term effects on individual investors' trading decisions. The results suggest that individual investors were less (more) willing to sell accrued gain (loss) stocks after TRA 86. Our ability to document predicted tradi...
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作者：Calegari, MJ
作者单位：University System of Georgia; Georgia State University
摘要：This study investigates the effect of changing tax accounting provisions for long-term manufacturing contracts between 1984-1985 and 1989-1990 on debt and accrual policies using a simultaneous equations approach. The results indicate that firms adjust debt ratios and discretionary accruals with relatively high book-tax conformity to achieve tax planning goals and use discretionary accruals with relatively low book-tax conformity to accomplish financial reporting objectives. Manufacturing firms...
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作者：Aboody, D; Kasznik, R
作者单位：Stanford University; University of California System; University of California Los Angeles
摘要：We investigate whether CEOs manage the timing of their voluntary disclosures around stock option awards. We conjecture that CEOs manage investors' expectations around award dates by delaying good news and rushing forward bad news. For a sample of 2,039 CEO option awards by 572 firms with fixed award schedules, we document changes in share prices and analyst earnings forecasts around option awards that are consistent with our conjecture. We also provide more direct evidence based on management ...
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作者：Ke, B; Petroni, KR; Shackelford, DA
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; Michigan State University's Broad College of Business
摘要：This paper assesses whether insurers' state taxes reduce purchases of property-casualty coverage. Tests are conducted using state aggregates of insurer-level data from publicly available, annual accounting reports for 1993-1995. A positive relation between self-insurance and state taxes is detected, consistent with consumers opting to self-insure rather than bear the incidence of higher insurer taxes. As expected, tax effects vary with the elasticity of demand. When demand is largely inelastic...
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作者：Zhang, XJ
作者单位：University of California System; University of California Berkeley
摘要：This paper examines how conservative accounting affects the relation between accounting data and firm value. The analysis shows that conservative accounting can be characterized equivalently in terms of book value, earnings, or book rate of return. Furthermore, capitalized earnings generally provide a less biased estimate of equity value than book value does. In addition, firm growth affects the way earnings and book value are combined in valuation. A weighted average of book value and capital...
