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作者：Li, Meng; Markov, Stanimir; Shu, Susan
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Texas System; University of Texas Dallas; Boston College
摘要：We explore whether managers' strong desire for good performance distorts their expectations and, consequently, corporate investment efficiency. We find that managers overweight favorable information and underweight unfavorable information, resulting in optimistic earnings guidance. We construct an ex ante measure of optimism and show that greater optimism is associated with a lower inventory investment efficiency: Managers overinvest in inventory, resulting in lower inventory turnover and incr...
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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：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...
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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：Aobdia, Daniel; Petacchi, Reining C.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Georgetown University
摘要：We examine the effect of large audit firms' internal inspection programs, an important monitoring mechanism, on auditor effort and financial reporting quality. Internal inspections are often predictable, and engagement teams concentrate their effort on audits ultimately selected for inspections. The extra effort increases the likelihood of a favorable inspection rating. We find some evidence of improvement in financial reporting quality in the inspection year, suggesting that internal inspecti...
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作者：Beasley, Mark S.; Branson, Bruce C.; Braumann, Evelyn C.; Pagach, Donald P.
作者单位：North Carolina State University; Vrije Universiteit Amsterdam
摘要：Approaches to risk governance are not homogeneous across organizations. Some organizations invest heavily in building formal and strategically focused enterprise-wide risk governance processes whereas others exhibit reduced formality and focus, allowing risk governance to be less structured. We argue that risk governance may best be described as a service dependent upon a network (or ecosystem) of participants who include users of risk information and providers who design and implement risk go...
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作者：Li, Edward X.; Lind, Gary; Ramesh, K.; Shen, Min
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Rice University
摘要：This study provides the first empirical evidence that the Federal Reserve (the Fed) systematically retrieves micro-level accounting reports to aid its understanding of the state of the macroeconomy. Using unique data identifying its direct access of corporate SEC filings, we show that the Fed tracks firms that are bellwethers and industry leaders, or that can engender systemic risk. The qualitative information in the Fed-accessed periodic reports explains the Fed's GDP growth forecasts for up ...
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作者：Glaeser, Stephen A.; Olbert, Marcel; Werner, Ann-Catherin
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of London; London Business School; University of Mannheim
摘要：We examine how exposure to international tax competition affects domestic firms' employment. Consistent with prior work, we find evidence that reductions in foreign tax rates affect the domestic competitive environment via increases in import competition and investment in foreign-owned subsidiaries. We posit that these changes in the domestic competitive environment can cause managers to reduce their firms' employment levels. Consistent with our expectation, we find that relative decreases in ...
