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作者：Cheng, Stephanie F.; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina; Zhao, Wuyang
作者单位：Tulane University; University of Toronto; University of Toronto; Northwestern University; McGill University
摘要：A few highly successful firms (superstar firms) have captured large market shares and earned massive profits in recent decades. We examine whether superstar firms are associated with a greater likelihood of financial distress for firms exposed to them in product markets. Building on recent research, we identify superstars as firms with the highest markups in the industry and whose industry markup share increases over time. We then measure, with product similarity scores, a firm's overall produ...
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作者：Kubick, Thomas R.; Lockhart, G. Brandon; Mauer, David C.
作者单位：University of Nebraska System; University of Nebraska Lincoln; Clemson University; University of North Carolina; University of North Carolina Charlotte
摘要：We examine how locked-in CEO equity attributable to large unrealized capital gains tax liabilities influences the cost and restrictiveness of debt contracts. We find that firms enjoy lower loan spreads and are more (less) likely to receive ratings upgrades (downgrades) when their CEO has a large tax burden. Using the capital gains tax rate decrease in the Tax Reform Act of 1997 as an exogenous shock to CEO tax burdens, we find that CEOs with large tax burdens before the tax cut experience a sh...
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作者：Alhusaini, Badryah; Call, Andrew C.; Chapman, Kimball
作者单位：Arizona State University; Arizona State University-Tempe
摘要：The SEC limits sell-side analysts' research activities on IPO firms both before and immediately after going public (the IPO quiet period). However, during the IPO quiet period, analysts provide regular coverage of IPO peer firms, which is potentially relevant to investors seeking to glean information about the IPO firm itself. We examine whether, despite the restrictions on analyst research of IPO firms during the quiet period, investors uncover information about the IPO firm indirectly throug...
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作者：Ashraf, Musaib
作者单位：Michigan State University
摘要：Automation-such as machine learning, robotic process automation, and artificial intelligence-is the next major technological leap in accounting and financial reporting, and I empirically study whether public firms' use of automation technology improves their financial reporting, specifically focusing on the internal control environment. I document two critical inferences. First, I find evidence which suggests that automation improves financial reporting quality. Specifically, firms' use of aut...
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作者：Chen, Yangyang; Goyal, Abhinav; Veeraraghavan, Madhu; Zolotoy, Leon
作者单位：City University of Hong Kong; University of Birmingham; Manipal Academy of Higher Education (MAHE); University of Melbourne
摘要：Using federal judge ideology as an exogenous measure of issuing firms' litigation risk, we document that the initial public offerings (IPOs) of the firms headquartered in more liberal circuits are more underpriced. The effect is mitigated when plaintiffs' pleading standards are more stringent and is amplified when judges have more discretion in their decisions. The effect is also amplified among deep pocketed issuing firms, while it is mitigated among issuing firms hiring reputable intermediar...
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作者：Kleppe, Tyler J.
作者单位：University of Kentucky
摘要：This study examines whether companies realize operational benefits from engaging a new auditor recently dismissed by a competitor. While research shows that auditors can share information across clients, there is limited research on the potential impact of auditor information spillovers on clients' operational outcomes. I find that companies that switch to a competitor's former auditor realize significant improvements in operating performance and that this association varies predictably with s...
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作者：Sikes, Stephanie A.; Verrecchia, Robert E.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Pennsylvania
摘要：We identify a pecuniary externality arising from corporate tax avoidance. Firms share risk with the government via taxation. The lower the tax rate applied to a firm's earnings, the more risk its shareholders bear. As more firms avoid taxes, the variance of the market's after-tax cash flow increases. Consequently, the covariance of a firm's cash flow with the market cash flow and thereby its cost of capital increases. This occurs regardless of a firm's tax avoidance. Consistent with our predic...
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作者：Allee, Kristian D.; Cating, Ryan; Rawson, Caleb
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Central Arkansas
摘要：We examine the effects of local newspapers on firms' information environments. With newspaper employment dropping precipitously in the last few decades, we posit that these changes will harm local firms' information environments. Consistent with local news improving information environments, we find that volatility, spreads, and illiquidity increase as local newspaper intensity declines and that this is associated with firms' importance in their local economy. We further find that for firms th...
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作者：Dyck, Alexander; Morse, Adair; Zingales, Luigi
作者单位：University of Toronto; University of California System; University of California Berkeley; University of Chicago; National Bureau of Economic Research; Centre for Economic Policy Research - UK
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作者：Labro, Eva; Pierk, Jochen
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We provide a comprehensive overview of accounting-related regulatory changes (financial accounting, auditing, tax, and other disclosures) in the 27 European Union countries and the United Kingdom since 1993 based on an extensive literature review, survey, and topic and country expert input. Across all countries and years, we find that more than 16 regulatory events occur in a typical difference-in-differences research design that includes pre- and post-periods of four years. On average 3.4 out...
