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作者：Blouin, Jennifer L.; Fich, Eliezer M.; Rice, Edward M.; Tran, Anh L.
作者单位：University of Pennsylvania; Drexel University; University of Washington; University of Washington Seattle; City St Georges, University of London
摘要：We study the impact of the Domestic Production Activities Deduction (DPAD) on mergers and acquisitions. DPAD reduces corporate tax rates on income from work or goods made in the U.S. Results indicate that the quantity and quality of acquisition bids by DPADadvantaged firms conform to the predictions of the neoclassical theory of the firm and the theory of financial constraints. Specifically, bids, particularly those cash-financed, increase substantially in industries with large DPAD-related ta...
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作者：Iselin, Michael; Park, Min; Van Buskirk, Andrew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Kansas; University System of Ohio; Ohio State University
摘要：Sell-side equity analysts produce and disseminate a variety of outputs, including stock recommendations, 12-month target prices, and earnings estimates of various horizons. While these different outputs are generally positively correlated with one another (Bandyopadhyay et al., 1995; Bradshaw, 2004; Ertimur et al., 2007; Da et al., 2016), prior research documents inconsistenciesdcases where one measure conflicts in some way with another measure issued by the same analyst at the same timedanywh...
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作者：Hills, Robert; Kubic, Matthew; Mayew, William J.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Texas System; University of Texas Austin; Duke University
摘要：We examine whether SEC effort to review state sponsors of terrorism (SST) disclosure negatively influences financial reporting oversight. Using comment letter inquiries about SST to measure effort, we find the likelihood that the SEC fails to identify a financial reporting error increases when comment letters reference SST. Consistent with SST disclosure review crowding out financial reporting oversight, comment letters referencing SST are less likely to mention accounting, non-GAAP, and MD&A ...
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作者：Bushman, Robert; Gao, Janet; Martin, Xiumin; Pacelli, Joseph
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Indiana University System; Indiana University Bloomington; Washington University (WUSTL)
摘要：We investigate the extent to which loan officers generate independent, individual effects on the design and performance of syndicated loans. We construct a large database containing the identities of loan officers involved in structuring syndicated loan deals, allowing us to systematically disentangle borrower, bank, and loan officer fixed effects. We find that loan officers have significant influence on interest spreads, loan covenant design, and loan performance. Inclusion of borrower fixed ...
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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 investigate the effect of patent disclosures on corporate innovation. Using the American Inventor's Protection Act (AIPA) as a shock that increased patent disclosures, we find an increase in innovation for firms whose rivals reveal more information after the AIPA and a decrease in innovation for firms whose own disclosures are divulged to competitors as a result of the law. These findings suggest patent disclosures generate both spillover benefits and proprietary costs. Our findings provide...
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作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
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作者：Heater, John C.; Nallareddy, Suresh; Venkatachalam, Mohan
作者单位：Duke University
摘要：Extant literature documents that aggregate accruals positively predict future market returns and attributes this relation to either changes in discount rates or systematic earnings management. We offer an alternative explanation: aggregate merger and acquisition (M&A) activity drives this relation. M&A activity affects the magnitude of accruals, which in turn drives the market return predictability of aggregate accruals. We find that the ability of both aggregate accruals and discretionary agg...
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作者：Leone, Andrew J.; Li, Edward Xuejun; Liu, Michelle
作者单位：Northwestern University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Hunter College (CUNY)
摘要：This study examines changes in SEC enforcement and firm cooperation after the SEC introduced its new cooperation program in 2010. While previous research shows that the SEC penalized cooperative firms prior to 2010, our results suggest that after that year, it rewarded cooperation, especially good faith actions. We also find that after 2010, the SEC increased mentions of cooperation in public speeches and publicized more details about firm cooperative activities in AAERs. Finally, we find some...
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作者：Gipper, Brandon
作者单位：Stanford University
摘要：This paper analyzes the effects of expanded compensation disclosures on manager pay. For identification, I use the introduction of the Compensation Discussion and Analysis (CD&A) in the 2007 proxy season, a significant expansion in required compensation disclosures, to compare manager pay at firms with and without the disclosure in a difference -indifferences analysis. These disclosures are associated with increasing pay, contrary to the conventional wisdom that pay disclosures reduce pay leve...
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作者：Carter, Mary Ellen; Choi, Jen; Sedatole, Karen L.
作者单位：Boston College; Emory University
摘要：We examine how supplier industry competition affects CEO incentive intensity in pro-curing firms. Using Bureau of Economic Analysis data to compute a weighted supplier industry competition measure, we predict and find that higher supplier competition is associated with stronger CEO pay-for-performance incentive intensity. This effect is in-cremental to that of the firm's own industry competition previously documented and is robust to alternative measures of supplier competition and to exogenou...
