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作者：Schabus, Mario
作者单位：Michigan State University; Michigan State University's Broad College of Business
摘要：I examine whether directors' superior access to information through their board network improves the accuracy of firms' forecasting. Managers may benefit from well-connected directors (i.e., board centrality) as they may have limited insight into market developments or decision-making processes of other firms beyond knowledge specific to their firm. Employing a sample of U.S.-listed companies, I separately examine the effect of within-firm variation in direct and indirect board connections on ...
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作者：Schwab, Casey M.; Stomberg, Bridget; Williams, Brian M.
作者单位：University of North Texas System; University of North Texas Denton; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
摘要：We use data envelopment analysis (DEA) to develop a measure of effective tax planning that is theoretically aligned with the Scholes-Wolfson paradigm and captures how efficiently firms maximize after-tax returns given their operating, investing, and financing decisions. We then (1) document that the measure is associated with higher after-tax returns to provide assurance DEA achieves its objective in our setting, (2) demonstrate that the measure is incremental to cash ETRs in predicting after-...
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作者：Hong, Bright (Yue)
作者单位：DePaul University
摘要：Deficiencies identified in complex audit tasks suggest room for improvement in audit judgments. I propose that aligning an auditor's focus ( prevention/promotion) and mindset (concrete/abstract) in a compatible way can induce an experience of ``regulatory fit'' that improves judgments compared to ``regulatory non-fit.'' Results are more complex than previously thought. I find that fit versus non-fit improves judgments, but only for auditors who are initially less engaged in the judgment task. ...
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作者：Chen, Chen; Chen, Yangyang; Pittman, Jeffrey A.; Podolski, Edward J.; Veeraraghavan, Madhu
作者单位：Monash University; City University of Hong Kong; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Deakin University; Manipal Academy of Higher Education (MAHE)
摘要：We examine the role and economic consequences of emotions in shaping the judgment of corporate executives. Analyzing a large sample of U.S. public firms, we find that sunshine-induced good mood leads managers to make upwardly biased earnings forecasts. Importantly, our evidence implies that managers become less susceptible to the sunshine priming effect in unambiguous settings, when their forecasts are subject to stricter external monitoring, and when they have stronger incentives to issue acc...
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作者：Chen, Ruiyuan; El Ghoul, Sadok; Guedhami, Omrane; Wang, He; Yang, Yang
作者单位：West Virginia University; University of Alberta; University of South Carolina System; University of South Carolina Columbia; West Virginia University; Gannon University
摘要：Using a sample of firms from 51 countries and a difference-in-differences approach that exploits corporate governance shocks induced by cross-listing in the U.S., we find that firms tend to engage in less tax avoidance after cross-listing. This effect is more pronounced for firms that experience significant improvements in corporate governance, and for firms from countries with weaker shareholder protection and disclosure requirements. Taken together, the results indicate that cross-listing in...
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作者：Coleman, Braiden; Merkley, Kenneth; Pacelli, Joseph
作者单位：University System of Georgia; University of Georgia; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; Harvard University
摘要：We provide the first comprehensive analysis of the properties of investment recommendations generated by Robo-Analysts,which are human analyst-assisted computer programs conducting automated research analysis. Our results indicate that Robo-Analyst recommendations differ from those produced by traditional humanresearch analysts across several important dimensions. First, Robo-Analysts produce a more balanced distribution of buy, hold, and sell recommendations than do human analysts and are les...
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作者：Peyravan, Leila; Wittenberg-Moerman, Regina
作者单位：Rice University; University of Southern California
摘要：We investigate how institutional (non-commercial bank) investors that simultaneously invest in a firm???s debt and equity (dual-holders) influence the firm???s voluntary disclosure. Because institutional dual-holders trade on private information gleaned through lending relationships, we predict and find that borrowers increase earnings forecast disclosure to reduce these investors??? information advantage following the origination of loans with their participation. We also show that the increa...
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作者：Basu, Riddha; Naughton, James P.; Wang, Clare
作者单位：George Washington University; University of Virginia; University of Colorado System; University of Colorado Boulder
摘要：We find that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi experimental settings that generate either exogenous credit rating downgrades or credit rating upgrades (i.e., credit rating label changes). We find evidence of a negative relation between the direction of the credit rating label change and the provision of voluntary disclosure in ...
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作者：Lee, Charles M. C.; Zhu, Christina
作者单位：Stanford University; University of Pennsylvania
摘要：We use trade-level data to examine the role of actively managed funds (AMFs) in earnings news dissemination. We find that AMFs are drawn to, and participate disproportionately more in, earnings announcements (EAs) that include bundled managerial guidance. When the two pieces of news are directionally inconsistent, AMFs trade in the direction of future guidance rather than current earnings. AMFs exhibit an ability to discern, and adapt their trading to, the bias in bundled guidance. While AMF t...
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作者：Cowle, Elizabeth N.; Kleppe, Tyler J.; Moon, James R., Jr.; Shipman, Jonathan E.
作者单位：Colorado State University System; Colorado State University Fort Collins; University of Kentucky; University System of Georgia; Georgia Institute of Technology; University of Arkansas System; University of Arkansas Fayetteville
摘要：Consulting service revenues recently surpassed audit revenues as the primary income source for the largest accounting firms. Since SOX limits the provision of consulting services to audit clients, this shift in revenues implies that firms and many clients likely choose between audit and consulting relationships. We explore the implications of this by developing and validating a measure of client-level consulting needs that can likely be fulfilled by accounting firms, which we refer to as ''con...
