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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
摘要：Our analysis of how banks' responses to asset price changes can result in procyclical leverage reveals that, for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights across assets, procyclical leverage does not occur. For banks without a binding constraint, fair value and bank regulation both can contribute to procyclical leverage. Empirical findings based on a large sample of U.S. commercial banks reveal that bank regulation explains procyclical l...
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作者：Ittner, Christopher D.; Michels, Jeremy
作者单位：University of Pennsylvania
摘要：This study examines the association between a firm's internal information environment and the accuracy of its externally disclosed management earnings forecasts. Internally, firms use forecasts to plan for uncertain futures. The risk management literature argues that integrating risk-related information into forecasts and plans can improve a firm's ability to forecast financial outcomes. We investigate whether this internal information manifests itself in the accuracy of external earnings guid...
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作者：Hanlon, Michelle; Maydew, Edward L.; Saavedra, Daniel
作者单位：Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California Los Angeles
摘要：We examine whether firms hold more cash in the face of tax uncertainty. Because of gray areas in the tax law and aggressive tax avoidance, the total amount of tax that a firm will pay is uncertain at the time it files its returns. The tax authorities can challenge and disallow the firm's tax positions, demanding additional cash tax payments. We hypothesize that firms facing greater tax uncertainty hold cash to satisfy these potential future demands. We find that both domestic firms and multina...
