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作者：Ham, Charles G.; Kaplan, Zachary R.; Utke, Steven
作者单位：Washington University (WUSTL); University of Connecticut
摘要：We examine whether dividends serve as substitutes or complements to accounting information in firm valuation. Consistent with dividends substituting for earnings information, we find that dividend paying firms have 11%-15% lower earnings response coefficients (ERCs) than non-payers. We find more substitution when the dividend provides a stronger signal of permanent earnings: when the firm is less likely to cut the dividend, when the firm is likely to fund the dividend out of earnings rather th...
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作者：Cho, Myojung; Krishnan, Gopal, V
作者单位：Pace University; Bentley University
摘要：The purpose of this study is to empirically examine the relations between audit outcomes and accounting standard design (principles-based vs. rules-based) for US firms. Considering that audit outcomes may vary with audit risk, which may differ under different accounting standards, we examine and find that audit risk and audit fees are lower when client firms rely more on principles-based standards. Next, we find that principles-based standards are associated with a lower likelihood of receivin...
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作者：Casas-Arce, Pablo; Deller, Carolyn; Martinez-Jerez, F. Asis; Narciso, Jose Manuel
作者单位：Arizona State University; Arizona State University-Downtown Phoenix; University of Pennsylvania; Cornell University
摘要：This paper studies differential employee responses to the public disclosure of individual performance information throughout an organization. We argue that, to the extent that employees care about their colleagues' perceptions of their productivity, public disclosure will increase motivation. Moreover, the effect should be stronger for employees whose colleagues expect them to have higher performance. We obtained data from a bank that transitioned from private to public disclosure of employee ...
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作者：Martens, Tim
作者单位：Bocconi University
摘要：Are retail investors using uncurated disclosures in form of patents for their investment decisions? This study uses the investment decisions of retail investors and variation in the local availability of patent information to answer this question. The variation comes from changes in the locations of U.S. Patent and Trademark Depository Libraries over time. I find a strong increase in the local trading volume of stocks after the release of a patent in counties that have easier access to patent ...
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作者：Hu, Jinshuai; Li, Siqi; Shevlin, Terry
作者单位：Xiamen University; Santa Clara University; University of California System; University of California Irvine
摘要：Income taxes are a major expense for profitable corporations, often totaling 25% or more of pretax income. This study exploits the market for corporate control to test competing agency-based and risk-based explanations of corporate tax planning. Exploiting the staggered enactment of M&A laws across countries that increased the threat of takeover as an exogenous shock that allows a powerful difference-indifferences design, we find a significant reduction in tax avoidance following the takeover ...
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作者：Dai, Xin; Gao, Feng; Lisic, Ling Lei; Zhang, Ivy Xiying
作者单位：Drexel University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Virginia Polytechnic Institute & State University; University of California System; University of California Riverside
摘要：This paper examines the impact of a firm's social performance on the CEO's employment prospects. We find that CEOs are more (less) likely to leave office when there is a significant recent decline (improvement) in social performance. We then track departing CEOs' subsequent employment records and find that the social performance of their previous employers improves their labor market outcomes. These CEOs are more likely to find a new executive position, move up to a larger public firm, and rec...
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作者：Caskey, Judson; Huang, Kanyuan; Saavedra, Daniel
作者单位：University of California System; University of California Los Angeles
摘要：We use required 8-K filings around major borrowings to shed light on firms' choices of whether to comply with SEC disclosure rules. Exploiting within-firm variation, we find that firms are more likely to hide loans with high spreads and tight financial covenants. We further find that firms appear to exploit the ambiguity of the definition of materiality, as they are more likely to selectively disclose (hide) immaterial loans when interest rates are low (high). Firms are less likely to hide loa...
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作者：Su, Barbara
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：This paper studies whether banking practices affect borrowing firms' financial reporting quality. Specifically, I examine the effect of bank cross-selling activities (i.e., a bank's joint provisions of lending and underwriting services to the same firm) on borrowers' financial reporting quality for debt contracting purposes. Compared to issuing stand-alone loans, cross-selling increases a bank's risk exposure to the firm and therefore gives the bank more motivation to monitor the borrower's fi...
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作者：Mauritz, Christoph; Nienhaus, Martin; Oehler, Christopher
作者单位：University of Munster; Goethe University Frankfurt
摘要：We analyze the extent to which individual audit partners influence the audited narrative disclosures in their clients' financial reports. Using a sample of 3,281,423 private and public client firm-pairs, we find that the similarity among audited narrative disclosures is higher when two client firms share the same audit partner. Specifically, we find that the wording similarity of management reports (notes) increases by 30 (48) percent, the content similarity by 29 (49) percent, and the structu...
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作者：Chapman, Kimball; Drake, Michael; Schroeder, Joseph H.; Seidel, Timothy
作者单位：Washington University (WUSTL); Brigham Young University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We examine whether delays in the expected release of annual earnings have implications for the future auditor-client relationship. Managers have strong incentives to release earnings on schedule, and auditors play an important role in helping their clients avoid costly earnings announcement delays. We find an increased likelihood of subsequent auditor-client realignments after earnings announcement delays. We further find that clients changing auditors realign with audit firms that better meet...
