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作者：Libby, R.; Hunton, J. E.; Tan, H-T.; Seybert, N.
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作者：Libby, Robert; Rennekamp, Kristina
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作者：Li, Edward Xuejun; Ramesh, K.; Shen, Min; Wu, Joanna Shuang
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Rice University; University of Rochester
摘要：Analysts often update their recommendations following corporate news. Questions have been raised regarding analysts' ability to generate new information beyond recent corporate events. Employing a comprehensive database on corporate news, we show that only a small minority, or 27.9%, of all recommendation revisions directionally confirm the information in the preceding corporate events and even these confirming revisions facilitate the information discovery of corporate events and thus cannot ...
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作者：Law, Kelvin K. F.; Mills, Lillian F.
作者单位：Tilburg University; University of Texas System; University of Texas Austin
摘要：Using a new measure of financial constraints based on firms' qualitative disclosures, we find that financially constrained firmsfirms that use more negative words in their annual reportspursue more aggressive tax planning strategies as evidenced by: (1) higher current and future unrecognized tax benefits, (2) lower short- and long-run current and future effective tax rates, (3) increase in tax haven usage for their material operations, and (4) higher proposed audit adjustments from the Interna...
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作者：Gerakos, Joseph; Syverson, Chad
作者单位：University of Chicago; National Bureau of Economic Research
摘要：The audit market's unique combination of featuresits role in capital market transparency, mandated demand, and concentrated supplymeans it receives considerable attention from policy makers. We explore the effects of two market scenarios that have been the focus of policy discussions: mandatory audit firm rotation and further supply concentration due to the exit of a Big 4 audit firm. To do so, we first estimate publicly traded firms' demand for auditing services, allowing the services provide...
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作者：Tan, H-T; Hunton, J. E.; Libby, R.
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作者：Abernethy, Margaret A.; Dekker, Henri C.; Schulz, Axel K-D.
作者单位：University of Melbourne; Vrije Universiteit Amsterdam; Monash University
摘要：There is a debate in the literature as to whether employee selection is a substitute or complement to incentive contracting. We argue that incentive contracts and selection can be both complements and substitutes conditional on the contracting difficulty faced by the firm. We examine these control choices in a setting where contracting difficulties arise due to the firm's choice of strategy and from the volatility created by the firm's external environment. We select a firm's commitment to org...
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作者：Cho, Young Jun
作者单位：Singapore Management University
摘要：Using the adoption of SFAS 131, I examine the effect of segment disclosure transparency on internal capital market efficiency. SFAS 131 requires firms to define segments as internally viewed by managers, thereby improving the transparency of managerial actions in internal capital allocation. I find that diversified firms that improved segment disclosure transparency by changing segment definitions upon adoption of SFAS 131 experienced an improvement in capital allocation efficiency in internal...
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作者：Loureiro, Gilberto; Taboada, Alvaro G.
作者单位：Universidade do Minho; University of Tennessee System; University of Tennessee Knoxville
摘要：We examine whether and how an exogenous shock to the information environment changes insiders' ability to learn from outsiders. We document three main findings. First, we find an increase in investment-to-price sensitivity following the adoption of International Financial Reporting Standards (IFRS). Second, we show that the relation between the market reaction to M&A deal announcements and the likelihood of deal completion becomes stronger after IFRS adoption. Third, we find significant improv...
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作者：Libby, R.; Nelson, M. W.; Hunton, J. E.
