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作者：Files, Rebecca; Gurun, Umit G.
作者单位：University of Texas System; University of Texas Dallas
摘要：We investigate whether restatements announced by economically related firms influence the contract terms a borrower receives from lenders. A restatement by a major customer firm increases the loan spread of a borrower by 11 basis points, on average. The contagion effects of customer restatements are higher (45 basis points) when a borrower's switching costs are high. Restatements by peer firms in the same industry also increase a borrower's loan spread, and this increase occurs regardless of r...
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作者：Levy, Hagit; Shalev, Ron; Zur, Emanuel
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; University System of Maryland; University of Maryland Baltimore
摘要：In Gantler v. Stephens (2009), the Delaware Supreme Court makes explicit that corporate officers owe the same fiduciary duty to the firm and shareholders as do board members. The decision increased the risk of non-board-serving officers being added as named defendants to investor litigation but did not change the risk of corporate litigation. Analyzing the effect of the Gantler ruling on non-board-serving CFOs, we find a significant change in their behavior as well as in their firms' disclosur...
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作者：Attig, Najah; El Ghoul, Sadok
作者单位：Saint Marys University - Canada; University of Alberta
摘要：We examine the effects of organization capital-evident in management quality practices-on firms' implied cost of equity. We show that superior management practices decrease firms' cost of equity capital. This novel finding, robust to a battery of sensitivity analyses and to endogeneity bias, highlights the importance of superior management practices in improving firms' financing conditions. In sum, this study demonstrates that the quality of management practices maps onto firms' financing cond...
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作者：Baudot, Lisa
作者单位：State University System of Florida; University of Central Florida
摘要：This article explores commitment to knowledge templates, in this case competing measurement models, in global standard-setting processes. In particular, I examine the positions of board members of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on a proposal to use fair value accounting in the measurement of revenue. The proposal to measure revenue at fair value was deliberated between 2002 and 2008 as part of the joint revenue project of...
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作者：Chen, Novia X.; Chiu, Peng-Chia; Shevlin, Terry
作者单位：University of Houston System; University of Houston; Chinese University of Hong Kong; University of California System; University of California Irvine
摘要：We exploit an exogenous shock to analyst coverage as a result of brokerage house mergers and closures to examine whether financial analysts influence the tax-planning activities of the firms they cover. Using a difference-in-differences design, we find that, on average, firms affected by broker mergers and/or closures experience a reduction in their GAAP (cash) effective tax rates (ETR) of 2.5 percent (2.6 percent), relative to control firms, translating into average tax expense (cash tax) sav...
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作者：Lin, Kenny Z.; Mills, Lillian F.; Zhang, Fang; Li, Yongbo
作者单位：Lingnan University; University of Texas System; University of Texas Austin; Hong Kong Baptist University; Hong Kong University of Science & Technology
摘要：This paper examines whether ties to politicians by corporate boards of directors weaken the effectiveness of tax authorities in constraining tax avoidance in China. We use a unique data set to measure geographic time-variant tax enforcement, including the probability of income tax audit, the expertise of tax officers, and the consequences of underreporting tax liabilities. Based on a sample of 11,121 firm-years from 2003 to 2013, we find that the deterrent effect of the probability that a firm...
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作者：Georgiou, Omiros
作者单位：University of Manchester
摘要：Investors and analysts are designated as the primary users of financial reports by standard setters, yet we know very little about their use of accounting information and about their relationship with standard setters. This paper explores how investors and analysts evaluate the usefulness of fair values to their work. Standard setters typically presume that investors and analysts view accounting as a practice of valuation and, therefore, favor the greater use of fair value measurement. However...
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作者：Blouin, Jennifer L.; Robinson, Leslie A.; Seidman, Jeri K.
作者单位：University of Pennsylvania; Dartmouth College; University of Virginia
摘要：Our study evaluates the role of coordination, at both the government and the firm level, on the transfer prices set by U.S. multinational corporations (MNCs) when income taxes and duties cannot be jointly minimized with a single transfer price. We find that either the presence of a coordinated income tax and customs enforcement regime or coordination between the income tax and customs functions alters transfer prices for these firms. Our analyses have implications for both firms and taxing aut...
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作者：Wang, Cong; Xie, Fei; Xin, Xiangang
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Delaware; City University of Hong Kong
摘要：We examine the relation between accounting conservatism and inside debt held by managers in the form of pension benefits and deferred compensation. We find that financial reporting is less conservative in firms whose CEOs hold more inside debt, particularly in firms with high default risk and agency costs of debt. This is consistent with our hypothesis that by aligning managerial incentives more closely with those of debtholders, inside debt reduces debtholders' expropriation concerns and thus...
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作者：Bereskin, Frederick L.; Hsu, Po-Hsuan; Rotenberg, Wendy
作者单位：University of Delaware; University of Hong Kong; University of Toronto
摘要：We examine the consequences of real earnings management from an innovation perspective and investigate the patent output of firms likely to be managing earnings through altering their R&D expenditures. We find that R&D cuts related to earnings management lead to fewer patents, less influential patent output, and lower innovative efficiency compared to other R&D cuts. Our results thus suggest that real earnings management may obstruct firms' technological progress and highlight the potential co...
