3期

最新文章

• Do Effort Differences between Bonus and Penalty Contracts Persist in Labor Markets? AI翻译
  作者：Gonzalez, George C.; Hoffman, Vicky B.; Moser, Donald V.
  作者单位：University of Lethbridge; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
  摘要：Conventional economics assumes workers provide the same effort under penalty contracts and economically equivalent bonus contracts. However, prior research finds that although workers prefer bonus contracts, they provide more effort under penalty contracts. Given these findings, the prevalence of bonus contracts in practice is puzzling. If penalty contracts yield more worker effort, why would employers not use them more often? We conduct experimental labor markets to test whether the prior fin...
• Tax-Advantaged Trust Use Among IPO Executives: Determinants and Implications for Valuation and Future Performance AI翻译
  作者：Dambra, Michael J.; Gustafson, Matthew; Quinn, Phillip J.
  作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Washington; University of Washington Seattle
  摘要：We examine the prevalence and determinants of CEOs' use of tax-advantaged trusts prior to their firm's IPO. Twenty-three percent of CEOs use tax-advantaged pre-IPO trusts, and share transfers into tax-advantaged trusts are positively associated with CEO equity wealth, estate taxes, and dynastic preferences. We project that pre-IPO trust use increases CEOs' dynastic wealth by approximately $830,000, on average. We next examine a simple model's prediction that trust use will be positively relate...
• Information Frictions and Productivity Dispersion: The Role of Accounting Information AI翻译
  作者：Hann, Rebecca N.; Kim, Heedong; Wang, Wenfeng; Zheng, Yue
  作者单位：University System of Maryland; University of Maryland College Park; City University of New York (CUNY) System; Baruch College (CUNY); City University of Hong Kong; Hong Kong University of Science & Technology
  摘要：Prior research documents large, persistent productivity dispersion even within narrowly defined industries, suggesting the presence of frictions that impede the efficient allocation of resources. In this paper, we consider the role of information frictions. We posit that high-quality financial reporting with respect to firm productivity can mitigate information frictions and hence facilitate the efficient allocation of resources across firms. Using a large sample of firms in the manufacturing ...
• Implicit Corporate Taxes and Income Shifting AI翻译
  作者：Markle, Kevin S.; Mills, Lillian F.; Williams, Braden
  作者单位：University of Iowa; University of Texas System; University of Texas Austin
  摘要：The effects of tax rate changes on corporate profitability are not fully understood. Implicit tax theory predicts a positive relation between country-level tax rates and firm-level pretax returns. Conversely, income shifting should make reported pretax returns inversely related to tax rates. Among single-country European firms, we find robust evidence of corporate implicit taxes following tax rate changes, concentrated in firms that rely less on intangible assets and firms in closed economies ...
• Auditor Task-Specific Expertise: The Case of Fair Value Accounting AI翻译
  作者：Ahn, Jaehan; Hoitash, Rani; Hoitash, Udi
  作者单位：Northeastern University; Bentley University
  摘要：PCAOB inspections repeatedly indicate deficiencies in audits of fair-value (FV) estimates, prompting regulators to improve the related auditing standards. We predict that auditor task-specific FV expertise, gained from work experience during the audit of FV measurements, can contribute to higher audit quality. Utilizing FV-related restatements and comment letters, we find that expertise in auditing Level 3 FV estimates at the office level is associated with greater FV audit quality. Level 2 FV...
• The Effect of Temporary Changes and Expectations on Individuals' Decisions: Evidence from a Tax Compliance Setting AI翻译
  作者：Austin, Chelsea Rae; Bobek, Donna D.; LaMothe, Ethan G.
  作者单位：University of South Carolina System; University of South Carolina Columbia; State University System of Florida; University of Central Florida
  摘要：Based on prospect theory's value function, we predict how reference points adapt to influence individuals' tax evasion choices during and after experiencing temporary tax changes. Results from a multi-round experiment indicate reactions to temporary changes depend jointly on the direction of the change and expectations. Specifically, individuals experiencing a tax increase evade more while the increase is in effect. More interestingly, knowing, versus not knowing, a tax decrease is temporary p...
• The Role of Trust in Information Processing: Evidence from Security Analysts AI翻译
  作者：Bhagwat, Vineet; Liu, Xiaoding
  作者单位：George Washington University; Texas A&M University System; Texas A&M University College Station
  摘要：Does an equity analyst's trust in others impact the processing of information from outside sources? We investigate this question using a measure of trust based on surveys conducted in analysts' countries of origin. We find that more trusting analysts not only react faster to management guidance and earnings announcements, they also weight information from management and other analysts more heavily than less trusting analysts. This results in a nonlinear inverted-U relationship with forecast ac...
• R&D and the Rising Foreign Profitability of US Multinational Corporations AI翻译
  作者：De Simone, Lisa; Huang, Jingjing (Jing); Krull, Linda K.
  作者单位：Stanford University; Virginia Polytechnic Institute & State University; University of Oregon
  摘要：We investigate how R&D contributes to rising foreign profitability in U.S. multinational corporations through wage and tax incentives. Our results suggest that wage savings increase foreign profit margins derived from foreign R&D, while tax incentives increase foreign profit margins derived from domestic R&D. By exploring their relative importance, we find that wage savings are more important than tax incentives in explaining foreign profit margins when the wage discount substantially exceeds ...
• Do Audit Committees and Auditors Coordinate Effort? Evidence from Risk Areas, Materiality, and Meetings AI翻译
  作者：Livne, Gilad; Tsipouridou, Maria; Wood, Anthony
  作者单位：University of Bristol; Aristotle University of Thessaloniki; University of Exeter
  摘要：We provide evidence on effort coordination and information sharing between audit committees and external auditors. We use four effort measures: the risk areas reported by both the auditor and committee, auditorreported materiality, and committee meetings. We find that the number of risks reported by the auditor (committee) is positively related to the number of risks reported by the committee (auditor) and that lower materiality is associated with more risks that the committee discloses. The e...
• Financial Reporting Comparability and Accounting-Based Relative Performance Evaluation in the Design of CEO Cash Compensation Contracts AI翻译
  作者：Nam, Jonathan
  作者单位：Hong Kong Polytechnic University
  摘要：This study examines how cross-firm differences in financial reporting practices affect how peer-firm accounting information is used to evaluate CEO performance. I propose that efficient relative evaluation using accounting performance requires peer firms to have comparable financial reporting systems, allowing boards to reduce the information processing costs associated with differences in firms' financial reporting practices. Supporting this view, when peer selection takes financial reporting...