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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：Green, Danielle H.; Henry, Erin; Parsons, Sarah M.; Plesko, George A.
作者单位：Fordham University; University of Arkansas System; University of Arkansas Fayetteville; Sacred Heart University; University of Connecticut; University of Arkansas System; University of Arkansas Fayetteville; Sacred Heart University
摘要：We examine whether public financial statement information is incrementally useful in forecasting confidential taxable income. More precise firm-level taxable income forecasts can improve policymakers' modeling of the tax system and the analysis of proposed changes in corporate tax law, while more accurate macro-level forecasts of corporate taxable income can improve estimates of corporate tax revenues, a significant component of the federal budget. We find the addition of financial statement i...
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作者：Guo, Qiang; Koch, Christopher; Zhu, Aiyong
作者单位：University of Southern Denmark; Johannes Gutenberg University of Mainz; Southwestern University of Finance & Economics - China; Johannes Gutenberg University of Mainz; Southwestern University of Finance & Economics - China
摘要：This study investigates the value of auditor industry specialization. In the first step, we use a discrete choice model to derive the first-order demand for auditor industry specialization. Our results reveal that clients have a general preference for auditor industry specialization, relating to both audit firm and audit office specialization. We observe that specializations at the audit firm and audit office level are substitutes. We also find that larger, more complex clients have a stronger...
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作者：Petrov, Evgeny; Stocken, Phillip C.
作者单位：Hong Kong University of Science & Technology; Dartmouth College
摘要：We study the determinants of auditor industry specialization, the impact of specialization on fees and audit quality, and a regulator's optimal choice of audit standards in the presence of specialization. In industries with correlated firm values, a specialist auditor enjoys synergies from information spillovers between clients. These spillovers, however, only induce a specialist to decrease audit effort when the cost of effort and the prior precision of the firms' values are low. We derive em...
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作者：Hodder, Leslie D.; Sheneman, Amy G.
作者单位：Pennsylvania State System of Higher Education (PASSHE); Indiana University of Pennsylvania; University System of Ohio; Ohio State University; University System of Ohio; Ohio State University
摘要：Studies find evidence that opportunistic reporting often accompanies fair value measurement. However, research has not determined whether the source of this opportunism is the estimate of fair value. Using detailed information on insurers' investment holdings, we separate the use of fair value measurement discretion from the application of non-measurement-related discretion in accounting for impairments of financial assets. Our evidence contradicts the view that fair value measurement discreti...
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作者：Lu, Yao; Nikolaev, Valeri V.
作者单位：Cornell University; University of Chicago; University of Chicago
摘要：The new accounting standard requires that financial institutions estimate expected credit losses on their loan portfolios. The predictability of long-term losses, however, remains an open question. We develop a model that predicts long-term loan losses and incorporates adjustments for macroeconomic forecasts. The model combines cross-sectional predictions with a high-dimensional dynamic factor model that tracks aggregate losses over the business cycle. The model predicts long-term losses out-o...
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作者：Kachelmeier, Steven J.; Rimkus, Dan
作者单位：University of Texas System; University of Texas Austin; State University System of Florida; University of Florida; State University System of Florida; University of Florida
摘要：In two incentivized auditing experiments, participants who choose to acquire evidence adjust for the risk revealed by that evidence to a lesser extent than those who obtain the same evidence without investigative action, controlling for the diagnostic value of evidence. This finding follows from mental accounting and information choice theories that, in combination, predict that choosing to undertake effortful investigation can magnify aversion to costly adjustments. In our first experiment, e...
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作者：Watkins, Jessica
作者单位：University of Notre Dame
摘要：I investigate capital market consequences of an increase in prescribed timeliness of firms' mandatory disclosure of material events. Specifically, I examine an SEC regulatory change that accelerates the Form 8-K filing deadline and classifies 8-Ks as likely to be constrained or unconstrained by the increase in prescribed timeliness. After the regulatory change, firms filing constrained 8-Ks exhibit increases in information asymmetry between investors and investor disagreement at the 8-K filing...
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作者：Mendoza, Kim I.; Winn, Amanda
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Kansas; University of Kansas
摘要：Auditing standards vary in their degree of prescriptive language-for example, stating that auditors ''could'' versus ''should'' do certain procedures. We posit that more prescriptive language primes an implemental mindset, thereby creating a feeling of regulatory fit with objective verification tasks and improving auditors' performance on these tasks. In an experiment with audit students, we find that participants who apply a more (versus less) prescriptive auditing standard perform better on ...
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作者：Comprix, Joseph; Lopatta, Kerstin; Tideman, Sebastian A.
作者单位：Syracuse University; University of Hamburg; University of Exeter
摘要：We investigate the role of gender on the aggressiveness of sell-side analysts' questions during earnings conference calls. Our tests reveal that the verbal aggressiveness of analysts' questions is significantly associated with both the gender of the analyst asking the question and the gender of the CEO fielding the question. First, we find that male analysts are more verbally aggressive than female analysts. Specifically, male analysts' questions are more direct and more likely to be followed ...
