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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：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：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：Chakravarthy, Jivas
作者单位：Chapman University System; Chapman University
摘要：I compare voting positions taken by Financial Accounting Standards Board (FASB) members on standards to positions taken by constituent sponsors in comment letters both before and after the emergence of the FASB's conceptual framework. I find that, relative to the Pre-CF regime (1973-1986), FASB members in the CF regime (1987-2007) take positions that are (i) less like their constituent sponsors and (ii) more like one another. Both shifts are associated with standards increasing accounting rele...
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作者：McMullin, Jeff L.; Miller, Brian P.; Twedt, Brady J.
作者单位：Indiana University System; Indiana University Bloomington; University of Oregon
摘要：Regulators claim that increased mandated disclosure frequency should lead to more efficient price formation. However, analytical models suggest that mandating disclosure may actually impede the price formation process, and prior empirical studies have been unable to document a relation between mandatory disclosure and improved price formation. We re-examine this relationship using a recent SEC regulation that increased the frequency of mandated event disclosures in form 8-K. We show that price...
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作者：Finley, Andrew R.
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：The author has to move Table 7 Sample selection for large tax settlement favorability measure as Table 1 and mention it at This procedure, presented in Table 1, yields a sample of 1912 observations for which I can measure the favorability of a large tax settlement. under Section 3.2.
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作者：Finley, Andrew R.
作者单位：Claremont Colleges; Claremont McKenna College; Claremont Graduate University
摘要：I consider how large tax settlements compare to management expectations and then test how the favorability of a resolution (from the firm's perspective) affects subsequent tax avoidance. Using unrecognized tax benefit information disclosed in firms' tax footnotes, pursuant to FIN 48, I develop and validate a measure of large tax settlement favorability. I find that firms with relatively favorable settlements subsequently increase their tax avoidance but that firms with relatively unfavorable s...
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作者：Ahn, Minkwan; Drake, Michael; Kyung, Hangsoo; Stice, Han
作者单位：University of Hong Kong; Brigham Young University; Chinese University of Hong Kong
摘要：We investigate the information-dissemination role of the business press by examining the coverage of analyst recommendation revisions. Consistent with the press providing wider dissemination of analyst reports, we find evidence that coverage of analyst recommendation revisions significantly increases the initial market reaction to these revisions and decreases the subsequent price drift. Furthermore, we find that news flash coverage, rather than in-depth coverage, of a recommendation revision ...
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作者：Asness, Clifford S.; Frazzini, Andrea; Pedersen, Lasse Heje
作者单位：New York University; Copenhagen Business School; Centre for Economic Policy Research - UK
摘要：We define quality as characteristics that investors should be willing to pay a higher price for. Theoretically, we provide a tractable valuation model that shows how stock prices should increase in their quality characteristics: profitability, growth, and safety. Empirically, we find that high-quality stocks do have higher prices on average but not by a large margin. Perhaps because of this puzzlingly modest impact of quality on price, high-quality stocks have high risk-adjusted returns. Indee...
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作者：Campbell, John L.; Cecchini, Mark; Cianci, Anna M.; Ehinger, Anne C.; Werner, Edward M.
作者单位：University System of Georgia; University of Georgia; University of South Carolina System; University of South Carolina Columbia; Wake Forest University; State University System of Florida; Florida State University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden
摘要：Prior research finds that mandatory risk factor disclosures are informative in that they increase investors' assessments of the volatility of a firm's cash flows. However, the literature is silent as to whether these disclosures provide information about the level of future cash flows and, ultimately, their implications for firm value. We address this question by examining the association between Form 10-K risk factor disclosures and future cash flows levels and stock returns. We use the setti...
