2期

最新文章

• The Role of Peer Events in Corporate Governance Evidence from Data Breaches AI翻译
  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...
• Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach AI翻译
  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...
• Foreign Employment, Income Shifting, and Tax Uncertainty AI翻译
  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...
• Submit-to-Accept Times in Accounting: Determinants and Comparisons to Other Business Disciplines AI翻译
  作者：Hurley, Patrick J.; Gal-Or, Ronen; Knechel, W. Robert; Pesch, Heather L.
  作者单位：Northeastern University; Bentley University; State University System of Florida; University of Florida; University of Auckland; Oregon State University
  摘要：We use hand-collected data to analyze submission-to-acceptance (STA) times in the top-tier accounting journals relative to other top-tier business journals from 1993 through 2021. We find that, vis-a-vis other business disciplines, STA times at top-tier accounting journals were shorter in the first half of our sample period and significantly longer thereafter. We also observe shorter STA times for articles with authors from more highly ranked institutions; this effect exists only in top-tier a...
• Audit Office Labor Market Proximity and Audit Quality AI翻译
  作者：Lee, Gladys; Naiker, Vic; Stewart, Christopher R.
  作者单位：University of Melbourne; University of Chicago
  摘要：This study examines whether the audit quality of Big 4 audit firms is affected by an audit office's proximity to more target universities for appointing staff auditors. We identify these target universities using a recruitment map of a Big 4 audit firm and unique office-level hiring data hand-collected from LinkedIn. Our findings suggest that audit offices closer to more of their key feeder schools and universities with accredited business schools are associated with higher audit quality, as o...
• Incentivizing Irreversible Investment AI翻译
  作者：Livdan, Dmitry; Nezlobin, Alexander
  作者单位：University of California System; University of California Berkeley; University of London; London School Economics & Political Science
  摘要：Existing dynamic investment models that show that a manager can be incentivized to implement the optimal investment policy rely on the assumption that the firm is operating in an ever-expanding product market. This paper presents an analytically tractable, discrete-time, neoclassical model with irreversible investment and the possibility of unfavorable demand events. We show that even when the principal is uninformed about changes in demand for the firm's output, there exists a performance mea...
• Net Operating Loss Carryforwards and Corporate Savings Policies AI翻译
  作者：Heitzman, Shane; Lester, Rebecca
  作者单位：University of Southern California; Stanford University
  摘要：We examine the relation between corporate cash holdings and tax net operating loss carryforwards (NOLs). The literature demonstrates that firms should distribute cash to shareholders rather than retain it and generate passive investment income taxed at both corporate and investor levels. However, if the firm's tax rate on passive income is lower than shareholders'-as when the firm has NOLs-theory also shows that the firm should retain cash and invest on the shareholders' behalf. Consistent wit...
• Financial Reporting Discretion, Managerial Myopia, and Investment Efficiency AI翻译
  作者：Jiang, Xu; Xin, Baohua
  作者单位：Duke University; University of Toronto
  摘要：We explicitly model financial reporting discretion and earnings management in an investment setting where managers have incentives to behave myopically. We show that when managers are sufficiently, but not excessively, myopic, granting them some discretion over the mandatory financial reports can lead to better investment decisions. This finding contrasts with the conventional argument that financial reporting discretion facilitates earnings management and exacerbates managerial myopia, leadin...
• Organized Labor and Inventory Stockpiling AI翻译
  作者：Hamm, Sophia J. W.; Jung, Boochun; Lee, Woo-Jong; Yang, Daniel G.
  作者单位：Tulane University; University of Hawaii System; University of Hawaii Manoa; Seoul National University (SNU); University System of Ohio; Ohio State University
  摘要：We document that managers stockpile excess inventory to mitigate the operational risk posed by labor unions and to maintain bargaining power in labor negotiations. Inventory levels are higher for union firms and are incrementally higher preceding the renegotiation of collective bargaining agreements with unions. Inventory stockpiling at union firms is more salient when capital market pressure for transparency or information spillover from peers constrains managers from using disclosure strateg...
• Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests AI翻译
  作者：Wang, Kemin; Wang, Rencheng; Wei, K. C. John; Zhang, Bohui; Zhou, Yi
  作者单位：Fudan University; Singapore Management University; Hong Kong Polytechnic University; The Chinese University of Hong Kong, Shenzhen
  摘要：Using the Regulation SHO program as a quasi-experiment, we document that the threat of short selling has a negative effect on the volume of opportunistic insider selling and a positive effect on its profitability for each transaction. These effects are stronger among firms with higher litigation risk, greater media coverage, and executives who have more of their firms' stock-related holdings. We further find robust evidence when we extend the analyses to short selling deregulations in the Chin...