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作者：Baldenius, T; Melumad, ND; Reichelstein, S
作者单位：Columbia University; Stanford University
摘要：This paper examines transfer pricing in multinational firms when individual divisions face different income tax rates. Assuming that a firm decouples its internal transfer price from the arm's length price used for tax purposes, we analyze the effectiveness of alternative pricing rules under both cost- and market-based transfer pricing. In a tax-free world, Hirshleifer (1956) advocated that the internal transfer price be set equal to the marginal cost of the supplying division. Extending this ...
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作者：Clarkson, PM; Li, Y; Richardson, GD
作者单位：University of Queensland; Simon Fraser University; University of Toronto
摘要：The objective of this study is to examine the market valuation of environmental capital expenditure investment related to pollution abatement in the pulp and paper industry. The total environmental capital expenditure of $8.7 billion by our sample firms during 1989-2000 supports the focus on this industry. In order to be capitalized, an asset should be associated with future economic benefits. The existing environmental literature suggests that investors condition their evaluation of the futur...
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作者：Aboody, D; Barth, ME; Kasznik, R
作者单位：University of California System; University of California Los Angeles; Stanford University
摘要：This study investigates the relation between share price and stock-based compensation expense that is disclosed but not recognized under SFAS No. 123, after controlling for net income, equity book value, and expected earnings growth. Our instrumental variables approach controls for the mechanical relation between share price and option values. We find that investors view SFAS No. 123 expense as an expense of the firm, and as sufficiently reliable to be reflected in their valuation assessments....
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作者：Banker, RD; Chang, HS; Pizzini, MJ
作者单位：University of Texas System; University of Texas Dallas; University of California System; University of California Riverside
摘要：The balanced scorecard provides a framework for selecting multiple performance measures that supplement traditional financial measures with operating measures of customer satisfaction, internal processes, and learning and growth activities. An essential aspect of the balanced scorecard lies in its articulation of the linkage between performance measures and business strategy. This study conducts an experiment to assess how individuals' evaluations of the performance of business unit managers d...
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作者：Easton, PD
作者单位：University of Notre Dame; University of Melbourne
摘要：I describe a model of earnings and earnings growth and I demonstrate how this model may be used to obtain estimates of the expected rate of return on equity capital. These estimates are compared with estimates of the expected rate of return implied by commonly used heuristics-viz., the PEG ratio and the PE ratio. Proponents of the PEG ratio (which is the price-earnings [PE] ratio divided by the short-term earnings growth rate) argue that this ratio takes account of differences in shortrun earn...
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作者：Demski, JS
作者单位：State University System of Florida; University of Florida
摘要：I selectively survey the use of expectations in accounting research. While expectations are central to modeling work and essential in empirical documentation, we tend to rely on largely exogenous expectations, as opposed to closing the analysis with aggressive identification of information sources and an explicit equilibrium argument.
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作者：Chen, KCW; Yuan, HQ
作者单位：Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
摘要：From 1996 to 1998, listed companies in China were required to achieve a minimum return on equity (ROE) of 10 percent in each of the previous three years before they could apply for permission to issue additional shares. As a result of this rule, there was a heavy concentration of ROEs in the area just above 10 percent. We show that the Chinese regulators appear to have scrutinized firms using excess amounts of nonoperating income to reach the 10 percent hurdle. In addition, their ability to do...
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作者：Chaney, PK; Jeter, DC; Shivakumar, L
作者单位：Vanderbilt University
摘要：Prior research has examined audit pricing for publicly held firms and provided some evidence of a Big 8 premium in pricing. We investigate audit pricing among private firms, and provide evidence that private firms do not pay such a premium on average. The relatively greater degree of dispersion in auditor choice (between Big 5 and non-Big 5 auditors) in our large sample of privately held audit clients allows us to predict the auditor choice for each firm and to control for potential self-selec...
