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作者：Madsen, Joshua M.; McMullin, Jeff L.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; Indiana University Bloomington
摘要：On September 20, 2012, the rewards-based crowdfunding platform Kickstarter.com added a ``risks and challenges'' section to all project pages. While the section header became a mandatory part of the platform, discussion of risks within that section is voluntary and unverified, making this setting particularly useful for identifying the effects of disclosure on both crowdfunders and entrepreneurs. Consistent with increased salience of risks, we find that backer support for high-risk projects dec...
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作者：Hepfer, Bradford F.; Wilde, Jaron H.; Wilson, Ryan J.
作者单位：Texas A&M University System; Texas A&M University College Station; University of Iowa; University of Oregon
摘要：Using the shadow insurance setting, we study the interplay between tax and nontax incentives in income shifting. Shadow insurance involves intercompany transactions designed to help firms meet regulatory capital requirements. However, prior to the Tax Cuts and Jobs Act of 2017 (TCJA), foreign-owned life insurance firms could save taxes by using shadow insurance to shift U.S. profits to tax havens. Consistent with expectations, we find that while nontax incentives appear to be the dominant fact...
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作者：Bertomeu, Jeremy; Ma, Paul; Marinovic, Ivan
作者单位：University of California System; University of California San Diego; University of Minnesota System; University of Minnesota Twin Cities; Stanford University
摘要：We estimate a dynamic model of voluntary disclosure, using annual management forecasts of earnings, that features a manager with price motives and an uncertain, but persistent, information endowment. Our estimates imply that: (1) managers face disclosure frictions 35 percent of the time; (2) conditional on being informed, managers withhold information 17 percent of the time; and (3) conditional on being silent, managers possess information 24 percent of the time. Managers' strategic withholdin...
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作者：Baik, Bok; Choi, Sunhwa; Farber, David B.
作者单位：Seoul National University (SNU); Indiana University System; Indiana University Bloomington
摘要：In this study, we investigate whether managerial ability is related to income smoothing and, if so, whether smoothing associated with managerial ability improves the informativeness of earnings and stock prices about future performance. Using a large sample of firms, we find that managerial ability is positively related to smoothing. More importantly, we show that high-ability managers incorporate more forward-looking information about cash flows into current earnings through smoothing, thereb...
