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作者：Shi, Yilin; Wu, Jing; Zhang, Yu; Zhou, Yuqing
作者单位：Fudan University; Chinese University of Hong Kong; Peking University; Nanyang Technological University
摘要：This paper investigates how firms manage supplier disclosures to project a greener supply chain. We show that firms selectively reveal relationships with high-ESG suppliers while withholding ties to low-ESG ones. A shift in the supplier's environmental score from the 10th to the 90th percentile increases disclosure probability by 4.4% relative to the mean disclosure rate. Our analysis suggests this selective disclosure reflects greenwashing rather than genuine communication of supply-chain ESG...
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作者：Carter, Mary Ellen; Lee, Lian Fen; Yu, Enshuai
作者单位：Boston College
摘要：We examine whether the threat of requiring Scope 3 emissions disclosures increases affected firms' preference for greater control over production and GHG emissions, which renders outsourcing to foreign countries less desirable. Using the SEC's March 2021 request for input on climate-related disclosures as a shock to the probability that Scope 3 emissions disclosures would be required, we find that affected firms reduce imports relative to unaffected firms. The reduction is concentrated in firm...
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作者：Ye, Pengfei; Zeng, Qingsheng; Zhang, Cheng
作者单位：Virginia Polytechnic Institute & State University; Shanghai University of Finance & Economics
摘要：We examine whether requiring insiders to sell their stock shares based on pre-disclosed plans can mitigate opportunistic insider selling activities and, more importantly, to what extent insiders can circumvent this regulation. Using China's mandate enacted in 2017 as the setting, we demonstrate that a sell-by-plan mandate can reduce opportunistic selling activities. However, insiders can circumvent this mandate by strategically initiating their plans before bad news. We find that this gaming p...
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作者：Matsumoto, Dawn; Li Zhang, Jenny; Zheng, Yuxiang
作者单位：University of Washington; University of Washington Seattle; University of British Columbia; Rutgers University System; Rutgers University Camden; Rutgers University New Brunswick
摘要：We thank the conference participants of the University of Illinois-Chicago Accounting Conference and workshop participants at the University of Notre Dame, Fordham University, Chinese University of Hong Kong for their comments and suggestions. A related version of this paper benefited from the comments of participants at the 2021 HARC Conference and the 2021 FARS Conference, as well as Darren Bernard, Russell Lundholm, Jason Huafeng Chen, Charles Lee, Jesse Chan (discussant), and the workshop ...
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作者：De Vito, Antonio; Hillmann, Lisa; Jacob, Martin; Vossebuerger, Robert
作者单位：University of Bologna; WHU - Otto Beisheim School of Management; University of Navarra; IESE Business School
摘要：This paper examines the role of personal income taxes on multinationals' corporate tax-induced profit shifting. As mandated in most OECD countries, firms need economic substance in low corporate-tax countries to justify profit shifting to these countries. Because high personal income taxes raise labor costs and thus the cost of providing economic substance, we predict that personal income taxes mute profit shifting. Using data from 26 European countries, we find that personal income taxes subs...
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作者：Defond, Mark; Qi, Baolei; Si, Yi; Zhang, Jieying
作者单位：University of Southern California; Xi'an Jiaotong University; Xi'an Jiaotong University; University of Texas System; University of Texas Dallas
摘要：Prior research concludes that tax-expert auditors facilitate tax aggressiveness. However, these studies examine auditors who also provide non-audit tax services to their clients, creating conflicting incentives. We predict that tax-expert auditors, who do not provide non-audit tax services, reduce tax aggressiveness, because tax aggressiveness imposes costs on them. We test our prediction using Chinese data, allowing us to identify Certified Tax Agents as tax-expert auditors. We find that comp...
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作者：Ghosh, Pulak; Jacob, Martin; Kang, Ya; Zhang, Jian
作者单位：Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; University of Navarra; IESE Business School; Chinese University of Hong Kong; University of Hong Kong
摘要：This paper examines how consumption taxes-through the taxation of input goods-can affect firms' product mix decisions. We study India's staggered transition from a sales tax, where there was the risk that intermediate inputs are taxed multiple times along the supply chain, to a valueadded tax (VAT) that offered credits for taxes paid on inputs. Using detailed product-level data for manufacturing firms and a stacked difference-in-differences design, we find that firms respond to the VAT adoptio...
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作者：Blankespoor, Elizabeth; Croom, Joe; Grant, Stephanie M.
作者单位：University of Washington; University of Washington Seattle; Indiana University System; Pennsylvania State System of Higher Education (PASSHE); Indiana University Bloomington; Indiana University of Pennsylvania; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper provides archival and survey evidence on retail investor use of Generative AI (GenAI). Our archival analysis examines over 400,000 investor queries to a major brokerage's GenAI chatbot. Investors most often use GenAI to help interpret and contextualize financial information and market movements, and for additional tasks including stock screening and streamlining complex research. As time with the tool grows, usage shifts from stock screening and high-level company assessments toward...
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作者：Blankespoor, Elizabeth; deHaan, Ed; Guay, Wayne; Lang, Mark; Shroff, Nemit; Smith, Kevin; Wu, Joanna
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作者：Kim, Jinhwan; Shi, Terrence Tianshuo; Verdi, Rodrigo S.
作者单位：Stanford University; University of California System; University of California Los Angeles; Massachusetts Institute of Technology (MIT)
摘要：We examine how judicial efficiency, defined as a court's ability to resolve patent cases quickly and in a manner that is mutually agreeable to both parties in the lawsuit, impacts corporate innovation. To do so, we exploit the Patent Pilot Program (PPP) introduced by the U.S. Congress in 2011, which allowed judges with expertise and resources (as opposed to randomly selected judges) to preside over more patent cases to facilitate efficient ruling. We find firms headquartered in counties subjec...
