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作者：Breuer, Matthias; Leuz, Christian; Vanhaverbeke, Steven
作者单位：Columbia University; University of Chicago; KU Leuven
摘要：We investigate the impact of reporting regulation on corporate innovation. Exploiting thresholds in Europe's regulation, we find that forcing firms to disclose financial statements reduces the number of innovating firms and the average firm's innovation spending, but it does not reduce industry-wide total innovation spending. Our results suggest that the regulation imposes proprietary costs on firms, which discourages innovation activity, especially by smaller firms. We also show that the regu...
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作者：DePaul, Adrienne; Murphy, Frank; Vernon, Mary E.
作者单位：University of Connecticut; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In 2017, the European Commission (EC) published a list of non-cooperative tax havens. We study whether country-level tourism and foreign direct investment (FDI) change as a result of this list. Consistent with a reputational cost of the EC's name and shame campaign, there is a modest reduction in EU tourism among listed countries compared to unlisted ones. This relative reduction is concentrated among tourists from countries that view cheating on taxes as less justifiable. In contrast, listed ...
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作者：Liu, Junhao
作者单位：University of Melbourne
摘要：Using website cookie information from U.S. firms' websites, I measure consumer data collected through cookies and examine how such data affect firms' accounting information environments. Cookies provide granular and real-time consumer data to firms' internal information environments and may improve the quality of internal information that managers rely on for external reporting. I find that firms with more cookies issue management sales forecasts more frequently and devote a larger share of di...
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作者：Ferguson, Duke; Krupa, Trent J.; Laux, Rick C.
作者单位：University of Kentucky; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Oklahoma State University System; Oklahoma State University Center for Health Sciences
摘要：We examine how tax administration quality in developing countries impacts foreign direct investment (FDI). Developing countries are improving tax administration to raise revenue and reduce dependence on foreign aid. These reforms may deter FDI by raising taxes or attract it by creating a more transparent and predictable investment environment. We use participation in Tax Inspectors Without Borders-a joint OECD-UN program that helps developing countries audit and tax multinational corporations ...
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作者：Donelson, Dain C.; Hutzler, Christian M.; Rhodes, Adrienne
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Texas System; University of Texas Austin; University of Iowa
摘要：This study examines how recent government antitrust enforcement against potentially illegal interlocking directorates (competitor interlocks) reshaped boards. After the first major enforcement announcement, competitor-interlocked directors were more likely than other directors to leave boards and were replaced by individuals with less industry experience. Further, newly appointed directors were less likely to form competitor interlocks. The resulting reduction in relevant board industry experi...
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作者：Zimmerman, Jerold L.
作者单位：University of Rochester
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作者：Granja, Joao; Nagel, Fabian
作者单位：University of Chicago; Northwestern University
摘要：We use data from TransUnion, a large U.S. credit bureau covering millions of individual consumer loans, to examine the transition to the Current Expected Credit Loss (CECL) accounting standard and to provide novel evidence about the impact that raising reserve requirements has on banks' pricing and lending decisions in the U.S. consumer lending market. We find that greater reserve requirements following the adoption of CECL induce a statistically significant but economically moderate increase ...
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作者：Bourveau, Thomas; Gao, Xingchao; Li, Rongchen; Zhou, Frank S.
作者单位：Columbia University; University of Toronto; University of Pennsylvania
摘要：We investigate a 2012 comply-or-explain regulation implemented by China's Shanghai Stock Exchange. The regulation requires eligible firms to pay 30% of their current-year profits as cash dividends or explain the reasons why they do not meet this requirement through a public conference call. Using firms listed on the Shenzhen Stock Exchange as a control group, our difference-in-differences estimates suggest that firms subject to the regulation decreased tunneling, irrespective of whether they c...
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作者：Armstrong, Daphne M.; Glaeser, Stephen; Hoopes, Jeffrey L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We use textual analysis of mandatory accounting filings to develop firm-level, time-varying measures of exposure to individual government agencies including the Securities Exchange Commission (SEC) and Internal Revenue Service (IRS). The measures vary predictably across industries and with agency-specific events such as the Sarbanes Oxley Act at the SEC and budget cuts at the IRS. The measures positively relate to undisclosed agency investigations and financial statement downloads. Firms' tota...
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作者：Osswald, Benjamin; Pierk, Jochen
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This study investigates the importance of top executives for foreign tax planning in multinational corporations. Applying incremental R2 comparisons and Shapley Value decompositions, we find that executives account for meaningful variation in foreign tax planning and the number of foreign (tax haven) subsidiaries, but have limited influence on effective tax rates in nonhaven affiliates. We further provide initial evidence that executive influence declined following the Tax Cuts and Jobs Act of...
