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作者：Kyung, Hangsoo; Nam, Jonathan Sangwook
作者单位：Hong Kong Polytechnic University
摘要：This study examines the informational value of local news outlets and how they affect insider trading. We hypothesize that local news coverage is a critical channel through which outsiders acquire local information, which restricts insiders' ability to profit from their information advantage. We argue that a loss of local news coverage increases information opacity faced by outsiders, while making it easier for insiders to seize profitable trading opportunities. Exploring the staggered shutdow...
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作者：Chen, Shannon; De Simone, Lisa; Hanlon, Michelle; Lester, Rebecca
作者单位：University of Arizona; University of Texas System; University of Texas Austin; Massachusetts Institute of Technology (MIT); Stanford University
摘要：We study whether innovation box tax incentives, which reduce tax rates on innovation-related income, are associated with increased fixed asset investment and employment. Using a stacked cohort difference-indifferences design on an entropy-balanced sample of European multinationals, we find innovation box regimes are associated with higher levels of capital expenditures, relative to noninnovation box jurisdictions. We do not find discernible effects on total employment or total compensation. Ho...
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作者：Dechow, Patricia M.
作者单位：University of Southern California
摘要：I first distinguish the terms economic growth, economic development, and sustainable development. I then discuss the term ESG and why this term is used with respect to the corporation. I follow with a discussion of the shareholder primacy perspective and how this perspective plays a defining role in corporate law, corporate governance, and asset management. I argue that the shareholder primacy perspective is not appropriate for sustainability reporting because when a firm pollutes the environm...
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作者：Anderson, Spencer B.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Illinois System; University of Illinois Urbana-Champaign
摘要：I use standard setters' description of comparability to conceptualize two forms of incomparability in financial reporting. Using a laboratory experiment, I construct states of both comparability , incomparability and investigate investors' capital allocation decisions under each. Benchmarking against states of comparable reporting, I find that incomparable reporting making different economics look alike results in lower-quality investment decisions, relative to incomparable reporting making si...
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作者：Li, Zhe; Ye, Kangtao; Zeng, Cheng (Colin); Zhang, Bo
作者单位：Central University of Finance & Economics; Renmin University of China; Hong Kong Polytechnic University
摘要：There is an ongoing debate over uniformity versus flexibility in accounting regulation. This study examines the financial reporting consequences of a rigid accounting rule in China under which the fiscal year-end is uniform for all companies. Using extensive interviews together with large-sample archival analyses, we find that mismatched firms-those whose mandated financial reporting cycles are not aligned with their business cycles- exhibit higher levels of absolute abnormal accruals than the...
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作者：Hung, Chung -Yu; Lillis, Anne M.; Wu, Anne
作者单位：University of Melbourne; National Chengchi University
摘要：We investigate circumstances in which referral-based hiring can exacerbate rather than mitigate agency problems. When incentive contracts cannot fully align employees' incentives with the interests of the firm, employees may behave opportunistically. Referred job candidates likely obtain inside information from existing employees about opportunistic incentive responses, and it is this information that exacerbates agency problems. Our research setting enables us to distinguish between referred ...
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作者：Barth, Mary E.; Li, Ken; McClure, Charles G.
作者单位：Stanford University; McMaster University; University of Chicago
摘要：We address how value relevance of accounting information evolved as the new economy developed. Prior research concludes that accounting information-primarily earnings-has lost relevance. We consider more accounting items and find no decline in combined value relevance from 1962 to 2018. We assess evolution in each item's value relevance and find increases, most notably for items related to intangible assets, growth opportunities, and alternative performance measures, which are important in the...
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作者：Bertomeu, Jeremy; Mahieux, Lucas; Sapra, Haresh
作者单位：Washington University (WUSTL); Tilburg University; University of Chicago
摘要：We develop a model in which accounting information and prudential regulation interact to affect banks' incentives to originate loans. Prudential regulators impose capital requirements to prevent banks from taking excessive risk. However, regulators cannot commit to ex ante efficient intervention and, instead, respond to ex post accounting information. We show that capital requirements and accounting measurement are substitutes when considered separately. By contrast, when considered jointly, a...
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作者：Park, KoEun
作者单位：University of Massachusetts System; University of Massachusetts Boston
摘要：A growing literature provides evidence that peer considerations play a central role in shaping a firm's behavior. This paper documents that the frequency of forced CEO turnovers by product market peer firms is negatively associated with a firm's real earnings management. I find that the disciplinary role of forced CEO turnover explains the observed relation. These effects are stronger when firms are suspected to engage in real earnings management to meet or just beat earnings benchmarks. I fin...
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作者：Barroso, Raul; N'Gatta, Donald; Ormazabal, Gaizka
作者单位：Universite de Lille; IESEG School of Management; Centre National de la Recherche Scientifique (CNRS); CNRS - Institute for Humanities & Social Sciences (INSHS); University of Navarra; IESE Business School; Centre for Economic Policy Research - UK; European Corporate Governance Institute
摘要：We examine the effect of individual wealth taxes on dividend policy. Using a comprehensive sample of European public firms from 26 countries, we document that wealth taxes paired with substantial increases in stock prices are associated with significantly larger dividend payouts. This pattern is stronger among closely held firms, family firms, and firms with shares directly owned by individuals. We also find evidence suggesting that the dividends induced by wealth taxes have meaningful economi...
