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作者：Chow, Travis; Klassen, Kenneth J.; Liu, Yanju
作者单位：Singapore Management University; University of Waterloo
摘要：This paper examines the effect of targets' participation in tax shelters on takeover premiums in mergers and acquisitions. Using a novel data set in which targets disclose that they have not participated in tax shelters, we find that targets that make this statement in their merger filings are associated with 4.6 percent higher takeover premiums, on average. These findings suggest that acquirers are concerned about the potential future liabilities when targets have engaged in tax sheltering. C...
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作者：Glover, Jonathan; Kim, Eunhee
作者单位：Columbia University; Carnegie Mellon University
摘要：Evans, Moser, Newman, and Stikeleather (2016) use experiments of a one-shot game to analyze the impact of open versus closed internal reporting on collusive managerial behavior. They interpret their results as inconsistent with economic theory. To better contrast their findings with economic theory and to expand their view of same, we sketch economic models capable of explaining many aspects of their results. We also critique the research design and offer an alternative payoff structure. We th...
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作者：Shevlin, Terry
作者单位：University of California System; University of California Irvine
摘要：Chow, Klassen, and Liu (2016), hereafter CKL, examine whether M&A bidding firms are willing to pay more for target firms that disclose they have not participated in a tax shelter sometime in the past. My discussion provides an overview of the past and current tax literature in accounting and places CKL within this expanding literature. I then provide a critique of this interesting and well-executed study that exploits an unusual disclosure to examine tax shelter participation effects.
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作者：Harris, Erica E.; Neely, Daniel G.
作者单位：Rutgers University System; Rutgers University Camden; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We find evidence indicating that donors use third-party rating information when they donate to U.S. nonprofit organizations (nonprofits). Specifically, using a sample of over 3,800 unique nonprofits rated by the three largest charity rating organizations in 2007, and over 12,000 unrated control nonprofits, we find that rated nonprofits have significantly higher direct donations than unrated charities. We also hypothesize and find that nonprofits with ratings from multiple rating organizations ...
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作者：Edwards, Alexander; Kravet, Todd; Wilson, Ryan
作者单位：University of Toronto; University of Connecticut; University of Oregon
摘要：Current U.S. reporting and tax laws create an incentive for some U.S. firms to avoid the repatriation of foreign earnings, as the U.S. government charges additional corporate taxes on these transfers. Prior research suggests that the combined effect of these incentives leads some U.S. multinational corporations to hold a significant amount of cash overseas. In this study, we investigate the effect of cash trapped overseas on U.S. multinational corporations' foreign acquisitions. Consistent wit...
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作者：Vansant, Brian
作者单位：Auburn University System; Auburn University
摘要：This study examines the relationship between institutional pressures to provide social benefits and the discretionary accrual behavior of nonprofit firms. I examine this issue within the context of U.S. nonprofit hospitals, an economically significant and politically rich setting where firms face considerable institutional pressure to provide an important social benefit: charity care. I argue that institutional pressures on nonprofits to provide higher levels of social benefits imply that lowe...
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作者：Blaylock, Bradley S.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Two influential papers in the tax-avoidance literature (Desai and Dharmapala 2006; Desai, Dyck, and Zingales 2007) argue that aggressive forms of tax avoidance employ technologies that complement managerial rent extraction, and provide supporting evidence from firms in Russia. Several papers rely on this theory to motivate and interpret tests in a U.S. setting, but these tests are open to multiple interpretations. This paper investigates the extent to which shareholders of U.S. companies are a...
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作者：Gupta, Sanjay; Laux, Rick C.; Lynch, Daniel P.
作者单位：Michigan State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine whether firms decrease tax reserves to meet analysts' quarterly earnings forecasts in the period prior to FIN 48, and whether that behavior changed following FIN 48. We use analysts' forecasts of pretax and after-tax income to impute premanaged earnings, or earnings before any tax manipulation. Pre-FIN 48, we observe that firms reduce their tax reserves (i.e., increase income) when premanaged earnings are below analysts' forecasts. Specifically, 78 percent of firm-quarters that woul...
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作者：Bloomfield, Robert
作者单位：Cornell University
摘要：The stated goals of the SEC are to protect investors, maintain orderly markets and facilitate capital formation. These goals can be achieved with very light regulation if, as assumed by traditional economic theory, investors process information costlessly and protect themselves from informational disadvantages, and firms optimally balance the costs and benefits of committing to make their reports reliable. A growing body of research demonstrates that light regulation fails to achieve the SEC's...
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作者：Lisic, Ling Lei; Neal, Terry L.; Zhang, Ivy Xiying; Zhang, Yan
作者单位：George Mason University; University of Tennessee System; University of Tennessee Knoxville; University of Minnesota System; University of Minnesota Twin Cities; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：During the past decade, new regulations have been adopted to improve audit committee effectiveness. Prior research has generally provided evidence in support of these regulations and suggests that a more independent and expert audit committee is more effective. We posit that CEO power reduces or even eliminates the improvements in audit committee effectiveness resulting from independent and financially expert committee members. Thus, CEO power may result in an audit committee that appears effe...
