2期

最新文章

• Two-stage capital budgeting, capital charge rates, and resource constraints AI翻译
  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...
• An examination of firms' responses to tax forgiveness AI翻译
  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...
• The positive externalities of IFRS R&D capitalization: enhanced voluntary disclosure AI翻译
  作者：Chen, Ester; Gavious, Ilanit; Lev, Baruch
  作者单位：Ben-Gurion University of the Negev; New York University
  摘要：Studies comparing IFRS with U.S. GAAP generally focus on differences in the attributes and consequences of the recognized financial items. We, in contrast, focus on voluntary disclosure resulting from arguably the most significant difference between IFRS and GAAP: the capitalization of development costs-the D of R&D-required by IFRS but prohibited by GAAP. Using a sample of Israeli high-technology and science-based firms, some using IFRS and others U.S. GAAP, we document a significant external...
• Blockholder exit threats in the presence of private benefits of control AI翻译
  作者：Hope, Ole-Kristian; Wu, Han; Zhao, Wuyang
  作者单位：University of Toronto; BI Norwegian Business School; Hautes Etudes Commerciales (HEC) Paris
  摘要：Exit theory predicts a governance role for outside blockholders' exit threats, but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by the blockholders' exits. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large exogenous and permanent shock to the cost for outside blockholders to exit. We find that firms whose outside blockholders experience an increase in exit threats imp...
• The standard-setters' toolkit: can principles prevail over bright lines? AI翻译
  作者：Henderson, Darren; O'Brien, Patricia C.
  作者单位：Wilfrid Laurier University; University of Waterloo
  摘要：We study lease accounting in an international panel data set to examine how accounting outcomes vary with two features of accounting standards: the emphasis on using professional judgement to apply principles, and the presence or absence of bright-line tests. We study four countries-Australia, Canada, the UK, and the US-and companies in two lease-intensive industries-retail and transportation. Our primary study period spans the time when Australia and the UK switched from domestic to internati...
• The impact of narrative disclosure readability on bond ratings and the cost of debt AI翻译
  作者：Bonsall, Samuel B.; Miller, Brian P.
  作者单位：University System of Ohio; Ohio State University; Indiana University System; Indiana University Bloomington
  摘要：Prior research on the determinants of credit ratings has focused on rating agencies' use of quantitative accounting information, but the there is scant evidence on the impact of textual attributes. This study examines the impact of financial disclosure narrative on bond market outcomes. We find that less readable financial disclosures are associated with less favorable ratings, greater bond rating agency disagreement, and a higher cost of debt. We improve causal identification by exploiting th...
• Accrual quality, skill, and the cross-section of mutual fund returns AI翻译
  作者：Nallareddy, Suresh; Ogneva, Maria
  作者单位：Duke University; University of Southern California
  摘要：We use returns of actively managed mutual funds to document the link between accrual quality (AQ) and systematic (priced) risk. Despite compelling theoretical arguments, prior research finds no evidence that poor AQ commands a risk premium in the cross-section of realized stock returns. We argue that the previously obtained premium estimates are biased downward because, for a large portion of poor AQ stocks, higher expected returns are offset by the news of deteriorating fundamentals. We sugge...
• Book-tax conformity and capital structure AI翻译
  作者：Blaylock, Bradley; Gaertner, Fabio B.; Shevlin, Terry
  作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Wisconsin System; University of Wisconsin Madison; University of California System; University of California Irvine
  摘要：We examine the effect of increased book-tax conformity on corporate capital structure. Prior studies document a decrease in the informativeness of accounting earnings for equity markets resulting from higher book-tax conformity. We argue that the decrease in earnings informativeness impacts equity holders more than debt holders because of the differences in payoff structures between debt and equity investments such that increases in book-tax conformity lead to increases in firms' reliance on d...
• Flexibility in cash-flow classification under IFRS: determinants and consequences AI翻译
  作者：Gordon, Elizabeth A.; Henry, Elaine; Jorgensen, Bjorn N.; Linthicum, Cheryl L.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Stevens Institute of Technology; University of London; London School Economics & Political Science; University of Texas System; University of Texas at San Antonio
  摘要：International Financial Reporting Standards (IFRS) allow managers flexibility in classifying interest paid, interest received, and dividends received within operating, investing, or financing activities within the statement of cash flows. In contrast, U.S. Generally Accepted Accounting Principles (GAAP) requires these items to be classified as operating cash flows (OCF). Studying IFRS-reporting firms in 13 European countries, we document firms' cash-flow classification choices vary, with about...
• Does the cessation of quarterly earnings guidance reduce investors' short-termism? AI翻译
  作者：Kim, Yongtae; Su, Lixin (Nancy); Zhu, Xindong (Kevin)
  作者单位：Santa Clara University; Lingnan University; City University of Hong Kong
  摘要：The practice of providing quarterly earnings guidance has been criticized for encouraging investors to fixate on short-term earnings and encouraging managerial myopia. Using data from the post-Regulation Fair Disclosure period, we examine whether the cessation of quarterly earnings guidance reduces short-termism among investors. We show that, after guidance cessation, investors in firms that stop quarterly guidance are composed of a larger (smaller) proportion of long-term (short-term) institu...