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作者：Fodor, Andy; Lovelace, Kelley Bergsma; Singal, Vijay; Tayal, Jitendra
作者单位：University System of Ohio; Ohio University; University System of Ohio; Ohio University; Virginia Polytechnic Institute & State University; University System of Ohio; Ohio University
摘要：This paper argues that firms in certain life cycle stages may be more subjectively valued by individual investors, leading to an optimistic bias in stock prices that is subsequently corrected upon the release of earnings news. Using a cash flow-based life cycle stage classification, introduction and decline stage companies exhibit three-day cumulative abnormal returns (CARs) around earnings announcements that are at least 112 bps lower than firms in growth, maturity, and shake-out stages. Spec...
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作者：Cao, Ying; Hao, Rubin; Yang, Yong George
作者单位：Chinese University of Hong Kong; University of Macau
摘要：We examine how the culture of origin of sell-side financial analysts in the United States influences their forecasting. We find that analysts from individualistic cultures are more likely to issue bold earnings forecasts and stock recommendations than analysts from collectivist cultures. Individualistic (collectivist) analysts' tendency to overweight (underweight) their private information at least partly explains the results. The effect of culture decreases with the analysts' professional ski...
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作者：Gleason, Cristi A. A.; Markle, Kevin S. S.; Song, Jane Z. Z.
作者单位：University of Iowa; Michigan State University; Michigan State University's Broad College of Business; University System of Georgia; University of Georgia
摘要：The Financial Accounting Standards Board introduced FIN 48 (ASC 740-10) to increase relevance and comparability in the reporting of uncertain tax positions. The extant literature has found mixed results when examining the effects of FIN 48 using research designs that lack a counterfactual. Using a difference-in-differences design, we examine the effect of FIN 48 on the mapping between GAAP tax expense and future cash taxes paid over the next three years. We find that the mapping for US firms i...
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作者：Bleibtreu, Christopher; Stefani, Ulrike
作者单位：BI Norwegian Business School; University of Konstanz
摘要：This paper addresses the effects of a prohibition of providing non-audit services (NAS) to audit clients. By combining a strategic auditor-client game with a circular market-matching model that has an endogenous number of auditors, we take into account the interdependence between the auditors' and clients' incentives, the market structure, and the quality of audited reports. We show that the regulation's effects depend on the preexisting audit market concentration and the types of blacklisted ...
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作者：Amberger, Harald J.; Robinson, Leslie
作者单位：Vienna University of Economics & Business; Dartmouth College
摘要：The Tax Cuts and Jobs Act (TCJA) of 2017 marked a significant change in U.S. domestic and international tax policy, altering incentives for U.S. firms to own foreign assets. We examine the initial response of U.S. firms' foreign acquisition patterns to the TCJA's key reform provisions. We find a significant overall decrease in the probability that a foreign target is acquired by a U.S. firm after the reform, suggesting that the net effect of the TCJA was to reduce acquisitions abroad. Cross-se...
