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作者：Lee, Sam (Sunghan); Ling, Zhejia; Rezaee, Zabihollah
作者单位：Iowa State University; California State University System; California State University Fullerton; University of Memphis
摘要：Prior studies show that comment letters released by the Securities and Exchange Commission provide information on firms' financial reporting quality and can have adverse value implications about the firms. We examine whether short sellers front-run comment letter disclosures and take short positions based on the economic implications of the letters. We find that short interest increases before comment letter disclosures and that the increase is positively associated with the severity of the le...
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作者：Cai, Wei
作者单位：Columbia University
摘要：Many organizations rely on formal management control systems that align employee values with organizational values (i.e., culture fit) to shape organizational culture. Using proprietary data from a highly decentralized organization, I examine employee-performance consequences of adopting a formal culture-fit measurement system in employee selection. I exploit the staggered feature of the adoption of the system and find that employees selected with the system perform significantly better than t...
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作者：Liao, Li; Martin, Xiumin; Wang, Ni; Wang, Zhengwei; Yang, Jun
作者单位：Tsinghua University; Washington University (WUSTL); Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：Using two natural field experiments, we examine how warning individual retail borrowers that their loan performance will be reported to a public credit registry before and after the loan take-up affects their borrowing behavior. We show that credit warnings reduce default rates by 3.7 to 7 percentage points and increase loan take-up rates by 4.1 percentage points, which suggests that credit warnings benefit both lenders and borrowers. The main drivers appear to be borrowers' anticipation of a ...
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作者：Guenther, David A.; Sansing, Richard C.
作者单位：University of Oregon; Dartmouth College; Tilburg University
摘要：We investigate the relation between tax rates and pretax returns by showing how implicit tax, tax incidence, and tax capitalization change in response to a tax rate change. We examine these issues in the context of both financial assets and real investments made by corporations in a competitive equilibrium in which all investments earn the same after-tax rate of return. Results show that the pretax return increases in the statutory tax rate due to an explicit tax rate effect and decreases due ...
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作者：Gunn, Rita; Pierce, Spencer; Romney, Miles
作者单位：Vanderbilt University; State University System of Florida; Florida State University
摘要：Fundamental to the accounting literature is that firms' stock prices relate positively to their earnings news. We examine a setting where investors may be unsure to which firm the announced earnings accrue: earnings announced by acquisition targets between the announcement and completion of the acquisition. We find targets' stock prices relate positively to their unexpected earnings during this interim period but only for unsuccessful M&A deals. For completed deals, we fail to find that target...
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作者：Langberg, Nisan; Rothenberg, Naomi
作者单位：Tel Aviv University; University of Alberta
摘要：We study audit quality and investment efficiency when an analyst's information can curb overvaluation and auditors are subject to legal liability following audit failure. With the auditor's damage payment based on price inflation after audit failure, the analyst's information brings prices closer to fundamentals and provides a hedge to the auditor against legal liability risk. This weakens incentives for audit quality, and the analyst responds with more information production due to the penalt...
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作者：De Franco, Gus; Hou, Yu; Ma, Mark (Shuai)
作者单位：Tulane University; Queens University - Canada; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Following management theory on organizational legitimacy, we predict that managers mimic the accounting of industry-leading companies to gain legitimacy. Such demand for legitimacy is expected to be greater for new managers because stakeholders are more uncertain about the managers' ability. Using a sample of CEO turnovers, we find that a firm increases financial statement comparability with industry leaders after the new CEO assumes office. This relation is stronger when (1) new managers lack...
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作者：Chow, Travis K.; Hoopes, Jeffrey L.; Maydew, Edward L.
作者单位：University of Hong Kong; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We undertake the first empirical analysis of profit shifting by U.S. firms during foreign tax holidays. We show that foreign tax holidays have become a prevalent and powerful tax planning strategy among U.S. firms. We find that U.S. firms significantly increase their outbound profit shifting while participating in foreign tax holidays. However, we also find that profit shifting associated with tax holidays comes at the cost of increased tax uncertainty. Our results have important implications ...
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作者：Rawson, Caleb; Twedt, Brady J.; Watkins, Jessica C.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Notre Dame
摘要：This study examines managers' strategic use of concurrent disclosures around the announcement of negative material events. We predict and find that managers disclosing negative 8-K news are more likely to issue a concurrent press release about an unrelated event relative to a press release providing additional context for the 8-K-triggering event in order to increase investor information processing costs. This strategy appears distinct from the bundling of news to deter litigation. We find tha...
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作者：Truong, Phong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：I study whether there are peer effects in disclosure timing decisions. Using plausibly exogenous variation in the timing of peers' earnings announcements based on a threshold in Securities and Exchange Commission (SEC) reporting deadline rules, I find that a focal firm responds to a peer's early announcement by announcing its own earnings early. Consistent with attention competition, early-announcing peers attract market attention away from the focal firm, incentivizing it to also accelerate i...
