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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：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：Lennox, Clive; Wang, Chunfei; Wu, Xi
作者单位：University of Southern California; Central University of Finance & Economics; Central University of Finance & Economics
摘要：Audit firms need to provide high-quality audits but they also need to please their clients. We argue that these conflicting incentives become manifest when comparing the incentive effects of equity ownership on engagement quality (EQ) reviewers and audit engagement partners. We predict that EQ reviewers monitor audit quality more closely when they hold greater ownership. In contrast, we expect that equity ownership has conflicting effects on the incentives of engagement partners because they n...
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作者：Kim, Jinhwan; Verdi, Rodrigo S.; Yost, Benjamin P.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Boston College
摘要：We investigate whether managers internalize the spillover effects of their disclosure on the stock price of related firms and strategically alter their disclosure decisions when doing so is beneficial. Using data on firm-initiated disclosures during all-cash acquisitions, we find evidence consistent with acquirers strategically generating news that they expect will depress the target's stock price. Our results suggest the disclosure strategy leads to lower target returns during the negotiation...
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作者：Huang, Ying; Li, Ningzhong; Yu, Yong; Zhou, Xiaolu
作者单位：University of Texas System; University of Texas Dallas; University of Texas System; University of Texas Austin; Chinese University of Hong Kong
摘要：We examine the causal effect of managerial litigation risk on managers' disclosure of earnings warnings in the face of large earnings shortfalls. Exploring the staggered adoption of universal demand (UD) laws as an exogenous decrease in litigation risk, we find that the adoption leads to a decrease in managers' issuance of earnings warnings, especially among firms facing a higher litigation risk prior to the adoption. In contrast, we find no change in managers' tendency to alert investors of i...
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作者：Jansen, Mark
作者单位：Utah System of Higher Education; University of Utah
摘要：When private firms are acquired, buyers commonly rely on seller financing and earnouts. Using a novel database of private acquisitions, I find that seller financing and earnouts become more common as information asymmetry increases between the acquirer and the target. Financial statement audits of the targets attenuate these results, which suggests that audits decrease information asymmetry in firm acquisitions. Seller-financed acquisitions also close faster and at higher prices, reducing the ...
