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作者：Sethuraman, Mani
作者单位：Cornell University
摘要：This paper explores the effect of a credit rating agency's (CRA) reputation on the voluntary disclosures of corporate bond issuers. Academics, practitioners, and regulators disagree on the informational role played by major CRAs and the usefulness of credit ratings in influencing investors' perception of the credit risk of bond issuers. Using management earnings forecasts as a measure of voluntary disclosure, I find that investors demand more (less) disclosure from corporate bond issuers when ...
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作者：Simunic, Dan A.
作者单位：Simon Fraser University; University of British Columbia
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作者：Balakrishnan, Karthik; Blouin, Jennifer L.; Guay, Wayne R.
作者单位：University of London; London Business School; University of Pennsylvania
摘要：We investigate whether aggressive tax planning firms have a less transparent information environment. Although tax planning provides expected tax savings, it can simultaneously increase the financial complexity of the organization. And to the extent that this greater financial complexity cannot be adequately clarified through communications with outside parties, such as investors and analysts, transparency problems can arise. Our investigation of the association between tax aggressiveness and ...
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作者：Carnes, Robert R.; Christensen, Dane M.; Lamoreaux, Phillip T.
作者单位：State University System of Florida; University of Florida; University of Oregon; Arizona State University; Arizona State University-Tempe
摘要：Because internal control audits never existed before the passage of the Sarbanes-Oxley Act (SOX), and these audits simultaneously became mandatory for all U.S. accelerated filer companies, it has been difficult to assess the extent of investor demand for these audits. To understand whether investors demand internal control audits for these large companies, we exploit a regulatory exemption that permits companies to exclude acquired operations from an internal control audit. Using this voluntar...
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作者：Jiang, John (Xuefeng); Wang, Isabel Yanyan; Wang, K. Philip
作者单位：Michigan State University; State University System of Florida; University of Florida
摘要：Whether Big N auditors provide higher audit quality than non-Big N auditors remains a debate. We add new evidence to this debate by utilizing the setting of Big N auditors' acquisitions of non-Big N auditors. We identify 331 treatment firms that switched to Big N auditors due to the exogenous shocks imposed by Big N acquisitions. Our difference-in-differences analyses show that treatment firms' audit quality improves after switching to Big N auditors. In comparison, mergers or acquisitions amo...
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作者：Jennings, Jared
作者单位：Washington University (WUSTL)
摘要：Prior research questions the general informational role of analysts by documenting inefficiencies, biases, and limitations of their research. Rather than examine the general informational value of analyst research, I examine the value of analyst research in a specific setting-shareholder lawsuits-when investors demand information but other information providers are limited in their ability to provide it. After the lawsuit's filing, the demand for and production of management-provided informati...
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作者：Armstrong, Christopher S.; Glaeser, Stephen; Huang, Sterling; Taylor, Daniel J.
作者单位：University of Pennsylvania; Singapore Management University
摘要：We examine the relation between managers' personal income tax rates and their corporate investment decisions. Using plausibly exogenous variation in federal and state tax rates, we find a positive relation between managers' personal tax rates and their corporate risk-taking. Moreover-and consistent with our theoretical predictions-we find that this relation is stronger among firms with investment opportunities that have a relatively high rate of return per unit of risk, and stronger among CEOs...
