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作者：Feroz, Ehsan H.
作者单位：University of Washington; University of Washington Tacoma
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作者：Glover, Jonathan
作者单位：Carnegie Mellon University
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作者：Christensen, Peter O.; Qin, Zhenjiang
作者单位：Aarhus University; Southwestern University of Finance & Economics - China
摘要：In an incomplete market with heterogeneous prior beliefs, we show that public information can have a substantial impact on the ex ante cost of capital, trading volume, and investor welfare. The Pareto efficient public information system is the system enjoying the maximum ex ante cost of capital and the maximum expected abnormal trading volume. Imperfect public information increases the gains-to-trade based on heterogeneously updated posterior beliefs. In an exchange economy, this leads to high...
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作者：Indjejikian, Raffi J.; Matejka, Michal; Schloetzer, Jason D.
作者单位：University of Michigan System; University of Michigan; Arizona State University; Arizona State University-Tempe; Georgetown University
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作者：Billings, Bruce K.; Buslepp, William L.; Huston, G. Ryan
作者单位：State University System of Florida; Florida State University; Texas Tech University System; Texas Tech University; State University System of Florida; University of South Florida
摘要：The SEC Advisory Committee on Smaller Public Companies recommends paid-for research to fill the void created by declining sell-side coverage. Potential conflicts of interest inherent in paid-for research challenge this recommendation. We evaluate whether paid-for research provides value to investors or merely reflects hype. Analyses of one- and two-year-ahead paid-for earnings forecasts fail to identify significant bias. Using a portfolio approach, favorable (unfavorable) paid-for recommendati...
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作者：Beck, Matthew J.; Mauldin, Elaine G.
作者单位：Michigan State University; University of Missouri System; University of Missouri Columbia
摘要：Although regulation makes audit committees responsible for determining and negotiating audit fees, researchers and practitioners express concerns that CFOs continue to control these negotiations. Thus, regulation may give investors a false sense of security regarding auditor independence. We utilize the recent financial crisis and economic recession as an exogenous shock that allows us to shed light on the relative influence of the audit committee and the CFO on fee negotiations. During the re...
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作者：Evans, John Harry, III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Brown, Jennifer L.; Drake, Katharine D.
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona
摘要：This study examines (1) whether network ties help explain variation in tax avoidance, and (2) how the relation between network ties and tax avoidance varies depending on the nature and context of those ties. We posit that information on a range of tax-avoidance strategies is shared among firms through their social network connections. Using board interlocks to proxy for these connections, we find that firms with greater board ties to low-tax firms have lower cash ETRs themselves. Ties to low-t...
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作者：Page, Michael
作者单位：University of Portsmouth
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作者：Chen, Xia; Cheng, Qiang; Lo, Alvis K.
作者单位：Singapore Management University; Boston College
摘要：Prior research finds that the decline in the information content of earnings after restatement announcements is short-lived and the earnings response coefficient (ERC) bounces back after three quarters. We re-examine this issue using a more recent and comprehensive sample of restatements. We find that material restatement firms experience a significant decrease in the ERC over a prolonged period-close to three years after restatement announcements. In contrast, other restatement firms experien...
