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作者：deHaan, Ed
作者单位：University of Washington; University of Washington Seattle
摘要：Credit ratings on many financial instruments failed to accurately portray default risk before the global financial crisis. I find no decline in the performance of corporate credit ratings during or after the crisis, indicating that the failures of ratings on financial instruments were due to conditions unique to the rating agencies' financial instruments divisions. Rather, the preponderance of tests indicate that corporate credit rating performance improves after the crisis, consistent with th...
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作者：Harvey, Patrick J.
作者单位：Chinese University of Hong Kong
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作者：Tang, Tanya; Mo, Phyllis Lai Lan; Chan, K. Hung
作者单位：Brock University; City University of Hong Kong; Hong Kong Shue Yan University; Lingnan University
摘要：Local governments play dual, but conflicting, roles in China's tax system. That is, they are both tax collectors and controlling shareholders of firms subject to tax payments. We investigate how local governments balance their tax collection and tax avoidance incentives. We find that the conflicts between central and local governments arising from the 2002 tax sharing reform have led to more tax avoidance by local government controlled firms, particularly when the local government's ownership ...
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作者：Barth, Mary E.; Landsman, Wayne R.; Taylor, Daniel J.
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill; University of Pennsylvania
摘要：This study examines the effect of the Jumpstart Our Business Startups Act (JOBS Act) on information uncertainty in IPO firms. The JOBS Act creates a new category of issuer, the Emerging Growth Company (EGC), and exempts EGCs from several disclosures required for non-EGCs. Our findings are consistent with proprietary cost concerns motivating EGCs to eliminate some of the previously mandatory disclosures, which increases information uncertainty in the IPO market, attracts investors who rely more...
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作者：Chi, Sabrina S.; Shanthikumar, Devin M.
作者单位：Texas State University System; Texas State University San Marcos; University of California System; University of California Irvine
摘要：We examine the impact of distance on internet search, and the effect of the local bias'' in search on the stock market response around earnings announcements. We find significant local bias in search behavior. Motivated by theories explaining local bias, local information advantage, and familiarity bias, we predict and find that firms with higher local bias in search experience higher bid-ask spreads, lower trading volumes, and lower earnings response coefficients at the time of earnings annou...
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作者：Commerford, Benjamin P.; Hatfield, Richard C.; Houston, Richard W.; Mullis, Curtis
作者单位：University of Kentucky; University of Alabama System; University of Alabama Tuscaloosa; University System of Georgia; Georgia State University
摘要：In this study, we examine how information foraging by auditors affects audit evidence collection in two distinct contexts, and show how a small change to audit methodology mitigates the potentially harmful effects of foraging. Information Foraging Theory explains how, while navigating an information environment, individuals learn to acquire information through personally experiencing the costs incurred and the values obtained from information. Consistent with the theory, we find that auditors ...
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作者：Huang, Ying; Jennings, Ross; Yu, Yong
作者单位：University of Texas System; University of Texas Austin
摘要：This study examines the effect of product market competition on managerial disclosure of earnings forecasts using large reductions in U.S. import tariff rates to identify an exogenous increase in competition for domestic firms in U.S. product markets. Our difference-in-differences estimations show that tariff reductions are associated with a significant decrease in management forecasts of annual earnings by U.S. domestic firms. Further, this decrease is more pronounced when the tariff rate red...
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作者：Farrell, Anne M.; Grenier, Jonathan H.; Leiby, Justin
作者单位：University System of Ohio; Miami University; University System of Georgia; University of Georgia
摘要：Online labor markets allow rapid recruitment of large numbers of workers for very low pay. Although online workers are often used as research participants, there is little evidence that they are motivated to make costly choices to forgo wealth or leisure that are often central to addressing accounting research questions. Thus, we investigate the validity of using online workers as a proxy for non-experts when accounting research designs use more demanding tasks than these workers typically com...
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作者：Blouin, Jennifer L.; Bushee, Brian J.; Sikes, Stephanie A.
摘要：We classify all institutional investors that file Form 13-F over the period 1995-2013 as either tax-sensitive or tax-insensitive based on their trading behavior and portfolio characteristics. We examine tests of the effects of investor tax-sensitivity on portfolio rebalancing, price pressure, and fund performance, and compare our measure of tax-sensitive institutional investor ownership to three measures used in prior studies. We show that our measure of tax-sensitive investors dominates other...
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作者：Kelly, Khim; Presslee, Adam; Webb, R. Alan
作者单位：State University System of Florida; University of Central Florida; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Waterloo
摘要：We investigate the effects of tangible versus cash rewards in a repeated tournament setting. Firms frequently use tangible rewards to motivate employees, but minimal research has examined their effects relative to cash rewards. We conducted a field experiment at a rug wholesaler that held two consecutive sales tournaments for its retailers. The top three retailers in each tournament received either cash rewards or tangible rewards (gift cards) to be distributed to sales staff. We do not find s...
