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作者：Breuer, Matthias
作者单位：Columbia University
摘要：This correction describes errors in the program code of Breuer [2021] and presents revised results. The errors affect the construction of the standardized reporting and auditing scopes, the treatment variables of the primary research design in Breuer [2021]. The revised results show weaker evidence that reporting mandates facilitate ownership dispersion in capital markets compared to Breuer [2021]. They also show weaker evidence that reporting mandates spur competition in product markets, incl...
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作者：Afrin, Farzana; Kim, Jinhwan; Roychowdhury, Sugata; Yost, Benjamin P.
作者单位：California State University System; California State University Fullerton; Stanford University; Northwestern University; Boston College
摘要：We explore whether firms internalize the product market concerns of their economically linked peers by examining merger and acquisition decisions in the context of customer-supplier relations. Given the extensive transfer of capital, knowledge, and information between merging parties, we hypothesize that customers' competition concerns discourage their suppliers from engaging in vertically conflicted transactions (i.e., acquisitions of their customers' rivals or suppliers to those rivals). Con...
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作者：Nguyen, Trung; Raghunandan, Aneesh; Scherf, Alexandra
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; Yale University; University of London; London School Economics & Political Science
摘要：We study whether federal judges' personal exposure to financial fraud affects their professional behavior, in the form of sentencing outcomes in white-collar cases. Following the methodology outlined in our registered report, we construct a novel measure of financial fraud exposure based on judges' direct shareholdings in firms that commit financial fraud. Using this measure, we exploit the random assignment of cases to judges to examine whether judges exposed to fraud in one firm are (1) less...
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作者：Nessa, Michelle l.; Persson, Anh v.; Song, Jane z.; Towery, Erin m.; Vernon, Mary e.
作者单位：Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; University of Missouri System; University of Missouri Columbia; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The Organization for Economic Cooperation and Development introduced country-by-country reporting (CbCR) for multinational enterprises (MNEs) to help tax authorities combat tax-motivated income shifting. This study uses confidential U.S. tax administrative data from 2011 to 2018 to examine the effect of U.S. CbCR adoption on the tax-motivated income shifting and real activities of U.S. MNEs. We first document that while U.S. CbCR provides the Internal Revenue Service with incremental informati...
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作者：Bakke, Ashleigh l.; Cowle, Elizabeth n.; Rowe, Stephen p.; Wilkins, Michael s.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater; Colorado State University System; Colorado State University Fort Collins; University of Arkansas System; University of Arkansas Fayetteville; University of Kansas
摘要：We investigate how audit firms balance the tension between professional responsibility and client service by examining changes in partner assignments following adverse internal control opinions (ICOs). We find that partners are significantly more likely to be reassigned when they issued an adverse ICO to any of their clients in the previous year. Further, partners issuing adverse ICOs experience unfavorable changes in their client portfolios in the form of lower fees and less prestigious assig...
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作者：Kang, Yiran
作者单位：City University of Hong Kong
摘要：This paper investigates how U.S. private firms communicate with investors around private securities offerings. Using multiple research methods including survey, interview, and archival analysis, I provide systematic evidence on private firms' public and private disclosure practices. I find that despite engaging in a low level of public disclosures, private firms actively communicate with investors through private communication channels, with notable variation across firms in terms of content a...
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作者：Cheng, Sung-yuan (mark); Golshan, Nargess m.
作者单位：University of Kentucky; Indiana University System; Indiana University Bloomington
摘要：We introduce a novel measure of CEO depression by applying machine learning models that analyze vocal acoustic features from CEOs' conference call recordings. Our research was preregistered via the Journal of Accounting Research's registration-based editorial process. In this study, we validate this measure and examine associated factors. We find that greater firm risk is positively associated with CEO depression, whereas higher job demands are negatively associated with CEO depression. Female...
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作者：DE Simone, Lisa; Lester, Rebecca; Raghunandan, Aneesh
作者单位：University of Texas System; University of Texas Austin; Stanford University; Yale University
摘要：We examine if the effectiveness of business tax subsidies varies based on state disclosure laws. The prior accounting literature on government disclosure documents substantial variation in the quality of such disclosures, raising questions about their effectiveness for monitoring. State and local business subsidies for investment and employment have tripled in size over the past 30 years, but transparency problems inhibit clear assessments of whether subsidies achieve their intended outcomes. ...
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作者：Floros, Ioannis, V; Johnson, Shane A.; Zhao, Wanjia
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; Texas A&M University System; Texas A&M University College Station; Mays Business School; Monash University
摘要：We introduce the idea of cross-regulatory disclosure avoidance, whereby firms attempt to counteract expansions of disclosure under one regulation through actions that reduce disclosure under a different one. We study whether firms redact information from material contracts when they face new rules to disclose segment information. Using SFAS No. 131 as a plausibly exogenous shock to segment disclosure, we find that firms increasing the number of reported segments after the rule change exhibit a...
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作者：Mao, Connie x.; Qin, Yueru; Tian, Xuan; Zhang, Chi
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Nankai University; Tsinghua University; University of Massachusetts System; University of Massachusetts Lowell
摘要：Technology acquirers face significant information asymmetry when identifying appropriate acquisition targets. We exploit plausibly exogenous variation in the costs of gathering technological information as the result of patent library openings. We find that, after local patent libraries open, firms become more active in technological acquisitions, acquirers prefer targets that are geographically or technologically close to a lesser extent, completion rates for technology M&A increase, and perf...
