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作者：McDonough, Ryan; Nagar, Venky; Schoenfeld, Jordan
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; University of Michigan System; University of Michigan; University System of Ohio; Ohio State University
摘要：Activist investors in a firm often voluntarily release information about their governance intentions to the public. Voluntary disclosure theory suggests that an activist investor will disclose when she expects other investors to respond positively and support her in upcoming corporate control contests. We find that activists' disclosures are accompanied by positive abnormal returns, reductions in bid-ask spreads, and increases in future earnings relative to similar targets without voluntary ac...
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作者：Baker, H. Kent; Kumar, Satish; Pandey, Nitesh; Srivastava, Anup
作者单位：American University; National Institute of Technology (NIT System); Malaviya National Institute of Technology Jaipur; Swinburne University of Technology; Swinburne University of Technology Sarawak; University of Calgary
摘要：The Review of Accounting Studies (RAST) recently completed 25 years of publication. We provide a descriptive analysis of RAST's characteristics that should interest the stakeholders who have been part of the journal's evolution. We benchmark RAST's characteristics against the other top accounting journals: Journal of Accounting and Economics, Journal of Accounting Research, the Accounting Review, and Contemporary Accounting Research. We provide information on RAST's most prominent subject matt...
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作者：Beuselinck, Christof; Pierk, Jochen
作者单位：IESEG School of Management; Universite de Lille; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：The international dimension of multinational corporations creates opportunities for pursuing both global as well as local (i.e., unilateral subsidiary country) tax planning strategies. To date, however, researchers have limited insights into both the dynamics and relative importance of one versus another strategy for multinationals. We propose and test a group-level ETR-based measure of profit shifting and validate it by showing it correctly identifies profit shifting reductions when shifting ...
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作者：Reichelstein, Stefan
作者单位：Stanford University
摘要：Current corporate disclosures regarding carbon emissions lack generally accepted accounting rules. The transactional carbon accounting system described here takes the rules of historical cost accounting for operating assets as a template for generating carbon emissions (CE) statements comprising a balance sheet and a flow statement. The asset side of the CE balance sheet reports the carbon emissions embodied in operating assets. The liability side conveys the firm's cumulative direct emissions...
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作者：Estep, Cassandra; Griffith, Emily E.; MacKenzie, Nikki L.
作者单位：Emory University; University of Wisconsin System; University of Wisconsin Madison; University System of Georgia; Georgia Institute of Technology
摘要：Financial reporting quality can benefit from companies and auditors using artificial intelligence (AI) in complex and subjective financial reporting areas. However, benefits will only accrue if managers incorporate AI-based information into their financial reporting decisions, which the popular press and academic literature suggest is uncertain. We use a multi-method approach to examine how financial executives view and respond to AI. In a survey, respondents describe various uses of AI at the...
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作者：Weber, Joseph; Willenborg, Michael; Wu, Biyu; Yang, Yanhua Sunny
作者单位：Massachusetts Institute of Technology (MIT); University of Connecticut; University of Nebraska System; University of Nebraska Lincoln
摘要：Given important market and regulatory changes over the past two decades, we re-examine the relation between IPO pricing and coverage by sell-side stock analysts. Our design builds on the well-documented finding of the partial adjustment phenomenon, in that the IPO offer price revision following the road show is highly predictive of the first-day return. We provide new insights to the literature on IPO analyst coverage/recommendations. With respect to coverage, we find no evidence to suggest th...
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作者：Feng, Mei; Ge, Weili; Ling, Zhejia; Loh, Wei Ting
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Washington; University of Washington Seattle; California State University System; California State University Fullerton; Singapore Management University
摘要：This paper examines how chief executive officers' (CEOs') prosocial tendency influences corporate policies and firm value. We use individuals' involvement with charitable organizations as a proxy for prosocial tendency. We find that, compared to firms with non-prosocial CEOs, firms with prosocial CEOs have lower executive subordinate turnover, implement more employee-friendly policies, experience higher customer satisfaction, and engage in more socially responsible activities. We also find tha...
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作者：LaViers, Lisa; Sandvik, Jason; Xu, Da
作者单位：Tulane University; University of Arizona; Tsinghua University
摘要：Since 2018 the Security and Exchange Commission has required firms to disclose the ratio of their chief executive officer's and median employee's pay. This rule was enacted to address increasing concerns from investors about the human capital management practices of firms. Due to the uncertainty surrounding the ratio's interpretation, some managers provide voluntary disclosures to complement and clarify their mandatory disclosures. We document this behavior by manually inspecting the proxy sta...
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作者：Belnap, Andrew; Hoopes, Jeffrey L.; Maydew, Edward L.; Turk, Alex
作者单位：University of Texas System; University of Texas Austin; University of North Carolina; University of North Carolina Chapel Hill
摘要：Tax audits are a necessary component of the tax system, but policymakers and others have expressed concerns about their potentially adverse real effects. Understanding the causal effects of tax audits has been hampered by lack of data and because typically tax audits are not randomly assigned. We use administrative data from random tax audits of small businesses to examine the real effects of being subject to a tax audit. We find that audited firms are more likely to go out of business followi...
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作者：Merkley, Kenneth J.; Pacelli, Joseph; Piorkowski, Mark; Williams, Brian
作者单位：Indiana University System; Indiana University Bloomington; Harvard University
摘要：This study examines the investment value of information provided by crypto-influencers, that is, social media influencers covering crypto assets on Twitter. We examine the returns associated with approximately 36,000 tweets issued by 180 of the most prominent crypto social media influencers covering over 1,600 crypto assets for the two years spanning through December 2022. Our primary results indicate that crypto-influencers' tweets are initially associated with positive returns. However, thes...
