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作者：Hribar, Paul; Kravet, Todd; Krupa, Trent
作者单位：University of Iowa; University of Connecticut; University of Arkansas System; University of Arkansas Fayetteville
摘要：We examine the role of private equity in alleviating earnings myopia induced by public markets. We first construct a measure of earnings myopia and show that this measure varies as predicted with determinants and effects of myopia. Then we show that public firms exhibiting earnings myopia realize an increased likelihood of takeover by private equity buyers. Cross-sectional analyses indicate that this relation is strongest when costs of earnings myopia are likely higher. Following private equit...
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作者：Hu, Xiaoli; Kang, Ya; Li, Oliver Zhen; Lin, Yupeng
作者单位：City University of Hong Kong; Chinese University of Hong Kong; National University of Singapore
摘要：Ethnic tension in the United States became more salient after Donald Trump's election on November 9, 2016. Exploring the variation in management forecasts, we show that after the Trump election, minority CEOs exhibit more pessimism in their earnings forecasts (underestimation of the mean of earnings), compared with their non-minority counterparts. This tendency toward pessimism is observed across CEOs from various minority groups and is particularly pronounced in firms led by less experienced ...
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作者：Jin, Hengda; Merkley, Kenneth; Sharma, Anish; Ton, Karen
作者单位：Texas A&M University System; Texas A&M University College Station; Indiana University System; Indiana University Bloomington; University System of Georgia; University of Georgia; Villanova University
摘要：We examine customer responses to publicly traded firms speaking out in response to the state of Georgia's voting reform laws. For firms that speak out, we find that customer visits and visitors at their stores decrease relative to the stores of firms that do not speak out. The decrease in customer traffic is stronger for stores in Georgia, predominantly Republican counties, and for firms whose speaking out was emphasized by conservative media sources. The results are weaker for stores in count...
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作者：Arya, Anil; Atanasov, Tyler; Mittendorf, Brian; Yoon, Dae-Hee
作者单位：University System of Ohio; Ohio State University; Purdue University System; Purdue University; Yonsei University
摘要：Many of America's top corporate donors share a common feature: the bulk of their giving is in the form of in-kind products, not cash. This phenomenon is not a coincidence but rather closely tied to the tax code creating such a preference due to an enhanced deduction for inventory donations. We examine a model of inventory choice under uncertainty and demonstrate that enhanced tax deductions not only promote giving, they also notably influence inventory planning and accelerate learning of custo...
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作者：Cheng, Mei; Zhang, Yuan; Zhao, Meiling
作者单位：University of Arizona; University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
摘要：We find that the exogenous shock of the collapse of Lehman Brothers leads to significant increases in the disclosure of management earnings forecasts and voluntary 8-K items by equity underwriting clients of Lehman relative to clients of other underwriters of similar status. The increases in disclosure are more pronounced among Lehman clients with stronger underwriting relationships with Lehman or those that experienced more negative stock returns at the time of the collapse. Additional analys...
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作者：Michels, Jeremy
作者单位：Purdue University System; Purdue University
摘要：Using the number of Robinhood users holding a firm's shares, I examine how novice retail investors respond to earnings announcements and the implications of their responses for the price-earnings relation. I do not find evidence of informed trading among these investors. Changes in their holdings also do not resemble random, uncorrelated noise trading. Instead I find that the number of retail investors holding a firm's shares increases in response to both more positive and more negative earnin...
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作者：Sloan, Richard G.; Wang, Annika Yu
作者单位：University of Southern California; University of Houston System; University of Houston
摘要：Previous research finds that EPS growth rates are difficult to predict and reasons that much of the observed cross-sectional variation in valuation ratios is due to variation in implied future stock returns. Yet the observed cross-sectional relation between valuation ratios and realized future stock returns is weak. We revisit these findings using a refined measure of expected EPS growth rates and document robust evidence of predictability in EPS growth rates. Moreover, we find that this predi...
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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...
