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作者：Jagolinzer, Alan D.
作者单位：University of Cambridge
摘要：Merkley et al. (2023) examine how cryptocurrency influencers recommend digital coins on Twitter (X) and the associated price effects. They report that influencers may exploit market investors via potential pump and dump schemes. While plausible, researchers may develop a broader understanding of influencers' incentives and their influence by considering how investors engage these markets for social identity needs that enhance utility. Social-psychological research indicates that someone's soci...
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作者：Luo, Le; Ma, Mark Shuai; Omer, Thomas C.; Xie, Hong
作者单位：Central University of Finance & Economics; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Nebraska System; University of Nebraska Lincoln; University of Kentucky
摘要：This study examines whether qualitative disclosure in tax footnotes affects the market valuation of tax avoidance activities. We predict that more disclosures in tax footnotes mitigate investors' concerns over the agency risk of managers engaging in potentially illegal tax avoidance and improve the transparency of firm performance, thus increasing firm valuation. Consistent with the prediction, we find that the market valuation of tax avoidance increases when firms' tax footnotes disclose more...
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作者：Na, Ke; Zhang, Ivy Xiying; Zhang, Yong
作者单位：University of California System; University of California Riverside; Hong Kong Polytechnic University
摘要：We explore the informational properties of earnings that compensation contracting requires for performance measurement. While conditional conservatism could be desirable because it can help to alleviate agency conflicts, its downside relates to the trade-off between conservatism and other important properties, such as persistence. We infer boards' performance measurement preferences from a novel dataset of earnings realizations used to calculate executive bonus payouts (which we label compensa...
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作者：Eulerich, Marc; Sanatizadeh, Aida; Vakilzadeh, Hamid; Wood, David A.
作者单位：University of Duisburg Essen; Northern Illinois University; University of Wisconsin System; University of Wisconsin Whitewater; Brigham Young University
摘要：ChatGPT frequently appears in the media, with many predicting significant disruptions, especially in the fields of accounting and auditing. Yet research has demonstrated relatively poor performance of ChatGPT on student assessment questions. We extend this research to examine whether more recent ChatGPT models and capabilities can pass major accounting certification exams including the Certified Public Accountant (CPA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), a...
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作者：Cheng, Mei; Zhang, Yuan
作者单位：University of Arizona; University of Texas System; University of Texas Dallas
摘要：Based on the recent SEC-mandated disclosures of CEO-worker pay ratios, we find that firms significantly decrease (increase) their CEO-worker pay ratios when their prior pay ratios are high (low) relative to peers. More importantly, the decrease in pay ratio among high pay ratio firms is significantly more pronounced with stronger stakeholder influences, proxied by employees with greater bargaining power, communities with higher social capital, and states with more stringent minimum wage legisl...
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作者：Schantl, Stefan F.; Wagenhofer, Alfred
作者单位：University of Melbourne; University of Graz
摘要：Empirical studies on the relationship between shareholder litigation and corporate disclosure obtain mixed results. We develop an economic model to capture the endogeneity between disclosure and litigation. Equilibrium disclosure is determined by two countervailing effects of litigation, a deterrence effect and an insurance effect. We derive four key results. (i) Decreasing litigation risk leads to less disclosure of very bad news, due to a weakening of the deterrence effect, but to more discl...
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作者：Hutchens, Michelle; Rego, Sonja O.; Williams, Brian
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We examine the response of individual investors to firms' adoptions of SFAS 109 - Accounting for Income Taxes. We predict that SFAS 109 reduces disclosure-processing costs and provides new decision-useful information, reducing the information disadvantage of individual investors relative to more sophisticated investors. Using monthly individual investor stock holdings data and staggered firm adoptions of SFAS 109, we provide evidence that individual investors increased their holdings in firms ...
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作者：Schoenfeld, Jordan
作者单位：Utah System of Higher Education; University of Utah
摘要：Firms routinely manage their financial reporting systems on external cloud platforms that are susceptible to cyberattacks and data integrity issues. Therefore, the AICPA developed a special type of voluntary audit called a Service Organization Control audit (SOC audit) that evaluates this risk. This study conducts one of the first systematic analyses of the benefits and costs of these voluntary audits. Using hand-collected data from public firms, I find that (1) 29% of firms in the S&P 500 (re...
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作者：Donelson, Dain C.; Koutney, Colin Q.; Mills, Lillian F.
作者单位：University of Iowa; George Mason University; University of Texas System; University of Texas Austin
摘要：Nonrecurring income taxes are transitory items that exclusively affect earnings through tax expense. We conduct the first in-depth examination of nonrecurring income taxes to determine whether they are primarily attributable to economic events or managerial opportunism. We find that nonrecurring income taxes have little predictive power for future earnings, are not associated with meeting or beating analyst earnings forecasts, and are not associated with future tax expense restatements. We als...
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作者：Brown, Jennifer L.; Huston, G. Ryan; Wenzel, Brian S.
作者单位：Arizona State University; Arizona State University-Tempe; Texas Tech University System; Texas Tech University; McGill University
摘要：We examine an overlooked type of insider transaction-CEOs' stock gifts to family members. CEOs should prefer to make family stock gifts at relative price minima, consistent with an estate and gift tax planning strategy called an estate freeze. We demonstrate that CEO freeze gifts generally follow temporary price suppressions and precede significant price appreciation, leading to substantial estate tax savings. Further, we find positive market returns one and two years following disclosure of f...
