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作者：Joshi, Preetika
作者单位：McGill University
摘要：To combat tax avoidance by multinational corporations, the Organisation for Economic Co-operation and Development introduced country-by-country reporting (CbCr), requiring firms to provide tax authorities with a geographic breakdown of their profitability and activities. Treating the introduction of CbCr in the European Union as a shock to private disclosure requirements, this study examines the effect on corporate tax outcomes. Exploiting the euro750 million revenue threshold for disclosure a...
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作者：Bischof, Jannis; Daske, Holger; Sextroh, Christoph J.
作者单位：University of Mannheim; Tilburg University
摘要：Politicians frequently intervene in the regulation of financial accounting. Evidence from the accounting literature shows that regulatory capture by special interests helps explain these interventions. However, many accounting rules have broad economic or social consequences, such as their effects on income distribution or private sector subsidies. The perception of these consequences varies with a politician's ideology. Therefore, if accounting rules produce those consequences, ideology plaus...
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作者：Rauter, Thomas
作者单位：University of Chicago
摘要：I examine how mandatory extraction payment disclosures (EPD)-a policy solution intended to discourage corporate payment avoidance in the oil, gas, and mining industries-affect fiscal revenue contributions and investments by multinational firms in foreign host countries. Using the staggered adoption of EPD across firms headquartered in Europe and Canada, I find that disclosing companies increase their payments to host governments, decrease investments, and obtain fewer extraction licenses relat...
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作者：Stubben, Stephen R.; Welch, Kyle T.
作者单位：Utah System of Higher Education; University of Utah; George Washington University
摘要：Using a proprietary data set from a provider of internal whistleblowing (WB) systems, we analyze nearly two million internal WB reports submitted to over 1,000 publicly traded U.S. firms. We provide descriptive statistics, over time and across report types, on the amount and summary details of information provided, how extensively management reviews reports, the amount of time until reviews were completed, and the outcome of these reviews. Further, we examine the characteristics of firms with ...
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作者：Bonetti, Pietro; Duro, Miguel; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; European Corporate Governance Institute
摘要：This paper examines the effect of disclosure regulation on the takeover market. We study the implementation of a recent European regulation that imposes tighter disclosure requirements regarding the financial and ownership information on public firms. We find a substantial drop in the number of control acquisitions after the implementation of the regulation, a decrease that is concentrated in countries with more dynamic takeover markets. Consistent with the idea that the disclosure requirement...
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作者：Zhou, Frank S.; Zhou, Yuqing
作者单位：University of Pennsylvania; University of California System; University of California Los Angeles
摘要：Theory posits that investors can rationally infer the implications of strategic nondisclosure for firm value, pressuring managers to disclose information voluntarily. This study documents that the lack of an earnings guidance predicts an abnormal return of -41 basis points around the subsequent quarterly earnings announcement, suggesting that investors do not fully incorporate the implications of nonguidance. Further analyses demonstrate that limitations in price efficiency, driven by investor...
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作者：Gallemore, John; Jacob, Martin
作者单位：University of Chicago; WHU - Otto Beisheim School of Management
摘要：We explore whether corporate tax enforcement can affect bank lending. Specifically, we hypothesize that tax enforcement efforts aimed at small and midsized enterprises (SME) can improve their information environments, which in turn could lead to increased bank commercial lending. Exploiting the regional structure employed by the IRS until 1999, we find that the corporate tax return audit probability for SMEs is associated with greater commercial lending growth for regionally focused banks. We ...
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作者：Deng, Zero
作者单位：Oregon State University
摘要：Although outbound income shifting to low-tax jurisdictions provides tax savings, it is often accompanied by nontax costs. In this study, I examine whether foreign exchange (FX) risk constrains tax-motivated outbound income shifting by U.S. multinational corporations. My findings indicate that exposure to greater currency volatility is associated with less outbound income shifting, and this effect is stronger for firms with foreign affiliates using foreign functional currencies. I also investig...
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作者：Cuny, Christine; Kim, Jungbae; Mehta, Mihir N.
作者单位：New York University; Singapore Management University; University of Michigan System; University of Michigan
摘要：This paper examines the consequences of powerful political connections for local governments. We find that governments located within the constituencies of, and thus connected to, powerful congressional members reduce their stewardship over public resources. Using plausibly exogenous declines in the power of congressional representation, we show that the effect is causal. To better understand why connected local governments can reduce stewardship, we study electoral characteristics. Our findin...
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作者：Grant, Stephanie M.
作者单位：University of Washington; University of Washington Seattle
摘要：I examine how characteristics of investors' information access tools change investors' reactions to firm disclosures. I examine my research question in the context of information choice (i.e., allowing investors to choose the order of information and sections to read within a disclosure) and spatial layout (i.e., how information is displayed when viewing the disclosure). Results of an experiment are consistent with information choice improving investors' judgments if the disclosure is viewed o...
