-
作者：Bhattacharya, Nilabhra; Christensen, Theodore E.; Liao, Qunfeng; Ouyang, Bo
作者单位：Southern Methodist University; University System of Georgia; University of Georgia; Oakland University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Prior research finds an association between short selling volume and aggressive non-GAAP earnings disclosures but does not explore whether increased short selling pressure actually constrains aggressive non-GAAP reporting. Attribution of causality is problematic in this setting due to multiple self-selection issues. Firms self-select into providing non-GAAP performance metrics, and they also decide the timing of these disclosures strategically. Furthermore, short sellers carefully select the s...
-
作者：Al-Hadi, Ahmed; Taylor, Grantley; Richardson, Grant
作者单位：Curtin University; Macquarie University
摘要：We examine whether state-level corruption and corporate tax avoidance in the United States (U.S) are related. Using a sample of 36,078 U.S. firm-year observations from 1998 to 2014, we find that corruption is significantly positively related to tax avoidance. Our main finding is consistent across a series of robustness tests. In additional analysis at the state level, we observe that corruption is significantly positively related to corporate tax avoidance in states that have low levels of lit...
-
作者：Nienhaus, Martin
作者单位：Goethe University Frankfurt
摘要：This study provides plausible causal evidence on the effect of executive equity incentives on opportunistic manager behavior. I exploit a unique setting created by the introduction of Financial Accounting Standard (FAS) 123R in 2005, which led to an exogenous increase in the cost of option pay, causing a substantial decline in option pay for some firms while leaving others largely unaffected. Using difference-in-differences analyses with a treatment group of firms that show a decline in option...
-
作者：Lehmer, Tiana; Lourie, Ben; Shanthikumar, Devin
作者单位：University of California System; University of California Irvine
摘要：Using unique new data, we examine whether brokerage trading volume creates a conflict of interest for analysts. We find that earnings forecast optimism is associated with higher brokerage volume, even controlling for forecast and analyst quality, recommendations, and target prices. However, forecast accuracy is also significantly associated with higher volume. When analysts change brokerage houses, they bring trading volume with them, influencing trading volume at the new brokerage. This indic...
-
作者：Fedyk, Anastassia; Hodson, James; Khimich, Natalya; Fedyk, Tatiana
作者单位：University of California System; University of California Berkeley; Drexel University; University of San Francisco
摘要：How does artificial intelligence (AI) impact audit quality and efficiency? We explore this question by leveraging a unique dataset of more than 310,000 detailed individual resumes for the 36 largest audit firms to identify audit firms' employment of AI workers. We provide a first look into the AI workforce within the auditing sector. AI workers tend to be male and relatively young and hold mostly but not exclusively technical degrees. Importantly, AI is a centralized function within the firm, ...
-
作者：Dikolli, Shane S.; Frank, Mary Margaret; Guo, Zhe Michael; Lynch, Luann J.
作者单位：University of Virginia; Fordham University
摘要：We document that U.S. mutual funds with investment objectives designated as Sustainable Investment Overall by Morningstar (ESG funds) are more likely than other mutual funds to vote in support of environmental and social (ES) shareholder proposals and governance (G) shareholder proposals. We also find that the higher support for ES proposals by ESG funds relative to other funds is more pronounced in index funds than in active funds, consistent with trading constraints influencing voting behavi...
-
作者：Rawson, Caleb
作者单位：University of Arkansas System; University of Arkansas Fayetteville
-
作者：Curtis, Quinn D.; Hopkins, Justin J.
作者单位：University of Virginia; University of Virginia
摘要：We examine whether revealing misreporting affects the careers of executives and independent directors. To isolate the effects of revealing misreporting from the underlying malfeasance, we analyze executives and directors who joined firms after stock option backdating ceased, but who were in place to determine how the firm would respond to the unfolding backdating crisis. Overall, these new executives and directors faced career penalties at firms that issued a backdating restatement relative to...
-
作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Piotroski, Joseph; Synn, Christina
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; Stanford University; American University
摘要：We examine firm disclosure choice when information is received on a real-time, continuous basis. We use transaction-level credit and debit card sales for a sample of retail firms to construct a weekly measure of abnormal revenue for each firm. We validate the informativeness of this abnormal real-time revenue information, confirming its positive correlation with abnormal returns, unexpected revenue realizations, and management revenue forecast news. Using revenue forecasts, we find that firms ...
-
作者：Christensen, Dane M.; Kenchington, David G.; Laux, Rick C.
作者单位：University of Oregon; Arizona State University; Arizona State University-Tempe; Purdue University System; Purdue University
摘要：Evidence suggests a large proportion of profitable U.S. firms have low effective tax rates (i.e., an ETR between 0 and 10%). Despite widespread interest in how firms avoid paying taxes, we do not know how most firms attain low ETRs and whether they are primarily benefiting from benign or aggressive tax positions. Using a research design that explicitly examines low ETR firms, we predict and find that the majority are primarily benefiting from a benign tax position: large net operating loss car...
