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作者：Cutler, Joshua; Davis, Angela K.; Peterson, Kyle
作者单位：University of Houston System; University of Houston; University of Oregon
摘要：We examine the impact of disclosure by defendant firms on the outcome of securities fraud class actions. We hypothesize that firms issuing a higher quantity of disclosure will experience more adverse litigation outcomes, given the strict pleading standards of the Private Securities Litigation Reform Act (PSLRA). Using broad measures of disclosure derived from press releases issued during the class period, we find that more disclosure increases the likelihood that the judge will allow a lawsuit...
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作者：Hann, Rebecca N.; Kim, Heedong; Zheng, Yue
作者单位：University System of Maryland; University of Maryland College Park; City University of New York (CUNY) System; Baruch College (CUNY); Hong Kong University of Science & Technology
摘要：We examine whether there is intra-industry information transfer with respect to the second moment of returns around earnings announcements. Using implied volatility from option prices to proxy for uncertainty about firm fundamentals, we find a significantly positive association between changes in the implied volatility of each industry's first announcer and its peers around the first announcer's earnings announcement, suggesting that earnings announcements help resolve uncertainty about the va...
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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
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作者：Christensen, Hans B.; Maffett, Mark; Vollon, Lauren
作者单位：University of Chicago
摘要：Using aggregate data from national accounts, we study whether strengthening and harmonizing securities regulation across the European Union increases household equity ownership. We find a significant increase in the proportion of liquid assets invested in equity, both when a household's own country adopts the regulation and when other countries adopt the regulation. To directly explore the mechanism through which households' willingness to directly invest in the equity market increases, we sho...
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作者：Srivastava, Anup
作者单位：University of Calgary
摘要：Firms often change their operating policy to meet a short-term financial reporting target. Accounting researchers call this opportunistic action real earnings management (REM). They measure REM by the difference between a firm's costs and those reported by its industry peers. Firms that pursue distinct competitive strategies also display different cost patterns than peers. However, the models that measure REM do not control for differences in competitive strategy. Hence a researcher can misint...
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作者：Campbell, John L.; DeAngelis, Matthew D.; Moon, James R., Jr.
作者单位：University System of Georgia; University of Georgia; University System of Georgia; Georgia State University; University System of Georgia; Georgia Institute of Technology
摘要：Motivated by concerns that financial positions impair analyst objectivity, we examine investor perceptions of the financial positions of nonprofessional analysts (hereafter NPAs) writing on the social media outlet Seeking Alpha. We find that NPA positions contribute directly to short-window returns surrounding the article's publication, holding constant the information in the article as well as contemporaneously issued news from professional analysts, managers, and the business press. Contrary...
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作者：Chen, Yangyang; Ge, Rui; Louis, Henock; Zolotoy, Leon
作者单位：Hong Kong Polytechnic University; Shenzhen University; Audencia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Melbourne
摘要：We show that firms with higher stock liquidity engage less in extreme (i.e., overly aggressive or overly conservative) tax avoidance. The effect of stock liquidity on tax avoidance is economically meaningful and robust across alternative measures of tax avoidance and stock liquidity. The findings also hold after controlling for potential endogenous effects. We further document that the effect of stock liquidity on tax avoidance is amplified for firms with high proportions of activist sharehold...
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作者：Ayres, Douglas R.; Campbell, John L.; Chyz, James A.; Shipman, Jonathan E.
作者单位：Butler University; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville; University of Arkansas System; University of Arkansas Fayetteville
摘要：This paper examines whether financial analysts' presence compels recognition of goodwill impairments. Analysts could impact managers' impairment decisions in at least two ways: (1) by improving the information environment through their analysis of firm performance (i.e., ex ante monitoring) and (2) by increasing the likelihood the manager and firm experience negative consequences when they fail to record a necessary impairment (i.e., ex post monitoring). We find that the likelihood of an impai...
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作者：Call, Andrew C.; Sharp, Nathan Y.; Wong, Paul A.
作者单位：Arizona State University; Arizona State University-Tempe; Texas A&M University System; Texas A&M University College Station; University of California System; University of California Davis
摘要：Despite the importance of sell-side analysts in the capital markets, we know little about the effectiveness of routine monitoring of the sell-side industry. We examine the attributes of sell-side research issued by analysts before and after their brokerage faces regulatory sanctions. We find that after a sanction, analysts at sanctioned brokerages lower their stock recommendations, both in absolute terms and relative to the recommendations of other analysts following the same firms. These anal...
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作者：De Simone, Lisa; Mills, Lillian F.; Stomberg, Bridget
作者单位：Stanford University; University of Texas System; University of Texas Austin; Indiana University System; Indiana University Bloomington
摘要：Income shifting is a significant source of tax planning for U.S. corporations. We use confidential Internal Revenue Service (IRS) data to develop a firm-year measure of income shifting. Our measure captures the relative extent of U.S. multinational entity (MNE) net intercompany payments out of the United States to CFCs. Our data show that the majority of sample firms report net inbound intercompany payments on average. Sample firms report nearly $830 billion of outbound payments and over $1 tr...
