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作者：Oswald, Dennis; Simpson, Ana; Zarowin, Paul
作者单位：University of Michigan System; University of Michigan; University of London; London School Economics & Political Science; New York University
摘要：We examine the effect of capitalization vs. expensing on UK firms' R&D expenditures. Our investigation is motivated by the UK's mandatory switch from UK GAAP to IFRS in 2005. Under UK GAAP, firms could elect to expense or capitalize development expenditures, but IFRS mandates capitalization. Thus, capitalizers maintained their accounting method, while switchers were required to change from expensing to capitalization. We examine the effect of the rule change on the amount of the two groups' R&...
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作者：Nekrasov, Alexander; Teoh, Siew Hong; Wu, Shijia
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of California System; University of California Los Angeles; The Chinese University of Hong Kong, Shenzhen
摘要：We propose the visual attention hypothesis that visuals in firm earnings announcements increase attention to the earnings news. We find that visuals in firms' Twitter earnings announcements are associated with more retweets, consistent with greater user engagement with announcements that have visuals. This result holds for earnings tweets sent by the same firm and on the same day in firm-level and tweet-level analyses. Consistent with managerial opportunism, firms are more likely to use visual...
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作者：Hand, John R. M.; Laurion, Henry; Lawrence, Alastair; Martin, Nicholas
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Colorado System; University of Colorado Boulder; University of London; London Business School; University of North Carolina; University of North Carolina Chapel Hill
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作者：Nienhaus, Martin
作者单位：Goethe University Frankfurt
摘要：This study provides plausible causal evidence on the effect of executive equity incentives on opportunistic manager behavior. I exploit a unique setting created by the introduction of Financial Accounting Standard (FAS) 123R in 2005, which led to an exogenous increase in the cost of option pay, causing a substantial decline in option pay for some firms while leaving others largely unaffected. Using difference-in-differences analyses with a treatment group of firms that show a decline in option...
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作者：Rawson, Caleb
作者单位：University of Arkansas System; University of Arkansas Fayetteville
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作者：Ertan, Aytekin
作者单位：University of London; London Business School
摘要：I examine whether banks manage syndicated loan originations to achieve financial reporting goals. Using a large sample of loans and relying on a within-quarter analysis, I find that publicly traded banks that narrowly beat earnings benchmarks initiate more loans in the last month of the fiscal quarter to book origination fees. Relative to otherwise similar loans, these loans are associated with front-end fees that are 4.2% higher but have credit spreads that are 3.3% lower, resulting in a net ...
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作者：Huang, Allen H.; Shen, Jianghua; Zang, Amy Y.
作者单位：Hong Kong University of Science & Technology; Xiamen University
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作者：Blaylock, Bradley S.; Downes, Jimmy F.; Mathis, Mollie E.; White, Scott D.
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Nebraska System; University of Nebraska Lincoln; Auburn University System; Auburn University; Oklahoma State University System; Oklahoma State University - Stillwater
摘要：We examine whether repatriation tax liabilities affect bond pricing using four settings: (1) pricing on a new bond issuance, (2) pricing changes around the American Jobs Creation Act of 2004 (AJCA), (3) pricing changes around the 2016 US election, and (4) pricing changes around the Tax Cuts and Jobs Act of 2017 (TCJA). The preponderance of evidence suggests that bondholders incorporate expected repatriation taxes into bond prices. However, this evidence appears concentrated around the 2004 AJC...
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作者：Fischer, Paul; Kim, Chongho; Zhou, Frank
作者单位：University of Pennsylvania; New York University
摘要：We propose a measure of disagreement, which reflects differences of opinion as opposed to information asymmetry, that can be extracted from sequences of analyst forecasts. Using a Bayesian theoretical framework, we prove that when analysts agree, a regression of an analyst's forecast on the previous forecast issued by another analyst should have a slope coefficient of one. The magnitude of the estimated regression coefficient's deviation from one is then employed as a disagreement measure. We ...
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作者：Finley, Andrew R.; Hall, Curtis M.; Marino, Amanda R.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; Drexel University; California State University System; San Diego State University
摘要：This study examines gender pay gaps among nonprofit executives and how compensation negotiability influences these disparities. Using tax return data from IRS Form 990 filings, we find that females earn 8.9% lower total compensation than men in our sample. Further, we observe that settings more conducive to negotiation manifest in larger pay disparities, whereas settings that limit executives' opportunities to negotiate or that encourage females in particular to negotiate produce smaller gende...
