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作者：Beneish, M. D.; Harvey, C. R.; Tseng, A.; Vorst, P.
作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Duke University; National Bureau of Economic Research; Maastricht University
摘要：The increasingly service-based U.S. economy relies on innovation. While there is considerable research on the importance of certain innovative activities, such as patents, less attention has been paid to unpatented innovation, about which there is naturally less publicly available information. Our study exploits disclosure on the fair value of acquired innovation to show that unpatented innovation plays an important, though often ignored, role in merger value creation. We detail the importance...
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作者：Kim, Jaewoo; McGuire, Sean; Savoy, Steven; Wilson, Ryan
作者单位：University of Oregon; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This study investigates whether expected economic growth is associated with investment in corporate tax planning. We predict that higher expected economic growth increases the net present value of tax planning opportunities and that thus firms' investment in tax planning will be higher in periods when expectations about economic growth are optimistic. Consistent with expectations, we find that changes in fees for auditor-provided tax services are positively associated with GDP growth forecasts...
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作者：Israeli, Doron; Kasznik, Ron; Sridharan, Suhas A.
作者单位：Reichman University; Nazarbayev University; Stanford University; Emory University
摘要：We investigate how unexpected distractions affect investor reactions to corporate earnings announcements. We use a daily news pressure (DNP) index as a proxy for the presence of potential investor distraction. Since breaking news captured by this index is largely unpredictable and unrelated to investors' valuation decisions, our research design offers a unique opportunity to examine investor attention in the absence of strategic timing of announcements by managers. Using overall trading volume...
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作者：Bhattacharya, Nilabhra; Christensen, Theodore E.; Liao, Qunfeng; Ouyang, Bo
作者单位：Southern Methodist University; University System of Georgia; University of Georgia; Oakland University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Prior research finds an association between short selling volume and aggressive non-GAAP earnings disclosures but does not explore whether increased short selling pressure actually constrains aggressive non-GAAP reporting. Attribution of causality is problematic in this setting due to multiple self-selection issues. Firms self-select into providing non-GAAP performance metrics, and they also decide the timing of these disclosures strategically. Furthermore, short sellers carefully select the s...
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作者：Lehmer, Tiana; Lourie, Ben; Shanthikumar, Devin
作者单位：University of California System; University of California Irvine
摘要：Using unique new data, we examine whether brokerage trading volume creates a conflict of interest for analysts. We find that earnings forecast optimism is associated with higher brokerage volume, even controlling for forecast and analyst quality, recommendations, and target prices. However, forecast accuracy is also significantly associated with higher volume. When analysts change brokerage houses, they bring trading volume with them, influencing trading volume at the new brokerage. This indic...
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作者：Christensen, Dane M.; Kenchington, David G.; Laux, Rick C.
作者单位：University of Oregon; Arizona State University; Arizona State University-Tempe; Purdue University System; Purdue University
摘要：Evidence suggests a large proportion of profitable U.S. firms have low effective tax rates (i.e., an ETR between 0 and 10%). Despite widespread interest in how firms avoid paying taxes, we do not know how most firms attain low ETRs and whether they are primarily benefiting from benign or aggressive tax positions. Using a research design that explicitly examines low ETR firms, we predict and find that the majority are primarily benefiting from a benign tax position: large net operating loss car...
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作者：Ohlson, James A.
作者单位：Hong Kong Polytechnic University
摘要：This paper examines commonly applied methods of data analysis. Predicated on these methods, the main issue pertains to the plausibility of the studies' end products, that is, their conclusions. I argue that the methods chosen often lead to unwarranted conclusions: the data analyses chosen tend to produce looked-for null rejections even though the null may be much more plausible on prior grounds. Two aspects of data analyses applied cause obvious problems. First, researchers tend to dismiss pre...
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作者：Ball, Ray; Sadka, Gil; Tseng, Ayung
作者单位：University of Chicago; University of Texas System; University of Texas Dallas; Indiana University System; Indiana University Bloomington
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作者：Feng, Ruyun (Ivy); Kimbrough, Michael D.; Wei, Sijing
作者单位：University of Wisconsin System; University of Wisconsin Madison; University System of Maryland; University of Maryland College Park; Creighton University
摘要：We investigate whether information transparency at the industry level is associated with the sustainability of within-industry differences in profitability. Since competition leads to the elimination of intra-industry profitability differences, this investigation provides evidence on whether competitors act on information about rivals. Using an industry-level transparency measure that integrates corporate reporting by firm managers, private information search and communication by analysts, and...
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作者：Donelson, Dain C.; Glenn, Jennifer L.; Yust, Christopher G.
作者单位：University of Iowa; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
摘要：This study uses directors' and officers' (D&O) insurance data to examine the relation between tax aggressiveness and tax litigation risk. D&O insurance covers litigation costs for tax-related cases. Thus D&O insurance premiums provide an independent and direct assessment of the risk in a firm's tax aggressive strategies, which mitigates some of the challenges in studying tax risk. Based on pricing decisions, D&O insurers appear to view tax aggressiveness, as measured by industry- and size-adju...
