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作者：Bhojraj, Sanjeev; Libby, Robert
作者单位：Cornell University
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作者：Jung, Michael J.; Wong, M. H. Franco; Zhang, X. Frank
作者单位：New York University; INSEAD Business School; University of Toronto; Yale University
摘要：We posit that a change in analyst interest in a firm is an early indicator of the firm's future fundamentals, capital market activities, and stock returns. We measure increases in analyst interest by observing analysts who do not cover a firm but participate in that firm's earnings conference call, and we measure decreases in analyst interest by observing analysts who cover a firm, yet are absent from that firm's call. We find that increases in analyst interest are positively associated with f...
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作者：Ege, Matthew S.
作者单位：State University System of Florida; University of Florida
摘要：Standard-setters believe high-quality internal audit functions (IAFs) serve as a key resource to audit committees for monitoring senior management. However, regulators do not enforce IAF quality or require disclosures relating to IAF quality, which is in stark contrast to regulatory requirements placed on boards, audit committees, and external auditors. Using proprietary data, I find that a composite measure of IAF quality is negatively associated with the likelihood of management misconduct e...
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作者：Ayers, Benjamin C.; Schwab, Casey M.; Utke, Steven
作者单位：University System of Georgia; University of Georgia
摘要：We develop estimates of a firm's foreign earnings designated as permanently reinvested (PRE) and the unrecorded deferred tax liability (TAX) associated with PRE that are independent of whether a firm explicitly discloses this information. We then investigate firms' noncompliance with Accounting Standards Codification (ASC) 740 provisions that require financial statement disclosure of PRE and either the tax associated with PRE or a statement that calculating the tax is not practicable. We find ...
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作者：De Simone, Lisa; Ege, Matthew S.; Stomberg, Bridget
作者单位：Stanford University; Texas A&M University System; Texas A&M University College Station; University System of Georgia; University of Georgia
摘要：We propose that auditor-provided tax services (tax NAS) improve internal control quality by accelerating audit firm awareness of transactions material to the financial statements. Using data from 2004 to 2012, we find robust evidence that companies purchasing tax NAS are significantly less likely to disclose a material weakness and that this result is not due to auditor independence impairment. A one-standard-deviation increase in tax NAS is associated with approximately a 13 percent decrease ...
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作者：Hunton, James E.; Mauldin, Elaine G.; Wheeler, Patrick R.
作者单位：Bentley University; University of Missouri System; University of Missouri Columbia
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作者：Hunton, James E.; Libby, Robert; Mazza, Cheri L.
作者单位：Bentley University; Cornell University; Fordham University
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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：Product market power provides firms with comparative advantages through more persistent profitability and insulation from competitive threats. These advantages likely provide firms with the ability to engage in greater tax avoidance. We present evidence consistent with this hypothesis. We also show that firms mimic the tax outcomes of their product market leaders. Among firms with greater product market power and comparatively high cash tax avoidance, we find stock prices to be less informativ...
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作者：Rennekamp, Kristina; Rupar, Kathy K.; Seybert, Nicholas
作者单位：Cornell University; State University System of Florida; University of Florida; University System of Maryland; University of Maryland College Park
摘要：This paper examines how the reversibility of the accounting effect of asset impairments affects managers' investment decisions. We conduct two experiments in which participants act as CEO of a multi-division electronics company that suffers a large asset impairment at one of the divisions. Drawing on prior psychology research involving cognitive dissonance and decision reversibility, we predict and find that managers who are responsible for the decision to record the asset impairment invest mo...
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作者：DeFond, Mark L.; Hung, Mingyi; Li, Siqi; Li, Yinghua
作者单位：University of Southern California; Hong Kong University of Science & Technology; Santa Clara University; Arizona State University; Arizona State University-Tempe
摘要：We test whether mandatory IFRS adoption affects firm-level crash risk, defined as the frequency of extreme negative stock returns. We separately analyze nonfinancial firms and financial firms because IFRS is likely to affect their crash risk differently. We find that IFRS adoption decreases crash risk among nonfinancial firms, especially among firms in poor information environments and in countries where IFRS adoption results in larger and more credible changes to local GAAP. In contrast, IFRS...
