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作者：[Anonymous]
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作者：De Simone, Lisa; Klassen, Kenneth J.; Seidman, Jeri K.
作者单位：Stanford University; University of Waterloo; University of Virginia
摘要：Income shifting from high-tax to low-tax jurisdictions is considered a primary method of reducing worldwide tax burdens of multinational firms. Current losses also affect income shifting incentives. We extend prior approaches by explicitly considering unprofitable affiliates and test whether the association between losses and tax incentives for unprofitable affiliates deviates from the negative association observed in profitable affiliates. Results suggest that multinational firms alter the di...
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作者：Francis, Bill B.; Hunter, Delroy M.; Robinson, Dahlia M.; Robinson, Michael N.; Yuan, Xiaojing
作者单位：Rensselaer Polytechnic Institute; State University System of Florida; University of South Florida; University of Tampa; University of Massachusetts System; University of Massachusetts Lowell
摘要：We examine the response of informed market participants to the informational signal of auditor changes. Using propensity score matching and difference-in-differences research designs, we document that loan spreads increase by 22 percent on bank loans initiated within a year after auditor changes, increasing direct loan costs by approximately $ 6.6 million. We also find a significant increase in upfront and annual fees and the probability of pledging collateral, consistent with an increase in s...
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作者：Lobo, Gerald J.; Song, Minsup; Stanford, Mary Harris
作者单位：University of Houston System; University of Houston; Sogang University; Texas Christian University
摘要：Despite the increased frequency of analyst forecasts during earnings announcements, empirical evidence on the interaction between the information in the earnings announcement and these forecasts is limited. We examine the implications of reinforcing and contradicting analyst forecast revisions issued during earnings announcements (days 0 and +1) on the market response to unexpected earnings. We classify forecast revisions as reinforcing (contradicting) when the sign of analyst forecast revisio...
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作者：Laurion, Henry; Lawrence, Alastair; Ryans, James P.
作者单位：University of California System; University of California Berkeley; University of London; London Business School
摘要：We investigate the effects of audit partner rotation among U.S. publicly listed firms, utilizing the fact that audit partners are periodically copied by name in public correspondence between issuers and the Securities and Exchange Commission. Relative to non-rotation firms, we find no evidence of a change in the frequency of misstatements following the partner rotation; however, there is an increase in the frequency of restatement discoveries and announcements. We also find an increase in defe...
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作者：Bratten, Brian; Gleason, Cristi A.; Larocque, Stephannie A.; Mills, Lillian F.
作者单位：University of Kentucky; University of Iowa; University of Notre Dame; University of Texas System; University of Texas Austin
摘要：We provide new evidence about how analysts incorporate and improve on management ETR forecasts. Quarterly ETR reporting under the integral method provides mandatory point-estimate forecasts by management, but firms must record certain discrete'' tax items fully in the quarter in which they occur, polluting these forecasts. We investigate management ETR accuracy, analysts' decisions to mimic management's estimate, analysts' accuracy relative to each other or to management, and dispersion. Our c...
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作者：Cheng, Lin
作者单位：University of Arizona
摘要：This paper employs a firm-level collective bargaining dataset to investigate the effect of labor, as an important stakeholder of a firm, on debt contracting. I conjecture and provide evidence that firms with strong organized labor prefer bank loans to public bonds because, by communicating with banks privately, unionized firms can reduce the adverse selection costs while preserving the information asymmetry with organized labor. Furthermore, I show that organized labor influences the structure...
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作者：Casas-Arce, Pablo; Martinez-Jerez, F. Asis; Narayanan, V. G.
作者单位：Arizona State University; Arizona State University-Tempe; University of Notre Dame; Harvard University
摘要：This paper analyzes the effects of forward-looking metrics on employee decision-making. We use data from a bank that started providing branch managers with the customer lifetime value (CLV)-an estimate of the future value of the customer relationship-of mortgage applicants. The data allow us to gauge the effects of enriching the employees' information set in an environment where explicit incentives and decision rights remained unchanged. On average, customer value increased 5 percent after the...
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作者：Erickson, Devon; Hewitt, Max; Maines, Laureen A.
作者单位：Utah System of Higher Education; Utah State University; University of Arizona; Indiana University System; Indiana University Bloomington
摘要：A fundamental accounting question is whether investors perceive low risk when earnings are smooth relative to the volatility of operating cash flows. We conduct two experiments to examine this question. Absent additional information concerning the likelihood of earnings management, our first experiment finds that investors give managers the benefit of the doubt and perceive low risk when earnings are relatively smooth. Given this finding, our second experiment examines whether additional infor...
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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...
