-
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 ...
-
作者：Nelson, Mark W.; Proell, Chad A.; Randel, Amy E.
作者单位：Cornell University; Texas Christian University; California State University System; San Diego State University
摘要：This paper reports five studies examining audit team members' willingness to raise audit issues. The first study is a survey of interacting audit teams that provides evidence that team members are more willing to speak up when they view their leader as team-oriented (i.e., emphasizing team success as opposed to the leader's own personal advancement). Experiments 1-3 provide converging evidence that audit seniors are more willing to speak up to a team-oriented leader and about issues that are a...
-
作者：Brazel, Joseph F.; Jackson, Scott B.; Schaefer, Tammie J.; Stewart, Bryan W.
作者单位：North Carolina State University; University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Kansas City; Brigham Young University
摘要：Despite the importance placed on professional skepticism by the accounting profession and regulators, the failure of auditors to exercise an appropriate level of skepticism continues to be a global issue. We experimentally test a potential barrier to skepticism. We find that outcome knowledge biases supervisors' evaluations of skeptical behavior. Holding a staff member's skeptical judgments and acts constant, superiors on the engagement team evaluate the staff's skeptical behavior based on whe...
-
作者：Khan, Mozaffar; Serafeim, George; Yoon, Aaron
作者单位：Harvard University; University of Minnesota System; University of Minnesota Twin Cities
摘要：Using newly available materiality classifications of sustainability topics, we develop a novel dataset by hand-mapping sustainability investments classified as material for each industry into firm-specific sustainability ratings. This allows us to present new evidence on the value implications of sustainability investments. Using both calendar-time portfolio stock return regressions and firm-level panel regressions, we find that firms with good ratings on material sustainability issues signifi...
-
作者：Hall, Curtis M.
作者单位：Drexel University
摘要：This study examines how the incentives related to ownership structure influence labor cost management decisions in publicly traded and privately held organizations. I document that public banks have more elastic labor cost structures than private banks, which suggests that public bank managers prefer greater flexibility to remove labor resources when desired. Consistent with public banks facing greater financial reporting pressures, I find that they reduce labor costs to avoid earnings decline...
-
作者：DeFond, Mark L.
作者单位：University of Southern California
-
作者：Gimbar, Christine; Hansen, Bowe; Ozlanski, Michael E.
作者单位：DePaul University; Virginia Polytechnic Institute & State University; Susquehanna University
摘要：The Public Company Accounting Oversight Board recently proposed amendments to the standard audit report that would require the disclosure of critical audit matters (CAMs), and the Securities and Exchange Commission continues to evaluate the use of principles-based (imprecise) accounting standards within U.S. generally accepted accounting principles. We assert that jurors perceive precise accounting standards to constrain auditors' control over financial reporting outcomes, resulting in a lower...
-
作者：Kirk, Marcus P.; Markov, Stanimir
作者单位：State University System of Florida; University of Florida; Southern Methodist University
摘要：Our study introduces analyst/investor days, a new disclosure medium that allows for private interactions with influential market participants. We also highlight interdependencies in the choice and information content of analyst/investor days and conference presentations, a well-researched disclosure medium that similarly allows for private interactions. Analyst/investor days are less frequent, but with longer duration and greater price impact than conference presentations. They are mostly host...
-
作者：Kubick, Thomas R.; Lynch, Daniel P.; Mayberry, Michael A.; Omer, Thomas C.
作者单位：University of Kansas; University of Wisconsin System; University of Wisconsin Madison; State University System of Florida; University of Florida; University of Nebraska System; University of Nebraska Lincoln
摘要：This study examines the tax avoidance behavior of firms prior to the issuance, and following the resolution, of SEC tax comment letters. We find that firms that appear to engage in greater tax avoidance are more likely to receive a tax-related SEC comment letter. We also find that firms receiving a tax-related SEC comment letter, relative to firms receiving a non-tax comment letter, subsequently decrease their tax avoidance behavior consistent with an increase in expected tax costs. Additional...
-
作者：Shevlin, Terry
作者单位：University of California System; University of California Irvine
