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作者：Mills, Lillian F.; Nutter, Sarah E.; Schwab, Casey M.
作者单位：University of Texas System; University of Texas Austin; George Mason University; University System of Georgia; University of Georgia
摘要：We investigate whether politically sensitive contractors pay higher taxes and whether their bargaining power reduces these tax costs. Using federal contractor data, we develop a new composite measure of political sensitivity that captures both the political visibility arising from federal contracts and the importance of federal contracts to the firm. We proxy for bargaining power using the firm-level proportion of contract revenues not subject to competition, the firm-level proportion of contr...
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作者：Yu, Kun
作者单位：University of Massachusetts System; University of Massachusetts Boston
摘要：This study examines whether institutional ownership and analyst following affect the value relevance of disclosed versus recognized pension liabilities. Using a sample of firms with pension liabilities that were disclosed under SFAS No. 87 and subsequently recognized under SFAS No. 158 from 1999 to 2007, I find that off-balance-sheet pension liabilities are more value relevant for firms with a higher level of institutional ownership or analyst following in the pre-158 period. More importantly,...
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作者：Chen, Chen; Young, Danqing; Zhuang, Zili
作者单位：University of Auckland; Chinese University of Hong Kong
摘要：This study examines the externalities of mandatory IFRS adoption on firms' investment efficiency in 17 European countries. We use the ROA difference between the firm and its peers to proxy for the information on the peers' investment performance. We find that the spillover effect of a firm's ROA difference versus its foreign peers, but not domestic peers, on the firm's investment efficiency increases after IFRS adoption. We also find that increased disclosure by both foreign and domestic peers...
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作者：Yetman, Michelle H.; Yetman, Robert J.
作者单位：University of California System; University of California Davis
摘要：We examine how taxes affect donations given to nonprofit organizations and how this varies across nonprofit types. Most prior studies constrained tax price elasticities to be constant across nonprofits, primarily because the data do not provide donations by nonprofit type. Using nonprofit-level data and average marginal tax rates that vary across years and states, we estimate tax price elasticities by nonprofit type. We find an aggregate public charity elasticity of approximately -1.0 and a pr...
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作者：Yetman, Michelle H.; Yetman, Robert J.
作者单位：University of California System; University of California Davis
摘要：Prior research finds that donors reward nonprofits that report larger program ratios with more donations and that program ratios frequently are subject to intentional manipulation as well as unintentional errors. We examine how donors react to low-quality ratios. We find that the average donor discounts ratios that are inflated by only the simplest and most observable of methods. We then examine the effect of financial data availability on the average donor's ability to unravel inflated ratios...
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作者：Bertomeu, Jeremy; Cheynel, Edwige
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Columbia University
摘要：This article develops a theory of standard-setting in which accounting standards emerge endogenously from an institutional bargaining process. It provides a unified framework with investment and voluntary disclosure to examine the links between regulatory institutions and accounting choice. We show that disclosure rules tend to be more comprehensive when controlled by a self-regulated professional organization than when they are under the direct oversight of elected politicians. These institut...
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作者：Du, Kai; Zhang, X. Frank
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Yale University
摘要：We examine firms' financial reporting practices during the missing months that are induced by fiscal year changes and not covered by regular quarters. We find that firms tend to report much lower income for the missing months than for adjacent quarters, mainly by recording higher operating expenses. We also find that managers have various incentives to manage earnings. Executive compensation is not tied to firm performance in the transition period as it is in adjacent fiscal years. Growth firm...
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作者：Chiu, Peng-Chia; Teoh, Siew Hong; Tian, Feng
作者单位：University of California System; University of California Irvine; University of Hong Kong
摘要：We test whether earnings management spreads between firms via shared directors. We find that a firm is more likely to manage earnings when it shares a common director with a firm that is currently managing earnings and is less likely to manage earnings when it shares a common director with a non-manipulator. Earnings management contagion is stronger when the shared director has a leadership or accounting-relevant position (e. g., audit committee chair or member) on its board or the contagious ...
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作者：Ramalingegowda, Santhosh; Wang, Chuan-San; Yu, Yong
作者单位：University System of Georgia; University of Georgia; National Taiwan University; University of Texas System; University of Texas Austin
摘要：Miller and Modigliani's (1961) dividend irrelevance theorem predicts that in perfect capital markets dividend policy should not affect investment decisions. Yet in imperfect markets, external funding constraints that stem from information asymmetry can force firms to forgo valuable investment projects in order to pay dividends. We find that high-quality financial reporting significantly mitigates the negative effect of dividends on investments, especially on R&D investments. Further, this miti...
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作者：Ball, Ray; Kothari, S. P.; Nikolaev, Valeri V.
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：The concept of conditional conservatism (asymmetric earnings timeliness) has provided new insight into financial reporting and stimulated considerable research since Basu (1997). Patatoukas and Thomas (2011) report bias in firm-level cross-sectional asymmetry estimates that they attribute to scale effects. We do not agree with their advice that researchers should avoid conditional conservatism estimates and inferences from research based on such estimates. Our theoretical and empirical analyse...
