4期

最新文章

• Mandatory Information Exchange, Cross-Border Income Shifting, and the Physical Flow of Tangible Goods AI翻译
  作者：Chow, Travis; Maydew, Edward L.; She, Guoman
  作者单位：University of Hong Kong; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; National University of Singapore
  摘要：We examine whether mandatory tax information exchange agreements between governments have real effects on firms' physical trade in tangible goods. We posit that some of the physical trade in tangible goods flowing through low-tax jurisdictions is intended to facilitate income shifting. As such, shocks to enforcement via mandatory information exchange agreements could cause firms to change the physical flow of goods. Using firm-level shipping container data, we find that adoption of bilateral t...
• Effects of Mandatory Carbon Reporting on Greenwashing AI翻译
  作者：Grewal, Jody; Richardson, Gordon; Wang, Jingjing
  作者单位：University of Toronto; University of Toronto; University Toronto Mississauga; University of Toronto; University of Calgary
  摘要：We study the effects of mandatory environmental reporting on greenwashing. Our setting is a regulation in the United Kingdom requiring firms to report carbon emissions, or mandatory carbon reporting (MCR). Measuring greenwashing as the discrepancy between companies' external carbon-related discussions in corporate social responsibility (CSR) reports and their underlying carbon performance, we find MCR leads to a decline in three types of greenwashing: excessive length, over-optimism, and vague...
• The Economics of US Multinational Group Audits: Evidence from PCAOB Data AI翻译
  作者：Downey, Denise Hanes; Kitto, Andrew R.; Bedard, Jean C.
  作者单位：Villanova University; University of Massachusetts System; University of Massachusetts Amherst; Bentley University
  摘要：Macroeconomic forces are challenging the ability of audit firms to sustain engagement profitability. Although one available strategy for multinational clients is to employ non-U.S. firms as component auditors (CAs), the impacts of this choice are unclear. We investigate the influence of CAs on engagement economics in Big 6 audits from 2012 to 2022, a period of increasing non-U.S. labor use. Results show that global hours increase with CA participation, suggesting that additional CA labor is ne...
• Metering Problems and Resource Allocation AI翻译
  作者：Andreicovici, Ionela; Nikolaev, Valeri; van Lent, Laurence; Zhang, Ruishen
  作者单位：IE University; University of Chicago; Frankfurt School Finance & Management; University of Hong Kong
  摘要：Why do seemingly similar firms show such different productivity? We argue that unresolved measurement problems, i.e., the persistent incongruity between economic transactions and their accounting representation, affect resource allocation. Our metric quantifies technical accounting terminology in firm disclosures to capture these unresolved measurement problems, UMPs, using over 90,000 10-Ks. A one standard deviation increase in UMP is associated with lower capital investment (6 percent), R&D ...
• Disclosure Incentives for Firms in Light of Cross-Ownership AI翻译
  作者：Arya, Anil; Pfeiffer, Thomas
  作者单位：University System of Ohio; Ohio State University; University of Vienna
  摘要：We model two competing firms, each operating through their controlled subsidiaries while also holding a minority financial stake in their rival's subsidiary. Under such cross-ownership, we derive the firms' optimal disclosure policies, showing how they are affected by technological spillovers, competitive intensity, and the nature of product markets. The results demonstrate that cross-ownership induces more disclosures, benefiting the firm because disclosures promote the profit of its subsidia...
• When Large Employers Come to Town: Labor Market Entry and Corporate Disclosure AI翻译
  作者：Roh, Yongoh
  作者单位：McGill University
  摘要：This paper examines how incumbent firms adjust their disclosure behavior in response to heightened labor market competition. Using announcements of large employer entries into local labor markets, I find that incumbent firms located in the affected counties increase the disclosure of positive, forward-looking information. This response is concentrated among incumbent firms that compete more directly with entrant firms for similar workers and is strongest in local labor markets where employee r...
• Differential Communication and Local Information Advantage: Revelations from Translation Differences AI翻译
  作者：Lang, Tina; Stice-Lawrence, Lorien; Wong, Yu Ting Forester; Wong, T. J.
  作者单位：California State University System; California State University East Bay; University of Southern California; City University of Hong Kong
  摘要：We develop an empirical proxy for companies' differential communication to local and foreign investors using translation differences in public disclosure. We validate our proxy using a field experiment and then use this proxy to document that differential communication is associated with increases in information asymmetry between local and foreign investors. It is also linked to decreases in the relative information quality of foreign analysts, even when foreign demand for information is high ...