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作者：Macve, Richard
作者单位：University of London; London School Economics & Political Science
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作者：Mumford, Michael J.
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作者：McAnally, Mary Lea; Srivastava, Anup; Weaver, Connie D.
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This paper examines whether stock-option grants explain missed earnings targets, including reported losses, earnings declines, and missed analysts' forecasts. Anecdotal evidence and surveys suggest that managers believe that missing an earnings target can cause stock-price drops (Graham et al. 2006). Empirical studies corroborate this notion (Skinner and Sloan 2002; Lopez and Rees 2002). Thus, a missed target could benefit an executive via lower strike price on subsequent option grants. Prior ...
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作者：Bromwich, Michael
作者单位：University of London; London School Economics & Political Science
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作者：Groot, Tom
作者单位：Vrije Universiteit Amsterdam
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作者：Kumar, Krishna R.; Krishnan, Gopal V.
作者单位：George Washington University; Lehigh University
摘要：We examine the role of investment opportunities as a determinant of the relative importance of cash flows from operations (CFO) and accruals in firm valuation. We find that at low investment-opportunity levels, CFO value-relevance increases with investment opportunities. When investment opportunities are high, accrual value-relevance declines as investment opportunities increase. Consequently, earnings value-relevance first varies directly and then inversely with investment opportunities. We s...
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作者：Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：We develop and describe a new measure of long-run corporate tax avoidance that is based on the ability to pay a low amount of cash taxes per dollar of pre-tax earnings over long time periods. We label this measure the long-run cash effective tax rate. We use the long-run cash effective tax rate to examine (1) the extent to which some firms are able to avoid taxes over periods as long as ten years, and (2) how predictive one-year tax rates are for long-run tax avoidance. In our sample of 2,077 ...
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作者：Kadous, Kathryn; Magro, Anne M.; Spilker, Brian C.
作者单位：Emory University; George Mason University; Brigham Young University
摘要：Prior research indicates that audit and tax professionals' judgments are influenced by their client's preferences, both directly and indirectly (via information search). In an experiment with tax professionals as participants, we examine whether high practice risk (i.e., exposure to monetary and nonmonetary costs of making inappropriate recommendations) mitigates these effects. We find that, when facing a client with low practice risk, professionals' search is biased in a manner that leads jud...
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作者：Chen, Weitzu; Liu, Chi-Chun; Ryan, Stephen G.
作者单位：National Taiwan University; New York University
摘要：We hypothesize and provide evidence that characteristics of banks' loan securitizations accounted for as sales determine the extent to which banks retain the risks of the securitized loans. We show that banks retain more risk when: (1) the types of loans have higher and/or less externally verifiable credit risk, (2) the loans are closed-ended and banks retain larger contractual interests in the loans, and (3) the loans are closed-ended and banks retain types of contractual interests that more ...
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作者：Jackson, Scott B.
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：This study examines whether straight-line depreciation, relative to accelerated depreciation, causes non-executive managers to make non-value-maximizing capital investment decisions. To do this, I conduct experiments in which managers must decide whether to continue using an existing asset or invest in a replacement asset. By design, replacing the existing asset yields higher cash flows and managers are aware of this fact. However, if the asset is replaced, then the greater remaining book valu...
