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作者：Baloria, Vishal P.
作者单位：University of Connecticut
摘要：Firms supply accounting conservatism in response to debt/equity contracting, litigation, political costs, and taxation demand from stakeholders. I examine whether political connections between U.S. firms and politicians moderate and/or intensify the impact of these demands on the supply of conditional and unconditional conservatism. I measure political connections based on the association between firms' campaign contributions and equity ownership in firms by U.S. House and Senate representativ...
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作者：Griffin, Paul A.; Hong, Hyun A.; Ryou, Ji Woo
作者单位：University of California System; University of California Davis; University of California System; University of California Riverside; West Virginia University
摘要：We examine whether proprietary costs drive R&D-active firms' choice of private loan structure. We find that R&D-active firms are more likely to choose single-lender over multi-lender private loan financing. This is consistent with the theory that high-ability entrepreneurs protect their proprietary knowledge by communicating it to a single lender while disclosing generic and less sensitive information to the public. This propensity, however, significantly decreases after the enactment of the A...
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作者：Ashraf, Musaib
作者单位：Michigan State University; Michigan State University's Broad College of Business
摘要：Economic theory suggests that negative peer events can result in market-wide spillovers that help unaffected firms take real actions to enhance corporate governance. Motivated by the SEC's concern about cybersecurity, I study the role of peer events in corporate governance using the setting of data breaches. While controlling for firm-specific time-varying unobservable characteristics, I find that peer data breaches are associated with a reduction in future internal control material weaknesses...
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作者：Li, Yijun; Ma, Mark (Shuai)
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：To ''crack down'' on tax havens and offshore financial centers, the Organisation for Economic Cooperation and Development (OECD) has promoted an internationally agreed tax standard of exchange of information on request since 2009. Using a difference-in-differences analysis, we find that the implementation of the standard significantly reduces aggressive tax avoidance by affected U.S. multinational firms with material subsidiaries in tax havens and other offshore financial centers. The effects ...
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作者：Bianchi, Pietro A.; Marra, Antonio; Masciandaro, Donato; Pecchiari, Nicola
作者单位：State University System of Florida; Florida International University; Bocconi University; Bocconi University; Bocconi University
摘要：We investigate how connections to organized crime manifest on firms??? financial statements and analyze the impact of these connections on firm performance outcomes. Using a unique dataset that identifies Italian firms connected to organized crime, we find that connected firms have lower profitability, even though they report higher sales and lower labor cost. Connected firms also have higher bank debt, report lower cash holdings, experience quicker operating cycles and are more likely to file...
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作者：Burke, Joseph
作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：Distinguishing high-performing employees imposes choices on managers: Is recognition most effectively delivered publicly or privately? If delivered publicly, what setting is best? This paper broadens the accounting literature on the implications of these decisions. Via experiment, I examine how the social bond between recognized employees and those observing the recognition influences the effect of recognition visibility on employee behavior. I find that with weak social bonds, public recognit...
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作者：Chakraborty, Indraneel; Leone, Andrew J.; Minutti-Meza, Miguel; Phillips, Matthew A.
作者单位：University of Miami; Northwestern University; University of Miami
摘要：Recent evidence suggests that investors struggle to process complex financial disclosures. Relative to equity and public debt investors, banks have unique advantages in acquiring information and can impose contractual terms to mitigate information frictions. We investigate whether financial statement complexity is associated with firms??? reliance on bank financing and the terms of bank loans. We focus on two aspects of complexity: the length of financial reports and the complexity of financia...
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作者：Chattopadhyay, Akash; Lyle, Matthew R.; Wang, Charles C. Y.
作者单位：University of Toronto; Northwestern University; Harvard University
摘要：This study provides the first large-scale study of the performance of expected-return proxies (ERPs) internationally. Analyst-forecast-based ICCs are sparsely populated and not robustly associated with future returns. Earnings-model-forecast-based ICCs are well-populated, but are unreliable outside the U.S. We adapt and extend the log-linear and present-value (LPV) framework-combining an accounting valuation anchor, its expected growth, and market prices-for estimating ERPs internationally, an...
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作者：Drake, Katharine D.; Goldman, Nathan C.; Murphy, Francis
作者单位：University of Arizona; North Carolina State University; University of Connecticut
摘要：We examine the effect of foreign employment on two outcomes-income shifting and the tax uncertainty of foreign transactions. Using a hand-collected sample of employment disclosures, we partition our sample into firm-years with a higher or lower degree of foreign employment. Using two distinct income shifting models, we document that, on average, a high degree of foreign employment is associated with greater tax-motivated income shifting out of the U.S. We also posit and find that a high degree...
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作者：Rees, Lynn; Twedt, Brady J.
作者单位：Utah System of Higher Education; Utah State University; University of Oregon
摘要：This study examines whether firms' political activism induces bias in the media coverage of earnings announcements and how such coverage impacts markets. We infer firm political ideology based on employee political contributions and identify firm and manager characteristics associated with distinct ideologies. We find that media outlets negatively slant their coverage of earnings announcements when the political leanings of the outlet are incongruent with the political ideology of the firm. Co...
