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作者：Ball, Ryan T.; Gallo, Lindsey; Ghysels, Eric
作者单位：University of Michigan System; University of Michigan; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We examine whether the contribution of firm-level accounting earnings to the informativeness of the aggregate is tilted towards earnings with specific financial reporting characteristics. Specifically, we investigate whether considering the smoothness of firm-level earnings increases the informativeness of aggregate earnings for future real GDP, and if so, whether macroeconomic forecasters use this information efficiently. Using recently-developed mixed data sampling methods, we find that the ...
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作者：Hui, Kai Wai; Liang, Chuchu; Yeung, P. Eric
作者单位：University of Hong Kong; University of California System; University of California Irvine; Cornell University
摘要：We test two potential hypotheses regarding the effects of major customer concentration on firm profitability. Under the collaboration hypothesis, customer power facilitates collaboration, and both the supplier firm and its major customers obtain benefits. Under the competition hypothesis, customer power results in rent extraction, and the major customers benefit at the expense of the supplier firm. We document that major customer concentration is negatively associated with the supplier firm's ...
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作者：Chyz, James A.; Gaertner, Fabio B.; Kausar, Asad; Watson, Luke
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Wisconsin System; University of Wisconsin Madison; American University; Drexel University
摘要：Using a sample of firms experiencing exogenous CEO departures, we investigate whether firms with overconfident CEOs avoid more tax. We find robust evidence of a positive relation between proxies for corporate tax avoidance and CEO overconfidence. Because our empirical tests use a panel of firm-years with exogenous CEO departures and include controls for stationary firm effects as well as observable firm characteristics, we can better isolate the role of an idiosyncratic personality trait (i.e....
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作者：Chen, Ester; Gavious, Ilanit; Steinberg, Nadav
作者单位：Peres Academic Center; Ben-Gurion University of the Negev; Bank of Israel
摘要：Using hand-collected data on Israeli firms' unrealized earnings and debt restructurings following adoption of the International Financial Reporting Standards (IFRS), we investigate whether and how dividend payouts based on unrealized revaluation earnings affect a firm's default risk. Our results indicate that, in the era of fair value accounting, whether the dividend payment originates from unrealized or realized earnings has a significant effect on a firm's default risk, above and beyond the ...
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作者：Drake, Michael S.; Lamoreaux, Phillip T.; Quinn, Phillip J.; Thornock, Jacob R.
作者单位：Brigham Young University; Arizona State University; Arizona State University-Tempe; University of Washington; University of Washington Seattle
摘要：We examine auditors' disclosure benchmarking, which we define as auditors' acquisition of nonclient financial statement information for the purpose of evaluating a client's financial statement information. Employing a novel dataset that captures auditors' access of nonclient annual and quarterly SEC filings on EDGAR, we predict and find that auditors engage in disclosure benchmarking when auditing clients are faced with higher levels of authoritative guidance, financial-reporting uncertainty, ...
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作者：Kenchington, David G.
作者单位：Arizona State University; Arizona State University-Tempe
摘要：I investigate the link between dividend taxes and stock prices in a global setting. Based on findings from an open-economy after-tax capital asset pricing model, I predict that, when the U.S. cut its dividend tax rate in 2003, stock prices will increase for high-dividend yield foreign firms that are eligible for a U.S. income tax treaty. I examine returns for firms headquartered in treaty countries and find results consistent with this prediction. In further tests, I find that the same relatio...
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作者：Cassell, Cory; Hunt, Emily; Narayanamoorthy, Gans; Rowe, Stephen P.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Mississippi State University; Tulane University; University of Arkansas System; University of Arkansas Fayetteville
摘要：We identify situations in which auditor industry specialization could be detrimental for audit outcomes. We predict that during periods of heightened industry-specific risk, specialist auditors from the affected industry could struggle to secure and allocate sufficient resources to mitigate the heightened risk because they have client portfolios concentrated in the affected industry. Using a measure of office-level industry concentration/specialization (as opposed to a market-based measure), w...
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作者：Ferreira, Petrus H.; Kraussl, Roman; Landsman, Wayne R.; Borysoff, Maria Nykyforovych; Pope, Peter F.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Stanford University; Stanford University; George Mason University; Bocconi University
摘要：We directly test the reliability and relevance of investee fair values reported by listed private equity funds (LPEs). In our setting, disaggregated fair value measurements are observable for funds' investees; and investee accounting fundamentals are also publicly disclosed. We find that LPE fair value measurements reflect equity book value and net income in a manner consistent with stock market pricing of listed companies. However, LPE fair value measurements appear to distinguish between Lev...
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作者：Cardinaels, Eddy; Hollander, Stephan; White, Brian J.
作者单位：Tilburg University; KU Leuven; University of Texas System; University of Texas Austin
摘要：Firms often include summaries with earnings releases. However, manager-generated summaries may be prone to strategic tone and content management, compared to the underlying disclosures they summarize. In contrast, computer algorithms can summarize text without human intervention and may provide useful summary information with less bias. We use multiple methods to provide evidence regarding the characteristics of algorithm-based summaries of earnings releases compared to those provided by manag...
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作者：deHaan, Ed; Larcker, David; McClure, Charles
作者单位：University of Washington; University of Washington Seattle; Stanford University; University of Chicago
摘要：We examine the long-term effects of interventions by activist hedge funds. Research documents positive equal-weighted long-term returns and operating performance improvements following activist interventions, and typically conclude that activism is beneficial. We extend the literature in two ways. First, we find that equal-weighted long-term returns are driven by the smallest 20% of firms, with an average market value of $22 million. The larger 80% of firms experience insignificant negative lo...
