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作者：Coles, Jeffrey L.; Patel, Elena; Seegert, Nathan; Smith, Matthew
作者单位：Utah System of Higher Education; University of Utah; United States Department of the Treasury
摘要：Using a novel empirical approach and newly available administrative data on U.S. tax filings, we estimate the corporate elasticity of taxable income, decompose the elasticity into economic responses versus other tax-motivated accounting transactions, and determine how responsiveness varies depending on accounting method, firm size, and interest rate. In response to a 10% increase in the expected marginal tax rate, private U.S. firms decrease taxable income by 9.1%, which indicates a discernibl...
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作者：Aghamolla, Cyrus; Thakor, Richard T.
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This paper investigates the effect of mandatory disclosure requirements for private firms on their decision to go public. Using detailed project-level data for biopharmaceutical firms, we explore the effects of a legal reform that exogenously required firms to publicly disclose information regarding clinical trials. Exploiting cross-sectional heterogeneity in firms' exposure to the regulation based on their internal development portfolios, we find that affected firms are significantly more lik...
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作者：Edmans, Alex; Fang, Vivian W.; Huang, Allen H.
作者单位：University of London; London Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology
摘要：This paper studies the long-term consequences of actions induced by vesting equity, a measure of short-term incentives. Vesting equity is positively associated with the probability of a firm repurchasing shares, the amount of shares repurchased, and the probability of the firm announcing a merger and acquisition (M&A). However, it is also associated with more negative long-term returns over two to three years following repurchases and four years following M&A, as well as future M&A goodwill im...
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作者：Gregoire, Vincent; Martineau, Charles
作者单位：Universite de Montreal; HEC Montreal; University of Toronto; University Toronto Scarborough
摘要：We examine the speed and mechanism of the price discovery process following earnings announcements in the after-hours market, a very illiquid trading environment. Prices reflect earnings surprises mostly through changes in quotes rather than through trades. Following positive announcement surprises, ask prices adjust quickly while bid prices are slower to adjust, and vice versa for negative surprises. Returns computed from trade prices underestimate the speed and magnitude of price reactions f...
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作者：Infuehr, Jakob; Laux, Volker
作者单位：University of Southern Denmark; University of Texas System; University of Texas Austin
摘要：This paper studies the effects of managerial optimism on the optimal design of debt covenants. We find that managers who are more optimistic about the future success of their investment ideas provide lenders with greater control rights via tighter covenants. This is optimal for optimistic managers even though they understand that tighter covenants increase the probability of covenant violations and lead to excessive lender intervention. The broad reason for this result is that optimists wish t...
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作者：Chen, Yangyang; Huang, Jun; Li, Ting; Pittman, Jeffrey
作者单位：City University of Hong Kong; Shanghai University of Finance & Economics; Shanghai University of International Business & Economics; Virginia Polytechnic Institute & State University
摘要：We find that mutual funds whose managers are socially connected with firm auditors hold more shares of these firms and generate superior portfolio returns. Cross-sectional results reveal that the relation between social connections and mutual fund stockholdings is more pronounced: when the social connections are stronger, when the auditor is in a better position or has stronger incentives to acquire private information, when the fund manager exercises more power, for small audit firms, for aud...
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作者：Green, Jeremiah; Louis, Henock; Sani, Jalal
作者单位：Texas A&M University System; Texas A&M University College Station; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：We provide evidence that the documented weakening of the accrual-cash flow association results not from a loss of accrual accounting usefulness per se, but from the deviation from accrual accounting as it relates to intangible investments. More specifically, the weakening of the negative association is driven by the combined effects of (1) increasing intangible investments, (2) the practice of expensing rather than capitalizing intangible investments, and (3) scaling accruals and cash flows by...
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作者：Allee, Kristian D.; Bushee, Brian J.; Kleppe, Tyler J.; Pierce, Andrew T.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Pennsylvania; University of Kentucky; University of Manchester; Alliance Manchester Business School
摘要：We examine whether a shock to the enforceability of Regulation Fair Disclosure (Reg FD) limited its ability to restrict the flow of private information between managers and investors. Although prior work provides evidence that Reg FD reduced managers' selective disclosure of material information immediately following its promulgation, we posit that private information flows returned as a result of the Securities and Exchange Commission's (SEC's) public enforcement failure in SEC v. Siebel Syst...
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作者：Fiechter, Peter; Hitz, JoRG-MARKUS; Lehmann, Nico
作者单位：University of Neuchatel; University of Gottingen; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We investigate real effects of a widespread corporate social responsibility (CSR) reporting mandate. In 2014, the European Union (EU) passed Directive 2014/95 (hereafter, CSR Directive), mandating large listed EU firms to prepare annual nonfinancial reports beginning from fiscal year 2017 onward. We document that firms within the scope of the directive respond by increasing their CSR activities and that they start doing so before the entry-into-force of the directive. These real effects are co...
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作者：Hribar, Paul; Mergenthaler, Richard; Roeschley, Aaron; Young, Spencer; Zhao, Chris X.
作者单位：University of Iowa; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Kentucky; Arizona State University; Arizona State University-Tempe; Hong Kong Baptist University
摘要：We examine whether managers provide more voluntary disclosure when GAAP limits their reporting discretion in financial statements. We find managers are more likely to disclose non-GAAP earnings, issue more management forecasts, and provide longer yet more readable management discussion and analysis (MD&A) disclosures when GAAP limits their discretion. These effects are stronger when there is greater demand for information and better monitoring. In contrast, these effects are weaker when manage...
