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作者：Chen, Novia X.; Shevlin, Terry
作者单位：University of Houston System; University of Houston; University of California System; University of California Irvine
摘要：Harris and O'Brien (2018) investigate whether U.S. tax policy distorts U.S. multinationals' (MNCs) investment. They find that MNCs facing higher repatriation tax costs engage in fewer domestic acquisitions. The study re-examines the results in two prior studies that found no effect (Hanlon et al. 2015) and a positive effect (Martin et al. 2015) by introducing a new proxy for repatriation tax costs: A binary variable for whether the MNC uses the Double Irish structure. We critique the theory un...
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作者：Glaeser, Stephen
作者单位：University of Pennsylvania
摘要：I examine the effects of proprietary information on corporate transparency and voluntary disclosure. To do so, I develop and validate two measures of firms' reliance on trade secrecy: one based on 10-K disclosures and one based on subsequent litigation outcomes. I complement these measures by using the staggered passage of the Uniform Trade Secrets Act as a shock to trade secrecy. I find that firms that begin to rely more heavily on trade secrecy substitute increased voluntary disclosure of no...
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作者：Bozanic, Zahn; Roulstone, Darren T.; Van Buskirk, Andrew
作者单位：University System of Ohio; Ohio State University
摘要：We identify forward-looking statements (FLS) in firms' disclosures to distinguish between forecast-like (quantitative statements about earnings) and other, or non-forecast-like, FLS. We show that, like earnings forecasts, other FLS generate significant investor and analyst responses. Unlike earnings forecasts, other FLS are issued more frequently when uncertainty is higher. We then show that earnings-related FLS are more sensitive to uncertainty than quantitative statements, suggesting that ma...
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作者：Lennox, Clive; Wang, Zi-Tian; Wu, Xi
作者单位：University of Southern California; Shanghai University of Finance & Economics; Central University of Finance & Economics
摘要：Acquirers are motivated to overstate earnings prior to stock-financed acquisitions. We hypothesize that audits help to detect and correct such overstatements. We test this using a difference-in-differences design, which compares audit adjustments to earnings for stock financed and cash-financed acquirers before versus after the acquisitions. Consistent with our hypothesis, we find larger downward adjustments in the audits immediately before stock-financed acquisitions. Further analysis of regu...
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作者：Dimitrova, Lora
作者单位：University of Exeter
摘要：Special purpose acquisition companies (SPACs) are an alternative investment, structured as a one-shot private equity (PE) deal. Significant cross-sectional variation exists in SPACs' performance, which can be explained by the strong implicit incentives embedded in contracts. SPAC performance is worse for acquisitions announced near the predetermined two-year deadline, for acquisitions with deferred initial public offering underwriting fees, and for acquisitions with market value close to the r...
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作者：Horton, Joanne; Serafeim, George; Wu, Shan
作者单位：University of Exeter; Harvard University; China Europe International Business School
摘要：We study how career concerns influence banking analysts' forecasts. Banking analysts' first (last) earnings forecast of the year is relatively more optimistic (pessimistic) for a bank that could be their future employer. This pattern is not observed when the same analysts forecast earnings of banks unlikely to be their future employer. We use the Global Settlement as an exogenous shock on career concerns and show that this forecast pattern is more pronounced after the Settlement. Moreover, we ...
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作者：Iselin, Michael; Nicoletti, Allison
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Pennsylvania
摘要：This paper examines whether public bank managers change both the composition and classification of their investment portfolios after SFAS 157. We first show that non-agency mortgage-backed securities (MBSNA) are the asset class most likely to be measured using level 3 inputs, which are based on unobservable information. We then find that relative to a control sample of private banks, public banks altered their investment portfolios in a manner that reduced the percentage of MBSNA holdings for ...
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作者：Kubick, Thomas R.; Lockhart, G. Brandon; Mills, Lillian F.; Robinson, John R.
作者单位：University of Kansas; Clemson University; University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：We investigate whether geographic proximity between corporate headquarters and IRS regional offices affects corporate tax avoidance and the likelihood and productivity of IRS examinations. Using geographic distance to represent information asymmetry, we find that corporations avoid more tax when located closer to the IRS unless they are close to an IRS industry specialist This finding is consistent with taxpayers believing proximity provides them with an information advantage over the IRS. Fro...
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作者：Berger, Philip G.; Minnis, Michael; Sutherland, Andrew
作者单位：University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：Lending concentration features prominently in models of information acquisition by banks, but empirical evidence on its role is limited. Using bank-level loan exposures, we find banks are less likely to collect audited financial statements from firms in industries and regions in which they have more exposure. These findings are stronger in settings in which adverse selection is acute and muted when the bank lacks experience with an exposure. Our results offer novel evidence on how bank charact...
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作者：Matsumoto, Dawn A.; Shaikh, Sarah
作者单位：University of Washington; University of Washington Seattle
摘要：Shroff et al. (2017) examine whether a richer peer information environment reduces the cost of capital for firms with limited firm-specific information and whether this effect decreases as firm-specific information becomes more prevalent. Although much of the evidence supporting their hypotheses is based on a small highly idiosyncratic sample of firms issuing initial public debt, the authors provide corroborating evidence using samples of IPO and SEO firms. However, two research design choices...
