2期

最新文章

• Does concrete language in disclosures increase willingness to invest? AI翻译
  作者：Elliott, W. Brooke; Rennekamp, Kristina M.; White, Brian J.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Cornell University; University of Texas System; University of Texas Austin
  摘要：As part of its push for more plain English in disclosures, the SEC argues that firms should use more concrete language to make abstract concepts clearer to investors. We use two experiments to show that, when concrete language is highlighted in a prospectus, investors are significantly more willing to invest in a firm than when abstract language is highlighted. Furthermore, we show the effect of concrete language is particularly important when investors feel more psychologically distant from a...
• Bank loan spread and private information: pending approval patents AI翻译
  作者：Plumlee, Marlene; Xie, Yuan; Yan, Meng; Yu, Jeff Jiewei
  作者单位：Utah System of Higher Education; University of Utah; Fordham University; Texas A&M University System; Texas A&M University College Station
  摘要：This study examines a specific source of lenders' ex ante information advantage, private information about borrowers' forthcoming patents. We examine this setting to provide evidence of the impact of such private information on borrowers' cost of debt. We find evidence consistent with lenders incorporating private information by charging borrowers with forthcoming patents a lower spread than borrowers that lack that private information. We document a negative association between loan spread an...
• Cross-jurisdictional income shifting and tax enforcement: evidence from public versus private multinationals AI翻译
  作者：Beuselinck, Christof; Deloof, Marc; Vanstraelen, Ann
  作者单位：IESEG School of Management; University of Antwerp; Maastricht University
  摘要：This paper examines the impact of tax enforcement and public listing status on income shifting by multinational corporations (MNCs). For a sample of over 8,000 subsidiaries that are majority-owned by 959 European MNCs over the period 1998-2009, we find strong evidence of income shifting from high to low tax countries and that income is shifted more out of high-tax countries when local tax enforcement is weak. In addition, we show that private MNCs exploit weak tax enforcement more to shift inc...
• Do sophisticated investors use the information provided by the fair value of cash flow hedges? AI翻译
  作者：Campbell, John L.; Downes, Jimmy F.; Schwartz, William C., Jr.
  作者单位：University System of Georgia; University of Georgia; University of Nebraska System; University of Nebraska Lincoln; Oklahoma State University System; Oklahoma State University - Stillwater
  摘要：An unrealized gain on a cash flow hedge implies that the price of the underlying hedged item (i.e., commodity price, foreign currency exchange rate, or interest rate) moved in a direction that will negatively affect the firm's profits after the hedge expires. Prior research shows that unrealized gains/losses on cash flow hedges are negatively associated with future earnings and that investors' expectations, as reflected in stock prices, do not appear to anticipate this association. We provide ...
• The effect of manager-specific optimism on the tone of earnings conference calls AI翻译
  作者：Davis, Angela K.; Ge, Weili; Matsumoto, Dawn; Zhang, Jenny Li
  作者单位：University of Oregon; University of Washington; University of Washington Seattle; University of British Columbia
  摘要：The use of more or less positive language in corporate disclosures has been the subject of increased interest in the academic literature. We add to this stream of research by examining whether there is a manager-specific component in the tone of earnings-announcement related conference calls. We find that the tone of conference calls that is not explained by current performance, future performance, and strategic incentives has a significant manager-specific component. We also find that tone is...
• Does increased board independence reduce earnings management? Evidence from recent regulatory reforms AI翻译
  作者：Chen, Xia; Cheng, Qiang; Wang, Xin
  作者单位：Singapore Management University; University of Hong Kong
  摘要：We examine whether recent regulatory reforms requiring majority board independence reduce the extent of earnings management. Firms that did not have a majority of independent directors before the reforms (referred to as noncompliant firms) are required to increase their board independence. We find that, while noncompliant firms on average do not experience a significant decrease in earnings management after the reforms compared to other firms, noncompliant firms with low information acquisitio...
• Anticipation of management forecasts and analysts' private information search AI翻译
  作者：Altschuler, Dora; Chen, Gary; Zhou, Jie
  作者单位：Loyola University Chicago; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National University of Singapore
  摘要：We examine how analysts' anticipation of a management forecast affects their search for private information. Analysts are likely to acquire more private information because of the potential gains from trading on that information before a publicly disclosed management forecast. However, this anticipation may also decrease analysts' efforts, because the information in a management forecast could substitute for costly private information. We predict that higher costs (benefits) of private informa...
• Investor sophistication and disclosure clienteles AI翻译
  作者：Kalay, Alon
  作者单位：Columbia University
  摘要：This paper explores the idea of disclosure clienteles. Disclosure clienteles refer to the ability of different types of disclosure activities to differentially benefit investors with varying levels of sophistication. Disclosure clienteles exist because variation in investor sophistication affects investors' ability to utilize disclosed information and thus their preferences for distinct disclosure activities. I use cross-sectional variation in inefficient exercise activity in the options marke...
• Accounting conservatism and Street earnings AI翻译
  作者：Heflin, Frank; Hsu, Charles; Jin, Qinglu
  作者单位：State University System of Florida; Florida State University; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
  摘要：This paper provides evidence that conditional conservatism reduces the usefulness of GAAP earnings for valuation by investors. We find that conditional conservatism reduces GAAP earnings persistence and informativeness, makes income smoothing more difficult, and makes forecasting GAAP earnings more difficult for analysts. We also find that analysts forecast Street earnings numbers with less conditional conservatism. The decrease in conditional conservatism from adjusting GAAP earnings to Stree...
• The optimal focus of transfer prices: pre-tax profitability versus tax minimization AI翻译
  作者：Martini, Jan Thomas
  作者单位：University of Bielefeld
  摘要：This paper studies transfer prices influencing managerial decisions and determining corporate taxes in a multinational firm. Common sense suggests that the transfer price decision should be made to maximize the firm's after-tax profit and thus achieve the optimal trade-off between pre-tax profitability and tax minimization. Based on a model of a decentralized firm facing asymmetric information with respect to operations, I examine why this conclusion does not hold in general. In particular, I ...