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作者：Cowle, Elizabeth N.; Rawson, Caleb; Rowe, Stephen P.
作者单位：Colorado State University System; Colorado State University Fort Collins; University of Arkansas System; University of Arkansas Fayetteville
摘要：We examine whether negative news media coverage of peer audit firms affects audit quality by mitigating the contagion effect of low-quality audits. We find that when a company issues a restatement, other companies served by the same audit office or within the same city are more likely to subsequently issue a restatement. However, we find that higher negative peer firm news coverage mitigates this contagion effect, particularly when auditors have greater opportunity to improve audit quality (sm...
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作者：Anantharaman, Divya; Manchiraju, Hariom; Misra, Shekhar
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Indian School of Business (ISB); Ollscoil na Gaillimhe-University of Galway
摘要：We study India's regulation requiring firms to create board-level CSR committees and spend 2% of profits on CSR initiatives targeting environmental sustainability and local socioeconomic development. We examine whether such a mandate can meaningfully enhance corporate social responsibility. We find significant improvements in environmental and social ratings of Indian firms relative to matched global peers, particularly in community engagement and natural resource stewardship. Outcome-based me...
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作者：Lynch, Daniel P.; Pflitsch, Max; Stich, Michael
作者单位：University of Wisconsin System; University of Wisconsin Madison; Dortmund University of Technology; Technical University of Munich
摘要：This paper examines earnings management in response to changes in tax planning and financial reporting incentives around the corporate income tax rate decrease from 35% to 21% enacted by Tax Cuts and Jobs Act (TCJA) of 2017. Given the higher level of book-tax conformity of real activities manipulation (RAM) relative to accrual-based earnings management (AEM), we hypothesize that firms concertedly use these techniques for different purposes. Specifically, we predict and find that firms use RAM ...
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作者：Olbert, Marcel
作者单位：University of London; London Business School
摘要：This paper investigates how tax loss carryforward (LCF) rules influence corporate bankruptcies and market-wide productivity. Analyzing data from 29 European countries, I find that stricter LCF deductibility limits significantly increase bankruptcy likelihoods. This is because stricter LCF deductibility limits lower the present value of net operating losses (NOLs) as tax assets, reducing the incentive to keep struggling firms alive. This effect is especially pronounced for business group firms,...
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作者：Hogan, Chris E.; Nessa, Michelle L.; Schroeder, Joseph H.
作者单位：Michigan State University; Michigan State University's Broad College of Business; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We examine the association between permissible non-audit services provided by auditors and the timeliness of earnings announcements. Although earnings announcements are unaudited, audit progress influences management's ability to release earnings while maintaining confidence in reported results. We posit that non-audit services generate earnings announcement timeliness benefits by improving the efficiency and timing of audits through knowledge transfer. We find that tax non-audit services are ...
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作者：Lewis-Western, Melissa F.; Seidel, Timothy A.; Wilkins, Michael S.
作者单位：Brigham Young University; University of Kansas
摘要：Studies provide conflicting evidence on what accounting restatements reveal about industry peers. Gleason et al. () suggest that restatements reflect contemporaneous earnings management, while Kedia et al. () argue that restatements induce peers to begin misstating earnings. We re-examine peers' reporting responses to restatements and find that the results of Kedia et al. () are sensitive to design choices that affect the measurement of key variables. When this measurement error is minimized, ...
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作者：Kim, Jaewoo; Oh, Jun; Seo, Hojun; Zuo, Luo
作者单位：University of Oregon; Purdue University System; Purdue University; National University of Singapore
摘要：We examine the effect of algorithmic trading on forced CEO turnover and how boards respond to it. We find that the sensitivity of forced CEO turnover to stock returns declines with algorithmic trading, suggesting that algorithmic trading weakens directors' learning from market prices. Boards respond to this information loss by placing greater weight on nonmarket-based performance measures, such as accounting performance and analyst expectations, and by meeting more frequently to gather informa...
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作者：Billings, Mary Brooke; Ryan, Stephen G.; Yan, Han
作者单位：New York University; University of British Columbia
摘要：Research finds that climate disasters have had minimal effects on banks' performance to date, and it has devoted limited attention to how banks shape societal exposure to the disasters. This study addresses this puzzle and gap. Examining the share price reactions of banks affected by billion-dollar disasters from 1994-2024, we find that on average these banks lost market value around the disasters exceeding 10 percent of the estimated damages, with this percentage more than doubling during the...
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作者：Huang, Henry He; Liang, Shangkun; Sun, Li; Zhao, Gang
作者单位：Yeshiva University; Central University of Finance & Economics; University of Tulsa; Hangzhou Dianzi University
摘要：This paper explores the impact of the Kangmei case, the first-ever securities class action in China, on shareholder wealth, director turnover, and firm behavior. Around the ruling, we find that China's A-share firms experience higher market returns relative to comparable firms in the United States and Hong Kong. This rise in shareholder wealth is moderated for firms that are likely to experience greater increases in investor compensation and frivolous lawsuits and firms with prior misconduct. ...
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作者：Ge, Rui; Ke, Junqiang; Ma, Zhiming; Ruan, Lufei
作者单位：Audencia; Shenzhen University; Central University of Finance & Economics; Peking University; California State University System; San Francisco State University
摘要：This study focuses on CEOs' capital gains taxes to shed light on how CEOs' personal tax incentives influence corporate misconduct. We find strong evidence that CEOs' capital gains tax liabilities are negatively associated with corporate misconduct. The results remain robust after controlling for potential endogenous effects. The effect of CEO capital gains taxes on corporate misconduct is attenuated when more of the CEO's wealth is outside the firm and is concentrated among firms facing greate...
