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作者：Nesbitt, Wayne L.; Outslay, Edmund; Persson, Anh V.
作者单位：Michigan State University; Michigan State University's Broad College of Business; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the stock market reaction to the unprecedented leaks of confidential advance tax rulings between Luxembourg and multinational corporations-also known as the LuxLeaks. Contrary to the negative market reaction to tax shelter news documented in prior research, we find that investors responded positively to these leaks. This reaction is concentrated among U.S. firms. Furthermore, we document a positive association between abnormal returns and the reduction in firms' tax uncerta...
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作者：Yost, Benjamin P.
作者单位：Boston College
摘要：This study investigates whether tax-based proprietary costs associated with being a public firm (i.e., costs resulting from increased visibility to the tax authority) discourage public listing. I exploit the introduction of a mandatory disclosure requirement (FIN 48) which generated a signal to the government regarding the uncertainty of public firms' tax po-sitions, allowing for more carefully targeted audits. I hypothesize and find evidence of an increased propensity to go private by public,...
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作者：Zhang, Rachel Xi
作者单位：National University of Singapore
摘要：I examine whether corporate managers learn from institutional investors through direct interactions at investor conferences. I find that managers seek more direct interactions with institutional investors at conferences when they have a greater need for information about their firm's product markets and supply chains. This relation is stronger when managers expect investors to be knowledgeable. I also show that the information acquired from conference interactions is reflected in subsequent ma...
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作者：Christensen, Theodore E.; D'Adduzio, Jenna; Nelson, Karen K.
作者单位：University System of Georgia; University of Georgia; University of British Columbia; Texas Christian University
摘要：We provide evidence that accruals quality in the U.S. has generally improved since 2000, following a decade of decline during the 1990s. Our results indicate that both the initial decline in accruals quality and the subsequent reversal can be explained by an inverse relation with operating cash flow volatility. Moreover, even though patterns of cash flow volatility and accruals quality vary in different regions of the world and relative to the U.S., we find evidence of an inverse relation betw...
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作者：Core, John E.; DeHaan, Ed; Guay, Wayne; Hanlon, Michelle; Lang, Mark; Wu, Joanna
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作者：Labro, Eva; Lang, Mark; Omartian, James D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Michigan System; University of Michigan
摘要：We examine the relation between plant-level predictive analytics use and centralization of authority for more than 25,000 manufacturing plants using proprietary US Census data. We focus on headquarters' authority over plants through delegation of decision-making and design of performance-based incentives. We find that increased predictive analytics use is associated with reduced delegation of decision-rights to local managers, increased centralization of control over data gathering and reduced...
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作者：Chay, J. B.; Chong, Byung-Uk; Im, Hyun Joong
作者单位：Sungkyunkwan University (SKKU); University of Seoul
摘要：We examine the effect of a large dividend tax cut on corporate investment efficiency by exploiting the 2003 personal taxation reform in the U.S. as a quasi-natural experiment. Using a difference-in-differences approach based on the probability that a firm's marginal investor was an individual investor, we show that the 2003 dividend tax cut significantly improved the investment efficiency of U.S. listed firms. However, we find no evidence that the dividend tax cut increased the level of invest...
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作者：Choi, Bong-Geun; Choi, Jung Ho; Malik, Sara
作者单位：Stanford University; Utah System of Higher Education; University of Utah
摘要：We study the information content of earnings announcements and its relevance for job search using detailed search data from half a million anonymous job seekers. We find evidence consistent with job seekers initiating job-search activity in response to a pro-spective employer's earnings announcements. Job seekers search more intensely for em-ployers with media coverage and earnings growth, consistent with the attention and information roles of earnings announcements. We find corroborating evid...
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作者：V. Chen, Jason
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：The wisdom of crowds suggests that groups with more diversely informed individuals reach more informed decisions because their members are collectively more knowledgeable. I study this idea in the context of the market's response to earnings announcements by examining how information diversity across investors affects the efficiency of the price response to earnings news. I measure investors' information diversity based on their geographic dispersion, which I estimate using the locations of th...
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作者：Kim, Jinhwan; Valentine, Kristen
作者单位：Stanford University; University System of Georgia; University of Georgia
摘要：We examine the spillover effect of public firm disclosures on the patent trading market. The patent market is rife with information frictions, yet can potentially facilitate the reallocation of innovation to the most productive users. We find that going from the 25th percentile to the 75th percentile in public firm presence - our proxy for public firm disclosures - is linked to a 9.4% increase in other related parties' future patent sales. The positive link between public firm presence is stro...
