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最新文章

• When are Firms Sued for Qualitative Disclosures? Implications of the Safe Harbor for Forward-Looking Statements AI翻译
  作者：Cazier, Richard A.; Merkley, Kenneth J.; Treu, John S.
  作者单位：University of North Texas System; University of North Texas Denton; Indiana University System; Indiana University Bloomington; West Virginia University
  摘要：Prior research finds that positive tone in firms' qualitative disclosures increases the risk of shareholder lawsuits. However, federal securities laws provide a safe harbor intended to shield firms' forward-looking statements from legal liability. One implication of this safe harbor is that litigation risk potentially varies between qualitative forward- and non-forward-looking statements. Consistent with this implication, we find that positive tone in forward-looking qualitative statements is ...
• Customer-Base Concentration, Investment, and Profitability: The US Government as a Major Customer AI翻译
  作者：Cohen, Daniel A.; Li, Bin
  作者单位：Texas A&M University System; Texas A&M University College Station; University of Oklahoma System; University of Oklahoma - Norman
  摘要：We examine whether customer-base concentration has a differential impact on profitability for firms contracting with major government customers versus firms contracting with major corporate customers. We document that firm profitability increases with the concentration of major government customers, but decreases with the concentration of major corporate customers. We attribute the contrasting results to the differential impact of major government and corporate customers on demand uncertainty....
• The Effect of Voluntary Clawback Adoptions on Corporate Tax Policy AI翻译
  作者：Kubick, Thomas R.; Omer, Thomas C.; Wiebe, Zac
  作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Arkansas System; University of Arkansas Fayetteville
  摘要：Companies are adopting executive compensation recoupment (clawback) policies to discourage aggressive financial reporting choices. Recent research suggests clawback policies encourage other means of meeting earnings expectations. We suggest that reducing income tax expense is a means of meeting earnings expectations. We find that effective tax rates are lower after clawback adoption due to increased investments in tax planning. We identify three tax planning activities that clawback companies ...
• Selection Benefits of Below-Market Pay in Social-Mission Organizations: Effects on Individual Performance and Team Cooperation AI翻译
  作者：Chen, Clara Xiaoling; Pesch, Heather L.; Wang, Laura W.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Oregon State University
  摘要：Many organizations whose core purpose is to advance a social mission pay employees below-market wages. We investigate two under-appreciated benefits of below-market pay in these social-mission organizations. In a series of experiments, we predict and find that, holding employees' outside opportunities constant, those attracted to social-mission organizations that pay below-market wages perform better individually and cooperate more effectively in teams than those attracted to social-mission or...