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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：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：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...
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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...
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作者：Christensen, Theodore E.; Pei, Hang; Pierce, Spencer R.; Tan, Liang
作者单位：University System of Georgia; University of Georgia; California State University System; California State University San Bernardino; State University System of Florida; Florida State University; Virginia Polytechnic Institute & State University
摘要：We investigate whether firms change their non-GAAP reporting practices after debt covenant violations. We find that the likelihood that a firm will disclose non-GAAP earnings decreases and (for those that continue to disclose) the quality of non-GAAP reporting improves following covenant violations, consistent with stronger shareholder monitoring during this period of scrutiny. Consistent with increased monitoring following a debt covenant violation, cross-sectional analyses indicate that thes...
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作者：Cedergren, Matthew C.; Chen, Changling; Chen, Kai
作者单位：University of Pennsylvania; University of Waterloo; Wilfrid Laurier University
摘要：Under SFAS No. 159, U.S. firms can measure debt liabilities at fair value, which results in recognition of unrealized gains and losses from debt valuation adjustments (DVA) when a firm's own credit risk changes. Critics have raised concerns about the counterintuitive income consequences of DVA; that is, when a firm's credit risk increases (i.e., bad news), debt values decrease, and resulting DVA gains increase the firm's income (i.e., good news), and vice versa. In this paper, we examine the r...
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作者：Chen, Jason V.; Kama, Itay; Lehavy, Reuven
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Tel Aviv University; University of Michigan System; University of Michigan
摘要：We examine the effect of managerial expectations on asymmetric cost behavior in the context of resource adjustment costs and unused resource constraints. Our results show that the incremental impact of managerial expectations on cost asymmetry is the strongest when adjustment costs and unused resources are high. Conversely, when both are low, expectations have no impact on the degree of cost asymmetry. Furthermore, when the degree of unused resources is high, managerial pessimism is associated...
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作者：Naughton, James P.
作者单位：Northwestern University
摘要：I develop approaches that quantify the use of discretion for the three main assumptions used for the financial reporting of defined benefit pension obligations: the expected return, the discount rate, and the compensation rate. I then apply these approaches to two regulatory events that affected a different subset of these three assumptions. Across both settings, my analyses indicate that firms reduced discretion in response to regulatory scrutinybut only in those assumptions targeted by the r...
