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作者：Brown, Anna Bergman; Byard, Donal; Suh, Jangwon
作者单位：Clarkson University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Queens College NY (CUNY)
摘要：IPOs and direct listings (DLs) offer two different mechanisms for firms to go public. In contrast to IPOs, DLs do not employ an underwriter or raise new capital. Using a sample of IPOs and DLs on major stock markets in the European Union, we document that firms that choose to go public via DLs are larger, more profitable, and less levered, on average, than IPO firms. These pre-listing differences suggest that DL firms should be less risky than IPO firms; however, controlling for this selection...
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作者：Patterson, Evelyn R.; Smith, J. Reed; Tiras, Samuel L.
作者单位：Indiana University System; Indiana University Indianapolis; IU Kelley School of Business
摘要：Since the passage of the Sarbanes-Oxley Act of 2002, many notable frauds have been tied to ineffective audit committee (AC) oversight. As a result, AC oversight is of continuing interest, and regulators continue to debate this issue, garnering a growing body of research focused on the role played by the AC. But little theoretical research exists to guide analytical and empirical researchers investigating AC oversight. The purpose of this study is to provide theoretical guidance by examining AC...
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作者：Donelson, Dain C.; Glenn, Jennifer L.; Mcguire, Sean T.; Yust, Christopher G.
作者单位：University of Iowa; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
摘要：This study examines the effect of shareholder scrutiny of corporate tax avoidance behavior and its related financial reporting. Specifically, we explore the factors associated with shareholder tax litigation and its effect on the future tax behavior of the sued firm and its peers. We find that sued firms have lower cash and GAAP effective tax rates (ETRs) and engage in extreme tax avoidance before litigation. After litigation, they decrease tax avoidance activities, relative to matched control...
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作者：Chen, Clara Xiaoling; Liang, Jing; Yang, Shilei; Zhu, Jing
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Chengdu University of Technology; Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China
摘要：The firm-level bullwhip effect is the amplification of demand uncertainty along a supply chain-that is, fluctuations in production (for manufacturing firms) or purchases from suppliers (for retailers or wholesalers) in a firm tend to be greater than its demand fluctuations. We predict that the bullwhip ratio (a proxy for the bullwhip effect) amplifies the relation between demand uncertainty and cost structure. We expect this amplifying effect because the bullwhip ratio determines the extent to...
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作者：Demers, Elizabeth; Gaertner, Fabio B.; Kausar, Asad; Li, Heather; Steele, Logan B.
作者单位：University of Waterloo; University of Wisconsin System; University of Wisconsin Madison; American University; Bentley University; Oregon State University
摘要：We examine whether the change in earnings announcement textual tone, aggregated across individual publicly traded firms, helps predict gross domestic product (GDP) growth. The literature finds that changes in aggregate accounting earnings do help predict GDP growth, but only when aggregate earnings changes are negative. Because conservative accounting rules limit managers' ability to communicate positive news promptly, we examine the tone of quarterly corporate earnings announcements as a poss...
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作者：Beck, Matthew J.; Lundstrom, Nathan G.; Stuber, Sarah B.
作者单位：University of Kansas; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We examine whether peer audit choices influence a bank's decision to obtain an audit voluntarily. We find that the likelihood of a bank voluntarily obtaining an audit is significantly associated with the audit decisions of peers. The relation is stronger when the peers are more salient due to closer geographic proximity, similarity in loan portfolio, and similarity in size. In addition, we find that peer influence on a bank's audit decision is moderated by the bank's existing level of assuranc...
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作者：van Pelt, Victor
作者单位：WHU - Otto Beisheim School of Management
摘要：This study examines how principals adjust their control over agents based on their prior controlling experience. According to standard economic theory, principals should be equally willing to decrease their control as they are to increase it. However, I use psychological theory to predict that prior experience with exercising tight control reinforces a principal's belief that agents are self-interested and that they should be controlled. In contrast, I predict that the reinforcement of the bel...
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作者：Deng, Mingcherng; Kim, Eunhee; Ye, Minlei
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Toronto
摘要：Conventional wisdom suggests that audit engagement partner name disclosure benefits investors by informing them about the partners' performance. However, such public disclosure of the identity of the audit partners may also intensify competition for audit talent in the labor market. To examine the economic consequences of audit partner identification, we build a two-period model in which an audit firm matches partners to clients. The audit partner identification broadens a partner's outside op...
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作者：Gao, Bo; Guo, Feng; Lisic, Ling Lei; Omer, Thomas
作者单位：University of Texas System; University of Texas El Paso; Iowa State University; Virginia Polytechnic Institute & State University; University of Nebraska System; University of Nebraska Lincoln
摘要：Enforcement of non-compete agreements could affect executives' and directors' incentives to profit from their information advantage. This is because excessive trading profits could result in job termination, which would trigger the restrictions imposed by the non-compete agreements. We find that executives' and directors' insider trading profits from sales are lower for companies headquartered in states with greater enforcement of non-compete agreements. The path analyses suggest that high enf...
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作者：Klassen, Kenneth J.; Ruiz, Cinthia Valle
作者单位：University of Waterloo; IESEG School of Management
摘要：This study examines the interplay between tax and internal reporting incentives among affiliates of multinational corporations (MNCs). MNCs face limited information flows that may prevent affiliates' performance metrics to be responsive immediately to changes in the firm's tax planning. Using granular data of affiliates belonging to MNCs from 21 European countries, our study provides new empirical evidence of affiliate internal reporting responses induced by changing tax plans. When high-tax-r...
