-
作者：Miller, Gregory S.; Stockbridge Jr, Douglas R.; Williams, Christopher D.
作者单位：University of Michigan System; University of Michigan; Boston College
摘要：Regulators around the world have begun to require investment companies to provide information regarding fossil fuel investments to external stakeholders. In this paper we examine whether such disclosures impact the investment portfolios and/or investment policies of the disclosing firms. Using a 2016 California disclosure mandate that required some U.S. insurance companies to disclose their fossil fuel investments on a public website, we find the disclosing insurers reduced their fossil fuel i...
-
作者：Boylen, Kathleen; Gaertner, Fabio B.; Martin, Melissa A.
作者单位：California State University System; California State University Northridge; University of Wisconsin System; University of Wisconsin Madison; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：This paper investigates the relation between executive compensation and corporate tax policies, with a focus on the Tax Cuts and Jobs Act of 2017 (TCJA). Using a pay-performance sensitivity framework, we analyze the differing compensation rewards associated with domestic and foreign pre-tax incomes. Our findings reveal that, before the TCJA, executives received significantly higher rewards for foreign income, encouraging them to shift income abroad. The TCJA reduced this disparity, bringing re...
-
作者：Gassen, Joachim; Veenman, David
作者单位：Humboldt University of Berlin; University of Amsterdam
摘要：OLS estimates of linear regression models become imprecise when distributional assumptions about the regression errors are not strictly met. Such situations frequently arise in applied research due to the heavy-tailed distributions of dependent variables. Using simulated data and replication settings, we show how robust regression estimation can produce more policy-relevant inferences by increasing the precision of estimates, improving test power, and tightening confidence intervals. We provid...
-
作者：Berger, Philip G.; Tomy, Rimmy E.
作者单位：University of Chicago
摘要：We examine the role of reporting quality in firms' responses to a supply chain shock. Extant research examines the role of financial or managerial reporting quality in recurring operating or investing decisions, but little evidence exists on its role in firm restructuring following adverse shocks. Our setting is the 1999 Taiwan earthquake, which disrupted supply chains for certain U.S. high-technology manufacturers. We find total factor productivity increases for affected firms relative to una...
-
作者：Blouin, Jennifer
作者单位：University of Pennsylvania
摘要：This discussion reflects my thoughts on Lester and Olbert's (2025) review of the tax literature. I address the notion of real effects in tax work and the reliance by Lester and Olbert (2025) on the Hall and Jorgenson (1967) neoclassical framework. I intend to complement the review by discussing some of the competitive advantages of accounting researchers working in taxation. I close by emphasizing some areas where accountants can potentially be the most impactful on tax research and listing so...
-
作者：Feng, Mei; Lee, Lian Fen; Yin, Benda
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Hong Kong University of Science & Technology
摘要：This paper examines the association between managers' failure to incorporate macroeconomic news and firm performance, focusing on the role of competitors. Measuring this failure using the extent to which management revenue forecast errors reflect U.S. consumer sentiment, we find an asymmetric association. When firms underestimate consumer demand and underproduce, failing to incorporate consumer sentiment news is associated with worse performance, but when they overestimate demand and overprodu...
-
作者：Chen, Novia; Hutchens, Michelle; Xia, Junwei
作者单位：University of Houston System; University of Houston; University of Illinois System; University of Illinois Urbana-Champaign; University of North Carolina; University of North Carolina Charlotte; University of Illinois System; University of Illinois Urbana-Champaign
摘要：The municipal bond market has long been criticized for its lack of disclosure, which prior research often attributes to weak regulatory oversight. We offer another explanation: tax clienteles. Most municipal bonds are tax-exempt, and thus primarily attract high-tax retail investors, who may lack the incentive or ability to demand or monitor disclosures. In contrast, taxable bonds attract a broader investor base, including institutional investors who can demand disclosure. We find that issuers ...
-
作者：Du, Kai; Huddart, Steven; Jiang, Xin Daniel
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Waterloo
-
作者：Friedman, Henry; Sutherland, Andrew G.; Vetter, Felix W.
作者单位：University of California System; University of California Los Angeles
摘要：Since 2011, there has been a substantial decline in the number of students graduating from college with accounting majors. We help explain this decline by empirically showing that technological advancement is associated with lower relative demand from employers for accounting majors compared to other business majors, especially finance. Specifically, corporate software investment is associated with lower relative wages and employment for accounting majors. Crosssectional tests point to these f...
-
作者：Wasserman, Melissa F.
作者单位：University of Texas System; University of Texas Austin
摘要：The paper by Kim, Shi, and Verdi (2025) examines how judicial efficiency-as defined by the court's ability to resolve patent cases quickly and in a manner that is mutually agreeable to both parties in the lawsuit-affects the incentives of corporations to innovate. The authors utilize the Patent Pilot Program (PPP), which routed patent cases to PPP-designated judges in select districts to facilitate efficient rulings, as a shock to judicial efficiency. The authors find that firms headquartered ...
