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作者：Liu, Junhao
作者单位：University of Melbourne
摘要：Using website cookie information from U.S. firms' websites, I measure consumer data collected through cookies and examine how such data affect firms' accounting information environments. Cookies provide granular and real-time consumer data to firms' internal information environments and may improve the quality of internal information that managers rely on for external reporting. I find that firms with more cookies issue management sales forecasts more frequently and devote a larger share of di...
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作者：Ferguson, Duke; Krupa, Trent J.; Laux, Rick C.
作者单位：University of Kentucky; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Oklahoma State University System; Oklahoma State University Center for Health Sciences
摘要：We examine how tax administration quality in developing countries impacts foreign direct investment (FDI). Developing countries are improving tax administration to raise revenue and reduce dependence on foreign aid. These reforms may deter FDI by raising taxes or attract it by creating a more transparent and predictable investment environment. We use participation in Tax Inspectors Without Borders-a joint OECD-UN program that helps developing countries audit and tax multinational corporations ...
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作者：Osswald, Benjamin; Pierk, Jochen
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This study investigates the importance of top executives for foreign tax planning in multinational corporations. Applying incremental R2 comparisons and Shapley Value decompositions, we find that executives account for meaningful variation in foreign tax planning and the number of foreign (tax haven) subsidiaries, but have limited influence on effective tax rates in nonhaven affiliates. We further provide initial evidence that executive influence declined following the Tax Cuts and Jobs Act of...
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作者：He, Jiapeng; Li, Ningzhong
作者单位：Chinese University of Hong Kong; University of Texas System; University of Texas Dallas
摘要：This study examines the role of the accounting quality of U.S. federal agencies, measured with audit opinions, in federal budget allocations to those agencies. We find that, when an agency receives a modified audit opinion, the president proposes and Congress enacts a lower budget for the agency, and the budgetary disagreement between them increases. These effects strengthen when the president and Congress have stronger incentives to demonstrate spending accountability to taxpayers. Exploiting...
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作者：Azinovic-Yang, Li; Baldenius, Tim
作者单位：University of Chicago; Columbia University
摘要：How does information asymmetry within firms affect their innovation incentives? To address this question, we introduce an agency problem with strategic reporting into an experimentation setting. Severe agency problems disrupt truthful reporting, and thereby also experimentation. However, for moderate agency problems, the firm may experiment more than in a symmetric information setting, because experimenting improves the agent's reporting incentives. Unlike traditional real-options models, expe...
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作者：Christensen, Derek; Mittendorf, Brian; Partridge, Clay
作者单位：University of Oregon; University System of Ohio; Ohio State University
摘要：A growing literature suggests that accounting standards not only affect public information but also improve the information environment within a firm, leading to operational changes. In this paper, we examine one mechanism for the informational improvements brought by accounting standards. We present a model that demonstrates myopic incentives driven by short-term price pressure can endogenously lead to underinvestment in information. However, imposing an accounting standard that mandates a mi...
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作者：Kim, Jinhwan; Valentine, Kristen
作者单位：Stanford University; University System of Georgia; University of Georgia
摘要：Innovative public firms sell significantly more patents in the last month of their fiscal year compared to earlier in the year. Consistent with reporting incentives driving these sales, final month patent sales are disproportionately internally generated, non-core patents with high potential accounting gains. Strategic patent sales are more pronounced among firms with incentives to meet earnings expectations-especially in periods when firms narrowly beat expectations and when executive incenti...
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作者：Weber, David P.; Xu, Nina; Zhang, Kangkang
作者单位：University of Connecticut; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We examine whether heightened SEC scrutiny of financial reporting affects corporate risk-taking. Because managers are risk-averse, tightened regulatory oversight could increase risk-taking by strengthening accounting's governance role, or reduce it by constraining managers' ability to shield themselves from risky outcomes through earnings management. In 2007, the SEC elevated six district offices to the regional level, expanding their authority and enforcement resources. Using this reorganizat...
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作者：Hanlon, Michelle; Shroff, Nemit; Yoon, Rachel
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：This paper examines whether corporate tax cuts alter product-market competition by differentially affecting firms with high versus low tax burdens. Tax cuts increase after-tax cash flows for profitable firms but provide little immediate benefit to loss-making firms. We study the 1986 Tax Reform Act, which reduced the top corporate tax rate by 12 percentage points, and examine route-level price and quantity data from the U.S. airline industry. We find that in response to the Act, profitable air...
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作者：Huber, Stefan J.; Watts, Edward M.; Zhu, Christina
作者单位：University of Pennsylvania; Yale University; European Corporate Governance Institute
摘要：We study the informational value of trading networks in over-the-counter (OTC) markets. Using detailed transaction-level data from the corporate bond market, we show that investors with larger dealer networks make superior trading decisions before changes in credit fundamentals, resulting in better risk-adjusted performance. We trace these investors' superior trading decisions to trading connections where dealers are most likely to have access to novel credit-relevant information, supporting t...
