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作者：Bourveau, Thomas; Schoenfeld, Jordan
作者单位：Hong Kong University of Science & Technology; Utah System of Higher Education; University of Utah
摘要：We examine the relation between shareholder activism and voluntary disclosure. An important consequence of voluntary disclosure is less adverse selection in the capital markets. One class of traders that finds less adverse selection unprofitable is activist investors who target mispriced firms whose valuations they can improve. Consistent with this idea, we find that managers issue earnings and sales forecasts more frequently when their firm is more at risk of attack by activist investors, and...
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作者：Johnson, Nicole Bastian; Pfeiffer, Thomas; Schneider, Georg
作者单位：University of Oregon; University of Vienna; University of Graz
摘要：We study two-stage, multi-division budgeting mechanisms that allocate scarce resources among divisions using capital charge rates. Each divisional manager observes private sequential project information and competes for scarce resources over two stages. The optimal capital charge rates in our two-stage setting can be quite different from those that arise in a single-stage setting. If the firm faces a resource constraint at only the second stage, a less severe constraint can imply more first-st...
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作者：Law, Kelvin K. F.; Mills, Lillian F.
作者单位：Nanyang Technological University; University of Texas System; University of Texas Austin
摘要：We find that managers with military experience pursue less tax avoidance than other managers and pay an estimated $1-$2 million more in corporate taxes per firm-year. These managers also undertake less aggressive tax planning strategies with smaller tax reserves and fewer tax havens. Although they leave tax money on the table, boards hiring these managers benefit from reductions in other gray areas in corporate reporting. The broad implications are as follows: for employee selection, boards ca...
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作者：Israeli, Doron; Lee, Charles M. C.; Sridharan, Suhas A.
作者单位：Reichman University; Stanford University; Emory University
摘要：We examine whether an increase in ETF ownership is accompanied by a decline in pricing efficiency for the underlying component securities. Our tests show an increase in ETF ownership is associated with (1) higher trading costs (bid-ask spreads and market liquidity), (2) an increase in stock return synchronicity, (3) a decline in future earnings response coefficients, and (4) a decline in the number of analysts covering the firm. Collectively, our findings support the view that increased ETF ow...
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作者：Li, Bing; Liu, Zhenbin
作者单位：City University of Hong Kong; Hong Kong Baptist University
摘要：This study investigates how regulatory oversight affects the price formation of initial public offerings (IPOs). We provide evidence on the oversight role of the US Securities and Exchange Commission (SEC) by examining the effects of comment letters issued by the SEC in the process through which companies are initially listed. We find that IPO issuers reduce their offer price if they receive comment letters. The reduction in price from the IPO filing date to the final issue date is greater whe...
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作者：Barth, Mary E.; Gomez-Biscarri, Javier; Kasznik, Ron; Lopez-Espinosa, German
作者单位：Stanford University; Pompeu Fabra University; University of Navarra
摘要：Based on a large sample of publicly listed and non-listed US commercial banks from 1996 to 2011, we find robust evidence consistent with banks using realized available for sale (AFS) securities gains and losses to smooth earnings and increase low regulatory capital. We also find that (i) banks with positive earnings smooth earnings, and banks with negative earnings generally take big baths; (ii) regulatory capital constrains big baths; (iii) banks with more negative earnings and more unrealize...
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作者：Shevlin, Terry; Thornock, Jacob; Williams, Braden
作者单位：University of California System; University of California Irvine; Brigham Young University; University of Texas System; University of Texas Austin
摘要：This study uses state tax amnesties to examine how firms respond to forgiveness-particularly repeated forgiveness-by a taxing authority. We posit that tax forgiveness programs alter taxpayer perceptions of the probability of detection by enforcers or the probability of future forgiveness programs, either of which could affect future tax aggressiveness. We find that firms headquartered in an amnesty-granting state increase state income tax aggressiveness following the first instance of tax amne...
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作者：Amel-Zadeh, Amir; Barth, Mary E.; Landsman, Wayne R.
作者单位：University of Oxford; Stanford University; University of North Carolina; University of North Carolina Chapel Hill
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作者：Cassar, Gavin; Gerakos, Joseph
作者单位：INSEAD Business School; Dartmouth College
摘要：We examine hedge fund risk management practices and their association with left-tail risk during the 2008 financial crisis. Consistent with risk management practices reducing left-tail risk, funds in our sample that use formal risk models performed significantly better in the extreme down months of 2008. We find no evidence that having either position limits or a dedicated head of risk management is associated with reduced left-tail risk. Funds employing value at risk models had more accurate ...
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作者：Easton, Peter; Zhang, Xiao-Jun
作者单位：University of Notre Dame; University of California System; University of California Berkeley
摘要：Other comprehensive income (OCI) items are often considered to be transitory (Chambers et al. 2007; IASB 2013; CFA2014). In this paper, we show that a significant portion of OCI, namely unrealized gains and losses (UGL) from available-for-sale (AFS) debt securities, is non-transitory: a negative correlation between accumulated unrealized gains and losses in the current period and next period UGL is predicted, and we show that this correlation is economically and statistically significant. This...
