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作者：Ali, Ashiq; Li, Ningzhong; Zhang, Weining
作者单位：University of Texas System; University of Texas Dallas
摘要：This study examines the effect of restrictions on managers' outside employment opportunities on voluntary corporate disclosure. The recognition of the Inevitable Disclosure Doctrine (IDD) by courts in the U.S. states in which the firms are headquartered places greater restrictions on their managers from joining or forming a rival company. We find that, on average, the IDD adoption increases the asymmetric withholding of bad news. We further show that the IDD adoption increases the asymmetric w...
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作者：Patterson, Evelyn R.; Smith, J. Reed; Tiras, Samuel L.
作者单位：Indiana University System; Indiana University Bloomington
摘要：We examine the strategic effects of auditor tenure on the auditor's testing strategy and the manager's inclination to commit fraud. Most empirical studies conclude that longer tenure improves audit quality. Proponents of restricting tenure argue that longer tenure impairs auditor independence and a fresh look from a new auditor results in higher audit quality. Validating this argument requires testing whether the observed difference in audit quality between a continuing auditor and a change in...
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作者：Tsang, Albert; Xie, Fei; Xin, Xiangang
作者单位：York University - Canada; Hong Kong Baptist University; University of Delaware; City University of Hong Kong
摘要：We examine the impact of foreign institutional investors on firms' voluntary disclosure practices measured by management forecasts. In a sample of 32 non-U.S. countries, we find that, on average, foreign institutional investments lead to improved voluntary disclosure, and their impact is larger than that of domestic institutional investors. These results are more pronounced when foreign institutional investors (1) are unfamiliar with the firm's home country, (2) have longer investment horizons...
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作者：Houston, Joel F.; Lin, Chen; Liu, Sibo; Wei, Lai
作者单位：State University System of Florida; University of Florida; University of Hong Kong; Lingnan University
摘要：This paper documents that changes in litigation risk affect corporate voluntary disclosure practices. We make causal inferences by exploiting three legal events that generate exogenous variations in firms' litigation risk. Using a matching-based fixed-effect difference-in-differences design, we find that the treated firms tend to make fewer (more) management earnings forecasts relative to the control firms when they expect litigation risk to be lower (higher) following the legal event. The res...
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作者：Chen, Shannon; Schuchard, Kathleen; Stomberg, Bridget
作者单位：University of Arizona; University of Tennessee System; University of Tennessee Knoxville; Indiana University System; Indiana University Bloomington
摘要：Managers express growing concern over media coverage of corporate taxes, yet no large-sample empirical study examines this phenomenon. As a first step to fill this void, we identify factors associated with the likelihood and negative tone of media tax coverage and examine firms' tax avoidance behavior following media tax coverage. We find the likelihood of media tax coverage is greater for firms with GAAP effective tax rates below the top U.S. statutory rate of 35 percent and for firms with gr...
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作者：Church, Bryan K.; Jiang, Wei; Kuang, Xi (Jason); Vitalis, Adam
作者单位：Renmin University of China; Jinan University; University System of Georgia; Georgia Institute of Technology; University of Waterloo
摘要：We experimentally investigate how managers' decisions to invest discretionary resources in the company's corporate social responsibility (CSR) initiatives are affected by whether the investment decision is denominated in financial or nonfinancial measures (i.e., the measurement basis used for decision making). We posit that nonfinancial measures bring attention to the society-serving nature of CSR investments, thus activating the pro-CSR social norms of the company and managers' personal CSR n...
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作者：Cunningham, Lauren M.; Li, Chan; Stein, Sarah E.; Wright, Nicole S.
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Kansas; Virginia Polytechnic Institute & State University; James Madison University
摘要：We investigate changes in the quality and cost of audit services surrounding PCAOB Rule 3211, which requires disclosure of audit partner names in Form AP. To isolate changes due to Rule 3211 from other confounding factors, we use difference-in-differences analyses with separate control groups, including a group of companies that disclosed partner identities prior to Rule 3211. Our study also incorporates several measures from prior literature to proxy for various dimensions of audit quality. E...
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作者：Amiram, Dan; Bauer, Andrew M.; Frank, Mary Margaret
作者单位：Tel Aviv University; University of Waterloo; University of Virginia
摘要：We exploit changes in a country's integration of corporate and shareholder taxes to identify the effect of investor-level taxes on costly corporate tax avoidance. Specifically, we rely on European countries eliminating imputation systems in different years in response to supranational judicial rulings. These eliminations, which are exogenous to the firm, remove managers' disincentive to engage in tax avoidance if they consider investor-level taxes. Using a difference-in-differences model with ...
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作者：Heitzman, Shane M.; Ogneva, Maria
作者单位：University of Southern California
摘要：We find evidence that equity returns increase with the propensity for tax planning in a firm's industry. This risk premium is imposed on all firms in the industry, even those that are less aggressive than their peers. The industry-based risk premium coexists with a firm-specific discount associated with active tax planning strategies that carry low systematic risk. The discount on tax planning at the firm level, however, is dwarfed by the premium on tax planning at the industry level, and is c...
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作者：Glendening, Matthew; Mauldin, Elaine G.; Shaw, Kenneth W.
作者单位：University of Missouri System; University of Missouri Columbia
摘要：The Securities and Exchange Commission (SEC) recommends that firms provide MD&A disclosures quantifying the earnings effect of reasonably likely changes in critical accounting estimates (quantitative CAE). This paper examines the determinants and consequences of quantitative CAE. We find that quantitative CAE are negatively associated with management's incentives to misreport (proxied by portfolio vega) and positively associated with audit committee accounting expertise and with audit offices ...
