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作者：Laplante, Stacie Kelley; Lynch, Daniel P.; Vernon, Mary E.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Connecticut
摘要：This study examines the association between internal information quality and state tax planning. Prior literature documents a positive association between internal information quality and summary measures of tax avoidance. However, we know little about specific forms of tax planning and internal information quality. State tax planning is difficult because of the number of jurisdictions, variety of tax rules, variation of enforcement, and apportionment requirements. We find that internal inform...
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作者：Allee, Kristian D.; Baik, Bok; Roh, Yongoh
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Seoul National University (SNU); New York University
摘要：This study examines whether a real production activity measure, firm-level electricity consumption growth, is useful in detecting firm financial misreporting. Identifying proxies for a firm's underlying financial performance that are not a function of the firm's accounting system is essential for detection of misreporting. We propose that the difference between revenue growth and electricity consumption growth (i.e., growth wedge (GW)) is a useful signal of financial misreporting. Using electr...
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作者：Jang, Youngki; Yehuda, Nir
作者单位：University of Nebraska System; University of Delaware
摘要：We examine whether resource adjustment costs, such as installation and disposal costs for fixed assets, or hiring and firing costs for employees, impede value creation in mergers and acquisitions (M&A). We focus on M&A deals because they are major corporate investment decisions. As a proxy for adjustment costs, we use a firm-level measure of cost stickiness. We predict that acquirers with high adjustment costs have less flexibility in restructuring resources following the acquisition and will ...
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作者：Ma, Zhiming; Ruan, Lufei; Wang, Danye; Zhang, Haiyan
作者单位：Peking University; California State University System; San Francisco State University; New York University; Tsinghua University
摘要：A recent trend is that firms prefer to hire generalist CEOs with transferable skills (across firms or industries) over hiring specialist CEOs, but the consequences of this trend are unclear. In this study, we examine whether credit rating agencies consider a CEO's general skills as a credit risk factor when assessing an entity's overall creditworthiness. We predict and find that generalist CEOs are associated with lower credit ratings, suggesting that the presence of generalist CEOs is a signi...
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作者：Pae, Suil
作者单位：Sungkyunkwan University (SKKU)
摘要：Managerial career concerns could affect firm efficiency through financial reporting quality, but this important link has received relatively little attention in the literature. The present study examines this link by developing a model that has the following elements. A risk-neutral manager provides effort to increase the market value of the firm and to favorably influence the market assessment of the manager's ability. Depending on the magnitude of career concerns, the manager either underinv...
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作者：Chang, Yen-Cheng; Huang, Minjie; Su, Yu-Siang; Tseng, Kevin
作者单位：National Taiwan University; University of Louisville; National Taiwan University
摘要：Bolton, Scheinkman, and Xiong (2006) model a setting where investors disagree and short-sales constraints cause pessimistic views of stock prices to be less influential, which leads to speculative stock prices. A theoretical implication of the model is that existing shareholders can exploit the speculative stock prices by (i) designing managerial compensation contracts that encourage short-term performance, and (ii) subsequently selling their shares to more optimistic investors. We document em...
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作者：Biggerstaff, Lee E.; Cicero, David C.; Goldie, Brad; Reid, Lauren C.
作者单位：University System of Ohio; Miami University; Auburn University System; Auburn University; Wake Forest University
摘要：We test the association between CFO effort and the quality of public firms' financial information environments. We evaluate this relation using a measure of CFO leisure consumption-specifically, the amount of golf played-as an inverse proxy for effort. We find a negative relation between CFOs' compensation incentives and golf play, suggesting they exert more effort when they have greater incentives to increase firm value. High CFO leisure consumption is associated with lower earnings quality, ...
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作者：Li, Bin; Siciliano, Gianfranco; Venkatachalam, Mohan
作者单位：University of Houston System; University of Houston; China Europe International Business School; Duke University
摘要：This study adopts a two-step approach to highlight the disclosure quality channel that drives economic consequences of IFRS adoption. This approach helps address the identification challenge noted by prior research and offers direct evidence on the role of disclosure quality. In the first step, we document the impact of the IFRS mandate on changes in disclosure quality proxied by the granularity of line item disclosure in financial statements. We find that IFRS-adopting firms provide more disa...
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作者：Pinnuck, Matthew; Ranasinghe, Ajanee; Soderstrom, Naomi; Zhou, Joey
作者单位：University of Melbourne; Tilburg University
摘要：We provide the first direct analysis of the magnitude of unreliable quantitative information disclosed in corporate social responsibility (CSR) reports. CSR report reliability is of particular interest to fund managers for investment decisions as well as to policymakers for regulating and monitoring purposes. However, surprisingly little is known about CSR reporting reliability despite concerns raised in the prior literature. We examine how often CSR reports for the Global Fortune 250 (G250) a...
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作者：Jennings, Ross; Kartapanis, Antonis; Yu, Yong
作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
摘要：This study explores close US congressional elections involving politicians who have influence over the SEC to examine the effect of firms' political connections on their financial reporting. This question is important in understanding the overall effect of political connections on financial reporting. Our difference-in-differences tests reveal no evidence that firms experiencing a relative increase in political connections report more opportunistically after close elections in anticipation of ...
