6期

最新文章

• The Integration of Women and Minorities into the Auditing Profession since the Civil Rights Period AI翻译
  作者：Madsen, Paul E.
  作者单位：State University System of Florida; University of Florida
  摘要：Following the Civil Rights Movement and the quiet revolution in women's work over the years from 1950 to 1970, women and minorities increasingly joined the auditing profession while the profession ramped up efforts to encourage integration. The purpose of this study is to rigorously examine how the integration of auditors has evolved since the civil rights and quiet revolution period. The primary distinctive feature of this study is that it evaluates the auditing profession's integration by co...
• Can Managers Use Discretionary Accruals to Ease Financial Constraints? Evidence from Discretionary Accruals Prior to Investment AI翻译
  作者：Linck, James S.; Netter, Jeffry; Shu, Tao
  作者单位：Southern Methodist University; University System of Georgia; University of Georgia
  摘要：Despite a large literature on discretionary accruals, how the use of discretionary accruals impacts corporate financial decisions is not well understood. We hypothesize that a financially constrained firm with valuable projects can use discretionary accruals to credibly signal positive prospects, enabling it to raise capital to make the investments. We examine a large panel of firms during 1987 to 2009 and find that financially constrained firms with good investment opportunities have signific...
• Is Corporate Social Responsibility (CSR) Associated with Tax Avoidance? Evidence from Irresponsible CSR Activities AI翻译
  作者：Hoi, Chun Keung; Wu, Qiang; Zhang, Hao
  作者单位：Rochester Institute of Technology; Rensselaer Polytechnic Institute
  摘要：We examine the empirical association between corporate social responsibility (CSR) and tax avoidance. Our findings suggest that firms with excessive irresponsible CSR activities have a higher likelihood of engaging in tax-sheltering activities and greater discretionary/permanent book-tax differences. Moreover, at the onset of FASB Interpretation No. 48, these firms have more uncertain tax positions; also, these firms' initial tax positions are likely supported by weaker facts and circumstances...
• Are Relative Performance Measures in CEO Incentive Contracts Used for Risk Reduction and/or for Strategic Interaction? AI翻译
  作者：Vrettos, Dimitris
  作者单位：Southern Methodist University
  摘要：This study offers evidence that the use of RPE (Relative Performance Evaluation) in CEO incentive contracting depends on the type of strategic competition between a firm and its peers. Specifically, CEO pay is negatively (positively) associated with peer-group performance when firms compete as strategic substitutes (complements). This finding suggests that firms provide CEO incentives in order to influence strategic interaction with peer firms. Further, the directionally opposite pay-for-peer-...
• Book-to-Market Ratio and Skewness of Stock Returns AI翻译
  作者：Zhang, Xiao-Jun
  作者单位：University of California System; University of California Berkeley
  摘要：This study demonstrates that stocks with low book-to-market ratios, also known as glamour stocks, have significantly more positive skewness in their return distributions compared to the return distributions of value stocks with high book-to-market ratios. The premium (discount) investors apply to these glamour (value) stocks also correlates significantly with the difference in return skewness. These findings suggest that the value/glamour-stock puzzle is partially explained by investor prefere...