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作者：Defond, Mark L.; Lennox, Clive S.
作者单位：University of Southern California
摘要：We investigate whether Public Company Accounting Oversight Board (PCAOB) inspections affect the quality of internal control audits. Our research design improves on prior studies by exploiting both cross-sectional and time-series variation in the content of PCAOB inspection reports, while also controlling for audit firm and year fixed effects, effectively achieving a difference-in-differences research design. We find that when PCAOB inspectors report higher rates of deficiencies in internal con...
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作者：Madsen, Joshua
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：I test whether the anticipation of earnings news stimulates acquisition of customer information and mitigates returns to the customer-supplier anomaly documented by Cohen and Frazzini (Economic Links and Predictable Returns. The Journal of Finance 63 (2008): 1977-2011). I find that attention to a firm's publicly disclosed customers increases shortly before the firm announces earnings, and that customer stock returns predict supplier stock returns shortly before, but not after, the supplier's e...
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作者：Dehaan, Ed; Madsen, Joshua; Piotroski, Joseph D.
作者单位：University of Washington; University of Washington Seattle; University of Minnesota System; University of Minnesota Twin Cities; Stanford University
摘要：We investigate whether unpleasant environmental conditions affect stock market participants' responses to information events. We draw from psychology research to develop a new prediction that weather-induced negative moods reduce market participants' activity levels. Exploiting geographic variation in equity analysts' locations, we find compelling evidence that analysts experiencing unpleasant weather are slower or less likely to respond to an earnings announcement relative to analysts respond...
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作者：Hasan, Iftekhar; Hoi, Chun-Keung (Stan); Wu, Qiang; Zhang, Hao
作者单位：Fordham University; Bank of Finland; Rochester Institute of Technology; Rensselaer Polytechnic Institute
摘要：We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative associations between social capital and corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm cu...
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作者：Ljungqvist, Alexander; Zhang, Liandong; Zuo, Luo
作者单位：New York University; National Bureau of Economic Research; City University of Hong Kong; Cornell University
摘要：Using 113 staggered changes in corporate income tax rates across U.S. states, we provide evidence on how taxes affect corporate risk-taking decisions. Higher taxes reduce expected profits more for risky projects than for safe ones, as the government shares in a firm's upside but not in its downside. Consistent with this prediction, we find that risk taking is sensitive to taxes, albeit asymmetrically: the average firm reduces risk in response to a tax increase (primarily by changing its operat...
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作者：Aharoni, Gil; Einhorn, Eti; Zeng, Qi
作者单位：University of Melbourne; Tel Aviv University
摘要：It is conventionally perceived in the literature that weak analysts are likely to under weight their private information and strategically bias their announcements in the direction of the public beliefs to avoid scenarios where their private information turns out to be wrong, whereas strong analysts tend to adopt an opposite strategy of over weighting their private information and shifting their announcements away from the public beliefs in an attempt to stand out from the crowd. Analyzing a r...
