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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：He, Jie; Tian, Xuan; Yang, Huan; Zuo, Luo
作者单位：University System of Georgia; University of Georgia; Tsinghua University; University of Massachusetts System; University of Massachusetts Amherst; Cornell University
摘要：Costs are sticky on average, that is, they fall less for sales decreases than they rise for equivalent sales increases. We examine the effect of this asymmetric cost behavior on a firm's dividend policy. Given investors' aversion to dividend cuts, we predict that firms with higher resource adjustment costs and stickier costs pay lower dividends than their peers because they are less able to sustain any higher level of dividend payouts in the future. We find evidence consistent with this predic...
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作者：Ahmed, Anwer S.; Li, Yiwen; Xu, Nina
作者单位：Texas A&M University System; Texas A&M University College Station; University of Connecticut
摘要：Using a natural experiment (the SEC's 2016 Tick Size Pilot Program), we investigate the effects of an increase in tick size on financial reporting quality. The tick size pilot program reduces algorithmic trading (AT) and increases fundamental investors' information acquisition and trading activities. This in turn increases the scrutiny of managers' financial reporting choices and reduces their incentives to engage in misreporting. Using a difference-in-differences research design, we find a si...
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作者：Balakrishnan, Ramji; Lin, Haijin; Sivaramakrishnan, Konduru
作者单位：University of Iowa; University of Houston System; University of Houston; Rice University
摘要：Matching talents to tasks is an important part of job design. Organizations routinely use performance thresholds to group agents by talent. We see thresholds defined both in terms of an individual's own performance (absolute value) and in terms of peer performance (percentile). Intuition suggests a preference for percentile thresholds because the resulting rank-order statistic is sufficient to assess relative talent. Yet, in the context of a task assignment problem in which the objective is to...
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作者：Eyring, Henry
作者单位：University of London; London School Economics & Political Science
摘要：I examine effects of a health care system's policy to publicly disclose patient ratings of its physicians. I find evidence that this policy leads to performance improvement by the disclosed, subjective ratings and also by undisclosed, objective measures of quality. These effects are consistent with multitasking theory, in that physicians respond to the disclosure by providing more of a shared input-time with patients-that benefits performance by ratings and underlying quality. I also find, as ...
