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作者：Laux, Volker
作者单位：University of Texas System; University of Texas Austin
摘要：This manuscript proposes a theory of why and when organizations support their employees with resources, time, and freedom beyond what seems economically optimal. The idea is that support plays an information-generating role in that it renders output more informative about employees' abilities. This effect reduces the need to gather additional information about ability via costly monitoring and commits the firm to make replacement/promotion decisions that are more sensitive to performance. Cons...
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作者：Hasan, Iftekhar; Hoi, Chun-Keung (Stan); Wu, Qiang; Zhang, Hao
作者单位：Fordham University; Bank of Finland; Rochester Institute of Technology; Rensselaer Polytechnic Institute
摘要：We investigate whether the levels of social capital in U.S. counties, as captured by strength of civic norms and density of social networks in the counties, are systematically related to tax avoidance activities of corporations with headquarters located in the counties. We find strong negative associations between social capital and corporate tax avoidance, as captured by effective tax rates and book-tax differences. These results are incremental to the effects of local religiosity and firm cu...
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作者：Chen, Qi; Lewis, Tracy R.; Schipper, Katherine; Zhang, Yun
作者单位：Duke University; George Washington University
摘要：We examine uniform and discretionary regimes for reporting information about firm performance from the perspective of a standard setter, in a setting where the precision of reported information is difficult to verify and the reported information can help coordinate decisions by users of the information. The standard setter's task is to choose a reporting regime to maximize the expected decision value of reported information for all users at all firms. The uniform regime requires all firms to r...
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作者：Ljungqvist, Alexander; Zhang, Liandong; Zuo, Luo
作者单位：New York University; National Bureau of Economic Research; City University of Hong Kong; Cornell University
摘要：Using 113 staggered changes in corporate income tax rates across U.S. states, we provide evidence on how taxes affect corporate risk-taking decisions. Higher taxes reduce expected profits more for risky projects than for safe ones, as the government shares in a firm's upside but not in its downside. Consistent with this prediction, we find that risk taking is sensitive to taxes, albeit asymmetrically: the average firm reduces risk in response to a tax increase (primarily by changing its operat...
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作者：Godsell, David; Welker, Michael; Zhang, Ning
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Queens University - Canada
摘要：This paper examines earnings management by EU firms that initiate an antidumping investigation. We first document economically and statistically significant income-decreasing earnings management around the initiation of an antidumping investigation. We show that earnings management increases when accounting data directly affect the magnitude of the tariffs imposed in the trade investigation. We also find that earnings management decreases as the number of petitioning firms increases or as the ...
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作者：Hong, Hyun A.; Kim, Jeong-Bon; Welker, Michael
作者单位：University of California System; University of California Riverside; City University of Hong Kong; University of Waterloo; Queens University - Canada
摘要：This study investigates whether and how the deviation of cash flow rights (ownership) from voting rights (control), or simply the ownership-control wedge, influences the likelihood that extreme negative outliers occur in stock return distributions, which we refer to as stock price crash risk. We do so using a comprehensive panel data set of firms with a dual-class share structure from 20 countries around the world for the period of 1995-2007. We predict and find that opaque firms with a large ...
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作者：Chaplinsky, Susan; Hanley, Kathleen Weiss; Moon, S. Katie
作者单位：University of Virginia; Lehigh University; University of Colorado System; University of Colorado Boulder
摘要：We examine the effects of Title I of the Jumpstart Our Business Startups Act for a sample of 312 emerging growth companies (EGCs) that filed for an initial public offering (IPO) from April 5, 2012 through April 30, 2015. We find no reduction in the direct costs of issuance, accounting, legal, or underwriting fees for EGC IPOs. Underpricing, an indirect cost of issuance that increases an issuer's cost of capital, is significantly higher for EGCs compared to other IPOs. More importantly, greater...
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作者：Rogers, Jonathan L.; Skinner, Douglas J.; Zechman, Sarah L. C.
作者单位：University of Colorado System; University of Colorado Boulder; University of Chicago
摘要：We describe the process through which the Securities and Exchange Commission (SEC) makes filings publicly available. For a sample of Form 4 (insider trade) filings, we show that, during the period we examine, the majority of filings are available to paying subscribers of the SEC's public dissemination system (PDS) feed before they are posted to the EDGAR website, and so provide subscribers and their clients with a private advantage. We show that this advantage translates into an economically s...
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作者：Ertan, Aytekin; Loumioti, Maria; Wittenberg-Moerman, Regina
作者单位：University of London; London Business School; University of Texas System; University of Texas Dallas; University of Southern California
摘要：We explore whether transparency in banks' securitization activities enhances loan quality. We take advantage of a novel disclosure initiative introduced by the European Central Bank, which requires, as of January 2013, banks that use their asset-backed securities as collateral for repo financing to report securitized loan characteristics and performance in a standardized format. We find that securitized loans originated under the transparency regime are of better quality with a lower default p...
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作者：Dutta, Sunil; Nezlobin, Alexander
作者单位：University of California System; University of California Berkeley
摘要：This paper studies how information disclosure affects investment efficiency and investor welfare in a dynamic setting in which a firm makes sequential investments to adjust its capital stock over time. We show that the effects of accounting disclosures on investment efficiency and investor welfare crucially depend on whether such disclosures convey information about the firm's future capital stock (i.e., balance sheet) or about its future operating cash flows (i.e., earnings). Specifically, in...
