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作者：Chen, Zhihong; Guan, Yuyan; Ke, Bin
作者单位：City University of Hong Kong; Nanyang Technological University
摘要：We examine the determinants and consequences of stock option compensation to directors of state-controlled Chinese firms that are incorporated outside China and listed in Hong Kong, referred to as state-controlled Red Chip firms, over the period 1990-2005. We find that state-controlled Red Chip firms granted directors a significant number of stock options in response to the demand of foreign investors. However, state-controlled Red Chip firms forced the directors to forfeit a significant perce...
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作者：Dai, Zhonglan; Shackelford, Douglas A.; Zhang, Harold H.; Chen, Chongyang
作者单位：University of Texas System; University of Texas Dallas; University of North Carolina; University of North Carolina Chapel Hill
摘要：We argue that reductions in shareholder taxes should lower the cost of equity capital more for financially constrained firms than for other companies. Consistent with this prediction, we find that, following the 1997 (TRA) and the 2003 (JGTRRA) cuts in U. S. individual shareholder taxes, financially constrained firms enjoyed larger reductions in their cost of equity capital than did other firms. The results are consistent with the incidence of the tax reductions falling mostly on firms with bo...
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作者：Erickson, Merle M.; Heitzman, Shane M.; Zhang, X. Frank
作者单位：University of Chicago; University of Rochester; Yale University
摘要：This paper examines the implications of tax loss carryback incentives for corporate reporting decisions and capital market behavior. During the 1981 through 2010 sample period, we find that firms increase losses in order to claim a cash refund of recent tax payments before the option to do so expires, and we estimate that firms with tax refund-based incentives accelerate about $64.7 billion in losses. Tax-motivated loss shifting is reflected in both recurring and nonrecurring items and is more...
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作者：Buhr, Nola
作者单位：University of Saskatchewan
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作者：Ferguson, Andrew
作者单位：University of Technology Sydney
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作者：Hope, Ole-Kristian; Thomas, Wayne B.; Vyas, Dushyantkumar
作者单位：University of Toronto; University of Oklahoma System; University of Oklahoma - Norman; University of Minnesota System; University of Minnesota Twin Cities
摘要：Using a new database that contains accounting data for a large sample of U. S. private firms, we provide an investigation of financial reporting quality (FRQ) of U. S. private versus public firms. We find that in general public firms have higher accrual quality and are more conservative. The results are consistent with public firms' reporting reflecting greater demand for financial information. However, these reporting qualities of public firms are mitigated or eliminated in settings where pub...
