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作者：Dambra, Michael J.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：In 2012, Congress passed Moving Ahead for Progress in the 21st Century (MAP-21), which changed the ERISA pension funding rules such that mandatory pension contributions decreased. Advocates for the bill argued that reducing mandatory contributions would increase firms' investment. In contrast, I do not find an average increase in investment among the firms benefiting from MAP-21. Rather, I find that firms either hold pension funding relief on their balance sheets as liquid assets or pay out pe...
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作者：Chyz, James A.; Gaertner, Fabio B.
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Wisconsin System; University of Wisconsin Madison
摘要：Our study examines the effect of corporate tax outcomes on forced CEO turnover. While prior research argues that firms often do not engage in tax avoidance due to reputational concerns, the empirical evidence suggesting the existence of reputational costs is scarce. In a broad sample of firms, we find evidence of a relation between the payment of low taxes and forced turnover. We also find that forced CEO turnover is more likely when the firm pays a high tax rate relative to its peers. Our res...
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作者：Gordon, Elizabeth A.; Hsu, Hsiao-Tang
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Louisiana Lafayette
摘要：This paper investigates the predictive value of tangible long-lived asset impairments for changes in future operating cash flows under U.S. GAAP and IFRS. We find that impairments reported under IFRS are negatively associated with changes in future operating cash flows, whereas those under U.S. GAAP, on average, are not. We investigate whether differences in the predictive value are attributable to differences in recognition or measurement, providing evidence suggesting that impairment recogni...
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作者：Kim, Sunyoung; Ng, Jeff
作者单位：Monash University; Chinese University of Hong Kong
摘要：We examine the importance of bonus contract characteristics, specifically, with respect to the relation between EPS-based bonuses and share repurchases. We find that managers are more (less) likely to repurchase shares and spend more (less) on repurchases when as-if EPS just misses (exceeds) the bonus threshold (maximum) EPS level. We find no such relation when as-if EPS is further below the threshold. We find weak evidence that managers of firms with as-if EPS just below the EPS target are mo...
