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作者：Heflin, Frank; Kim, Mark P.; Moon Jr, James R.; Pierce, Spencer R.
作者单位：University System of Georgia; University of Georgia; University of California System; University of California Los Angeles; University System of Georgia; Georgia Institute of Technology; State University System of Florida; Florida State University
摘要：We investigate changes in financial reporting conservatism arising from shareholder lawsuits. We find that sued firms respond to 10b-5 litigation with increased accounting conservatism. Consistent with a spillover effect, we also find that non-sued peer firms that share an auditor increase accounting conservatism following litigation. Despite the FASB having eliminated conservatism as an essential qualitative characteristic from the conceptual framework in 2010, we find the post-suit increase ...
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作者：Bogachek, Olga; De Vito, Antonio; Demere, Paul; Grossetti, Francesco
作者单位：Free University of Bozen-Bolzano; University of Bologna; Bocconi University; Bocconi University
摘要：We examine whether narrative discussion in financial disclosures can help corporate stakeholders better predict tax outcomes. To measure qualitative discussion, we use topic modeling analysis to create measures of the thematic content of 10-K disclosures. We find that qualitative discussion in financial disclosures can substantially improve prediction of tax outcomes in in- and out-of-sample tests. We also find that prediction-relevant discussion is distributed throughout the 10-K, supporting ...
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作者：Gietzmann, Miles; Grossetti, Francesco; Lewis, Craig M.
作者单位：Bocconi University; Bocconi University; Vanderbilt University
摘要：This paper investigates how institutional investor distraction affects the assimilation of narrative content in the MD&A section of the 10-K filing. We introduce the Aggregate Attribute Index (AAI) and an alternative formulation (AltAAI), which capture linguistic features beyond tone to provide a broader measure of corporate narrative richness. Using machine learning and natural language processing, we analyze U.S. firms that follow a staggered reporting strategy, releasing quantitative result...
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作者：Khavis, Joshua A.; Sheneman, Amy G.; Szerwo, Brandon
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; University System of Ohio; Ohio State University
摘要：We examine the relation between the gender composition of audit teams and two important audit outcomes-audit quality and audit fees. We identify gender composition across auditor ranks with novel audit-office level data for 20 large U.S. public accounting firms from 2010 to 2018. We find engagements of audit offices with more female auditors are associated with higher audit quality and lower audit fees. We find the association between gender composition and audit outcomes is strongest at the s...
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作者：De Simone, Lisa; Olbert, Marcel
作者单位：University of Texas System; University of Texas Austin; University of London; London Business School
摘要：Taxing companies' goods or services where they are consumed, rather than where companies operate, limits tax avoidance and improves efficiency. However, such destination-based systems are hard to enforce. Therefore, in the European Union, value-added taxes on digital business-to-consumer (B2C) sales were historically based on the seller's location or origin, allowing multinational companies to route sales through low-VAT countries. We study the impact of a 2015 reform that required multination...
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作者：Hoopes, Jeffrey L.; Menzer, Tyler S.; Wilde, Jaron H.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Texas Christian University; University of Iowa
摘要：Cryptocurrency has been the subject of heightened regulatory and investor attention in recent years, and regulators and policymakers across the globe are deliberating on how to account for, regulate, tax, and oversee digital assets and cryptocurrency marketplaces. Yet researchers have a limited understanding of key attributes of those who deal in crypto assets, such as whether their financial sophistication differs from that of other investors. Using U.S. administrative data, we provide eviden...
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作者：Chen, Xiangpei; Gore, Angela K.; Potepa, James
作者单位：Loyola University Chicago; George Washington University; American University
摘要：We explore reporting nonrecurring gains and losses (extraordinary and special items) among municipalities. We begin by documenting the nature, type, and frequency of reporting, finding that surprisingly few municipalities report items, including those with FEMA disasters and despite GASB standards. Results suggest municipalities with CPA-finance directors are significantly more likely to report items, while less likely reported among those led by unelected bureaucrats (council-manager politica...
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作者：Rim, Hyun Jung; Giedt, Jenny Zha
作者单位：George Washington University
摘要：Companies' strategic alternatives announcements lead to negative future stock returns. First, we investigate whether this anomaly exists. We demonstrate that it is significant and pervasive across years, industries, firm size, and information environments and that it is not driven by confounding variables nor risk. We then investigate why the market misprices the announcements and find that investors appear overly optimistic about a potential merger or acquisition and do not fully incorporate ...
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作者：Chen, Yangyang; Goyal, Abhinav; Veeraraghavan, Madhu; Zolotoy, Leon
作者单位：City University of Hong Kong; University of Birmingham; Manipal Academy of Higher Education (MAHE); University of Melbourne
摘要：Using federal judge ideology as an exogenous measure of issuing firms' litigation risk, we document that the initial public offerings (IPOs) of the firms headquartered in more liberal circuits are more underpriced. The effect is mitigated when plaintiffs' pleading standards are more stringent and is amplified when judges have more discretion in their decisions. The effect is also amplified among deep pocketed issuing firms, while it is mitigated among issuing firms hiring reputable intermediar...
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作者：Zhang, Xiao
作者单位：Shanghai University of Finance & Economics
摘要：In 2016, the California Department of Insurance introduced a public database of carbon-intensive holdings of certain California-licensed insurers. The database lowers the cost to external stakeholders of assessing insurers' carbon investments by removing the need to analyze complex statutory filings. Using a difference-in-differences design, I find that, after the introduction of the database, affected insurers (i.e., those included in the database) reduce their carbon-intensive holdings by ap...
