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作者：De Franco, Gus; Vasvari, Florin P.; Vyas, Dushyantkumar; Wittenberg-Moerman, Regina
作者单位：University of Toronto; University of London; London Business School; University of Chicago
摘要：We investigate how the tone of sell-side debt analysts' discussions about debt-equity conflict events affects the informativeness of debt analysts' reports in debt markets. Conflict events such as mergers and acquisitions, debt issuance, share repurchases, or dividend payments potentially generate asset substitution or wealth expropriation by equity holders. We document that debt analysts routinely discuss these conflict events in their reports. More importantly, discussions about conflict eve...
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作者：Glover, Jonathan
作者单位：Carnegie Mellon University
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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：Bruynseels, Liesbeth
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作者：Chi, Sabrina S.; Pincus, Morton; Teoh, Siew Hong
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of California System; University of California Irvine
摘要：We find evidence that investors misprice information contained in book-tax differences (BTDs), measured as the ratio of taxable income to book income, TI/BI. Low TI/BI predicts worse earnings growth and abnormal stock returns than high TI/BI. We find that short sellers and insiders arbitrage BTD mispricing, but the arbitrage is imperfect because of constraints on short selling and insider trading. Under SFAS No. 109 the predictability is stronger for TEMP/BI, the temporary component of TI/BI, ...
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作者：Merkley, Kenneth J.
作者单位：Cornell University
摘要：This paper examines how earnings performance relates to firms' narrative R&D disclosure decisions. The unique nature of R&D investments and financial statements' limited ability to communicate the value of such investments highlight the role of narrative disclosure as a supplement to the financial statements. I predict and find that current earnings performance (adjusted for R&D expense) is negatively related to the quantity of narrative R&D disclosure. Conducting a content analysis of the det...
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作者：Balsam, Steven; Harris, Erica E.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden
摘要：In this paper we show that supporters reduce donations to nonprofits subsequent to disclosure of high executive compensation. We find evidence consistent with large, sophisticated donors actively seeking out and reacting to compensation information made available in IRS Form 990, while smaller donors react to compensation disclosures in the media. Additional analysis indicates that these results vary systematically across nonprofits, as we find a stronger negative relation in nonprofits classi...
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作者：Francis, Jere R.; Pinnuck, Matthew L.; Watanabe, Olena
作者单位：University of Missouri System; University of Missouri Columbia; University of Melbourne; Iowa State University; University of Technology Sydney
摘要：The term audit style is used to characterize the unique set of internal working rules of each Big 4 audit firm for the implementation of auditing standards and the enforcement of GAAP within their clienteles. Audit style implies that two companies audited by the same Big 4 auditor, subject to the same audit style, are more likely to have comparable earnings than two firms audited by two different Big 4 firms with different styles. By comparable we mean that two firms in the same industry and y...
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作者：Shroff, Nemit; Verdi, Rodrigo S.; Yu, Gwen
作者单位：Massachusetts Institute of Technology (MIT); Harvard University
摘要：This paper examines how the external information environment in which foreign subsidiaries operate affects the investment decisions of multinational corporations (MNCs). We hypothesize and find that the investment decisions of foreign subsidiaries in country-industries with more transparent information environments are more responsive to local growth opportunities than are those of foreign subsidiaries in country-industries with less transparent information environments. Further, this effect i...
