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作者：Chen, Xia; Cheng, Qiang; Chow, Travis; Liu, Yanju
作者单位：Singapore Management University; University of Hong Kong; Hong Kong Baptist University
摘要：In-house human capital tax investment is a significant input to a firm's tax decisions. Yet, due to the lack of data on corporate in-house tax departments, there is little empirical evidence on how tax departments are associated with tax planning and compliance outcomes. We expect the size of tax departments to be positively associated with the effectiveness of tax planning and compliance. Using hand-collected data on the number of corporate tax employees in S&P 1500 firms over the 2009-2014 p...
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作者：Haesebrouck, Katlijn
作者单位：Maastricht University
摘要：Within the context of managerial reporting, the tasks of acquiring and reporting information are logically connected. Although the accounting literature acknowledges their importance, it often treats these tasks as distinct processes. I investigate how the effort exerted to acquire information influences managers' reporting. Managers' information acquisition effort can induce psychological ownership that can lead to a sense of deservingness that increases opportunistic reporting or to a sense ...
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作者：Ege, Matthew; Kim, Young Hoon; Wang, Dechun
作者单位：Texas A&M University System; Texas A&M University College Station; George Mason University
摘要：This study investigates whether PCAOB inspections of foreign auditors affect global financial reporting comparability. Foreign auditors may adjust audit methodologies to address PCAOB inspection findings, which could affect financial reporting of local clients. Exploiting both within- and cross-country variation in PCAOB inspections, we predict and find that non-US-listed foreign companies' financial reporting becomes more comparable to their US and non-US industry peers after their auditors u...
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作者：Brochet, Francois; Ferri, Fabrizio; Miller, Gregory S.
作者单位：Boston University; University of Miami; University of Michigan System; University of Michigan
摘要：Motivated by the increasing influence of shareholder votes on corporate policies, we examine investors' perceptions of activism via voting. To identify instances of activism via voting, we focus on annual meetings with at least one ballot item where a substantial fraction of shareholders is expected to vote against management's voting recommendation, indicating an increase in their monitoring activity. We define such meetings as contentious. Using a sample of almost 28,000 meetings between 200...
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作者：Li, Zhi; Ryan, Harley E., Jr.; Wang, Lingling
作者单位：Chapman University System; Chapman University; University System of Georgia; Georgia State University; University of Connecticut
摘要：We use a hand-collected sample of 1,628 S&P 1500 firms and more than 12,000 executives to examine how family firms compensate nonfamily executives. Family firms comprise a large percentage of firms around the world, and most of their executives are not members of the founding family. Moreover, the founding family's engagement in the firm alters agency conflicts, which in turn should influence the design of incentive compensation. However, there is no empirical evidence on whether and how the i...
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作者：Grasser, Robert A.; Majerczyk, Michael; Staehle, Martin; Yang, Di
作者单位：University of South Carolina System; University of South Carolina Columbia; University System of Georgia; Georgia State University; University of New South Wales Sydney
摘要：This study examines the benefits of employee involvement in feedback system design for cooperation. Understanding how to enhance cooperation is important given the increasing use of team settings in practice. Control systems often provide feedback on cooperative actions of coworkers, which can help enable cooperation in teams and between organizational units. We predict that involvement in the design of feedback systems can be a source of trust between employees and enhances cooperation. This ...
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作者：Wang, Yan
作者单位：McMaster University
摘要：Using the relationship between institutional trades and sequential public information, this study provides a systematic way to identify institutional trades that are informative about future equity returns. By studying the US financial institutions from 1994 to 2016, I show that institutional trades initiated by managers responding proactively to upcoming informational signals strongly predict future stock returns. The predictability of informed institutions is more evident for stocks with hig...
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作者：Liao, Pei-Cheng; Ma, Guang; Radhakrishnan, Suresh
作者单位：National Taiwan University; McGill University; University of Texas System; University of Texas Dallas
摘要：We consider an investor's choice of conservative reporting, bonus payments, and investment decisions in the presence of the hidden-information agency problem of a manager's productivity and the hidden-action agency problem of a manager's diversion of resources. It is important to consider the hidden-action and hidden-information agency problems in isolation and their interaction to gain insights into the drivers of demand for conservatism. We show that the conservative (nonconservative) regime...
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作者：Daines, Robert; Li, Shelley Xin; Wang, Charles C. Y.
作者单位：Stanford University; University of Southern California; Harvard University
摘要：Staggered boards (SBs) are one of the most potent common entrenchment devices, and their value effects are considerably debated. We study SBs' effects on firm value, managerial behavior, and investor composition using a quasi-experimental setting: a 1990 law that imposed SBs on all Massachusetts-incorporated firms. We find that relative to a matched control group of companies, for treated companies the law led to an increase in Tobin's Q, investment in capital expenditures and R&D, patents, an...
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作者：Mayberry, Michael; Park, Hyun Jong; Xu, Tian
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We reexamine the positive association between stock option vega and earnings management previously documented by Armstrong, Larcker, Ormazabal, and Taylor (2013; henceforth, ALOT). In contrast to ALOT, prior empirical research and practitioner literature emphasizes earnings management's goals of increasing stock price and reducing volatility. Specifically, we assess whether the association is robust to (i) employing discretionary accruals that are less prone to misspecification, (ii) focusing ...
