-
作者：Amiram, Dan; Frank, Mary Margaret
作者单位：Columbia University; University of Virginia
摘要：We investigate the effects of dividend taxes on foreign equity portfolio holdings. Based on the extension of an equilibrium model with risky assets to an international setting, we predict that a change in the tax rate on dividends of a country's domestic investors is positively related to changes in foreign investors' portfolio holdings in that country. The evidence from two research settings, which exploit changes in the national tax policies of different countries, supports this prediction. ...
-
作者：Healy, Paul M.; Serafeim, George
作者单位：Harvard University
摘要：We use Transparency International's ratings of self-reported anticorruption efforts to analyze factors underlying the ratings. Our tests examine whether these disclosures reflect firms' real efforts to combat corruption or are cheap talk. We find that the ratings are related to enforcement and monitoring, country and industry corruption risk, and governance variables. Controlling for these effects and other ratings determinants, we find that firms with lower residual ratings have higher subseq...
-
作者：Liao, Pei-Cheng; Radhakrishnan, Suresh
作者单位：National Taiwan University; University of Texas System; University of Texas Dallas
摘要：We examine the effects of the auditor's insurance role on audit quality and reporting conservatism. The investor pays for the auditor's penalty through the audit fees and expects to collect a portion of it when the investor recovers the entire expected penalty, the insurance role is perfect. When the investment is exogenous, consistent with Watts' (2003a, 2003b) argument, we find that an increase in the auditor's insurance role improves audit quality and conservatism, because conservatism help...
-
作者：DeFond, Mark L.; Lim, Chee Yeow; Zang, Yoonseok
作者单位：University of Southern California; Singapore Management University
摘要：We find that auditors of more conservative clients charge lower fees, issue fewer going concern opinions, and resign less frequently, consistent with more conservative clients imposing less engagement risk on their auditors. Using path analysis, we find evidence that both inherent risk and auditor business risk explain these associations. Also consistent with conservatism reducing auditor business risk, we find that client conservatism is associated with fewer lawsuits against auditors and wit...
-
作者：Dyreng, Scott D.; Markle, Kevin S.
作者单位：Duke University; University of Iowa
摘要：When a U.S. multinational corporation shifts income from the U.S. to foreign jurisdictions, it incurs costs and reaps benefits. The benefits may be reduced if the shifted income must be returned to the U.S. as a dividend in the short term and face the same U.S. tax it would have if the income had not been shifted. Firms, then, have incentive to defer repatriation of earnings and to fund domestic cash needs with external financing. The cost of external financing, however, is increasing in finan...
-
作者：Chen, Po-Chang
作者单位：University System of Ohio; Miami University
摘要：This study investigates whether banks respond to financial misreporting as the borrowing firms release misstated financial reports, i.e., in the misreporting period. Drawing upon finance theory that recognizes banks' superior information access and processing abilities, this study predicts and finds that banks adjust loan contract terms in response to the ongoing misreporting. Compared with loans issued in the prior period, loans issued in the misreporting period have higher interest spread, a...
-
作者：Anantharaman, Divya; Pittman, Jeffrey A.; Wans, Nader
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Memorial University Newfoundland
摘要：We examine how state liability regimes within the United States affect auditor reporting decisions. We exploit variation across state-level common law in two aspects of auditor liability: the extent to which auditors can be held liable by third parties for negligence, and rules for apportioning liability across multiple defendants. We find that auditors are more likely to issue a modified going-concern (GC) report to financially distressed clients from high-liability states than to those from ...
