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作者：Biddle, Gary C.
作者单位：University of Hong Kong
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作者：Choi, Jongwoon (Willie); Newman, Andrew H.; Tafkov, Ivo D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of South Carolina System; University of South Carolina Columbia; University System of Georgia; Georgia State University
摘要：When using a tournament in multi-period settings, firms have discretion in selecting the tournament horizon. For example, firms can use a single tournament (a grand tournament) or a sequence of multiple tournaments, each with a shorter horizon than a grand tournament (a repeated tournament). Firms have also begun to use a combination of both in which a repeated tournament is embedded within a grand tournament (a hybrid tournament). Using an experiment, we investigate whether the effect of tour...
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作者：Choi, Jongwoon (Willie); Hecht, Gary; Tafkov, Ivo D.; Towry, Kristy L.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Illinois System; University of Illinois Urbana-Champaign; University System of Georgia; Georgia State University; Emory University
摘要：Employee contracts often allow for managerial discretion, such that the manager decides after observing an employee's performance how that employee will be rewarded or penalized. Importantly, the effects of such evaluation outcomes can extend beyond the employee(s) directly affected, because such outcomes can be observed by other employees within the firm. The net effect of such vicarious learning as an indirect control depends on the inferences employees make after observing a peer's evaluati...
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作者：Lawrence, Alastair; Siriviriyakul, Subprasiri; Sloan, Richard G.
作者单位：University of California System; University of California Berkeley; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Prior research examining the ASC 820 fair value hierarchy concludes that Level 3 fair value measurements are significantly less value-relevant than Level 1 and Level 2 fair value measurements. We reevaluate this conclusion using the closed-end fund setting, in which fair value measurements are available for substantially all assets. Contrary to prior research, we find that Level 3 fair values are of similar value relevance to Level 1 and Level 2 fair values. Our findings suggest that the resul...
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作者：Patatoukas, Panos N.; Thomas, Jacob K.
作者单位：University of California System; University of California Berkeley; Yale University
摘要：Basu (1997) proposes a measure of financial reporting conservatism based on asymmetry in the conditional earnings/returns relation. Patatoukas and Thomas (2011) show upward bias in this measure, because a placebo-lagged earnings-also exhibits similar asymmetry. Ball, Kothari, and Nikolaev (2013a) and Collins, Hribar, and Tian (2014) propose alternative explanations for the bias and offer revised measures to overcome the bias. However, we find that both revised measures remain substantially upw...
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作者：Goh, Beng Wee; Lee, Jimmy; Lim, Chee Yeow; Shevlin, Terry
作者单位：Singapore Management University; University of California System; University of California Irvine
摘要：Based on Lambert, Leuz, and Verrecchia's (2007) derivation of the cost of equity capital in terms of expected cash flows, we generate a testable hypothesis that relates tax avoidance to a firm's cost of equity capital. Using three broad measures of tax avoidance-book-tax differences, permanent book-tax differences, and long-run cash effective tax rates-to test our hypothesis, we find that the cost of equity is lower for tax-avoiding firms. This effect is stronger for firms with better outside ...
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作者：Edwards, Alexander; Schwab, Casey; Shevlin, Terry
作者单位：University of Toronto; Indiana University System; Indiana University Bloomington; University of California System; University of California Irvine
摘要：We investigate the association between financial constraints and cash savings generated through tax planning. We predict that an increase in financial constraints leads firms to increase internally generated funds via tax planning. We measure financial constraints based on changes in firm-specific and macroeconomic measures. We find that firms facing increases in financial constraints exhibit increases in cash tax planning. Our results indicate that among profitable firms, firm-years with the ...
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作者：Ryan, Stephen G.; Tucker, Jennifer Wu; Zhou, Ying
作者单位：New York University; State University System of Florida; University of Florida; University of Connecticut
摘要：Securitizations are complex and opaque transactions. We hypothesize that bank insiders trade on private information about banks': (1) securitization-related recourse risks, (2) not-yet-reported current-quarter securitization income, and (3) securitization-based business model sustainability. We provide evidence that proxies for each of these types of insider information are positively associated with insider trading. Specifically, we find that net insider sales in the 2001Q2 -2007Q2 pre-financ...
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作者：Soll, Jacob S.
作者单位：University of Southern California
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作者：Bushman, Robert M.; Dai, Zhonglan; Zhang, Weining
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Texas System; University of Texas Dallas
摘要：Recent theory suggests that firms incorporate synergistic interrelationships among executives into optimal incentive design (Edmans, Goldstein, and Zhu 2013). We focus on Pay Performance Sensitivities (PPS) and use dispersion in PPS across top executives as a proxy for the incentive design component shaped by an executive team's synergy profile. We model optimal PPS dispersion and use residuals from this model to measure deviations from optimal. We find that firm performance is increasing (dec...
