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作者：Chen, A. J. Yuan; Ogneva, Maria
作者单位：University of Southern California
摘要：Heater, Nallareddy, and Venkatachalam (2021), hereafter HNV, find that aggregate merger and acquisition (M&A) activity explains the ability of aggregate accruals to predict market wide returns. In this discussion, we delineate HNV's contribution to accounting literature and provide a review of the emerging stream of micro-to-macro accounting research. We also discuss HNV's findings in relation to research beyond accounting, including the literature on aggregate return prediction and mergers an...
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作者：Chen, Han-Chung; Lee, Yen-Jung; Lo, Sheng-Yi; Yu, Yong
作者单位：National Taipei University; National Taiwan University; Feng Chia University; University of Texas System; University of Texas Austin
摘要：We examine how the qualitative characteristics of a non-GAAP earnings disclosure reveal the quality of the non-GAAP performance metric itself. We measure the qualitative aspects of the non-GAAP disclosure using an index of 12 hand-coded characteristics and presen-tation choices that provide context to non-GAAP disclosures. We find that more trans-parent qualitative information in non-GAAP disclosures is associated with more transitory non-GAAP exclusions and a lower likelihood that managers wi...
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作者：Bushman, Robert
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Over the last two decades, executive compensation research has focused primarily on equity-based pay and incentives emanating from executives' firm-specific equity portfo-lios, while generally ignoring cash-based bonus plans as a second order effect. Exploiting access to new data sources, there has been a revival of interest by accounting researchers in more deeply understanding the value adding roles played by bonus plans. Earlier research viewed accounting measures in bonus plans through the...
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作者：Lester, Rebecca
作者单位：Stanford University
摘要：In The Impact of IP Box Regimes on the M&A Market, Bradley, Robinson, and Ruf (2021) study whether and to what extent tax incentives for intellectual property affect corporate M&A investment activity. The paper finds that a 1.0 percentage point tax benefit leads to a 1.2% increase in M&A activity in a country after the implementation of an Intellectual Property (IP) Box tax regime. Results vary based on country-specific IP Box requirements, as well as firm-specific characteristics such as pate...
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作者：Lunawat, Radhika; Shields, Timothy W.; Waymire, Gregory
作者单位：University of California System; University of California Irvine; Chapman University System; Chapman University; Emory University
摘要：Scholars have long suspected that people behave differently when their actions will be observed by or revealed to others. We hypothesize that financial reporting that reveals managers' actions will lead managers to take actions that better align with investor interests. We test this hypothesis with an experiment in which we manipulate the availability of a financial report that reveals managerial actions. Our evidence shows that financial reporting leads a manager to choose reinvestment and re...
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作者：Chy, Mahfuz; De Franco, Gus; Su, Barbara
作者单位：University of Missouri System; University of Missouri Columbia; Tulane University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We exploit staggered state-level shocks to third-party auditor legal liability in the U.S. to test whether auditor litigation risk affects client companies' access to private debt markets. We find that an exogenous increase in auditor litigation risk leads to an increase in both clients' likelihood of receiving bank loans and the average amount of the bank loans that clients receive. In support of our proposed mechanism that auditor litigation risk leads to improvements in clients' audit and f...
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作者：Edelen, Roger M.
作者单位：Virginia Polytechnic Institute & State University
摘要：The authors find that disclosure complexity strongly negatively relates to S&P 500 index fund returns. Because those returns are largely determined by fund fees, their evidence suggests that fund managers obfuscate to drive mutual fund investors into poor investment choices. However, the use of a passive (indexed) investment strategy can overlap with another prominent feature of the mutual fund industry: financial advisers (i.e. money doctors, Gennaioli et al., 2015) who assist with investment...
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作者：Reiter, Nayana
作者单位：University of Toronto
摘要：Cross-listing shares abroad can reduce barriers to foreign investment, such as frictions to information flows and limited minority shareholder protection, resulting in capital market benefits for firms. While a large body of literature has sought to explain the consequences of cross-listing, little attention has been paid to the role of communication between managers and investors during this process.1 In this paper, I investigate whether managers change communication policies around a U.S. cr...
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作者：Li, Qin; Ma, Mark (Shuai); Shevlin, Terry
作者单位：Hong Kong Polytechnic University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of California System; University of California Irvine
摘要：To constrain the use of intangible assets in tax-motivated state income shifting, many U.S. state governments adopted addback statutes. Addback statutes reduce the tax benefits that firms can gain from creating intangible assets such as patents. Using a sample of U.S. public firms, we examine the effect of addback statutes on corporate innovation behavior. First, the adoption of addback statutes leads to a 4.77 percentage point decrease in the number of patents and a 5.12 percentage point decr...
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作者：Liu, Zheng; Shen, Hongtao; Welker, Michael; Zhang, Ning; Zhao, Yang
作者单位：Queens University - Canada; Hong Kong Polytechnic University; Jinan University
摘要：We investigate an externality of earnings pressure from capital markets. We define earnings pressure as managers' incentives to meet or beat earnings expectations. Using detailed establishment-level sulfur dioxide emission data from China covering 2003 to 2012, we find that firms with earnings pressure have higher intensity sulfur dioxide emissions. This effect is more pronounced when the strength of monitoring and regulatory enforcement is weak, when litigation risk is low, and when the publi...
