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作者：Hoopes, Jeffrey L.; Mescall, Devan; Pittman, Jeffrey A.
作者单位：University of Michigan System; University of Michigan; University of Saskatchewan; Memorial University Newfoundland
摘要：We extend research on the determinants of corporate tax avoidance to include the role of Internal Revenue Service (IRS) monitoring. Our evidence from large samples implies that U.S. public firms undertake less aggressive tax positions when tax enforcement is stricter. Reflecting its first-order economic impact on firms, our coefficient estimates imply that raising the probability of an IRS audit from 19 percent (the 25th percentile in our data) to 37 percent (the 75th percentile) increases the...
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作者：Bushee, Brian J.; Miller, Gregory S.
作者单位：University of Pennsylvania; University of Michigan System; University of Michigan
摘要：We examine the actions and outcomes of investor relations (IR) programs in smaller, less-visible firms. Through interviews with IR professionals, we learn that IR strategies have a common goal of attracting institutional investors and that direct access to management, rather than increased disclosure, is viewed as the key driver of the strategy's success. We test for the effects of IR programs by examining small-cap companies that hired IR firms in a differences-in-differences research design ...
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作者：Cheng, C. S. Agnes; Huang, Henry He; Li, Yinghua; Stanfield, Jason
作者单位：Hong Kong Polytechnic University; Louisiana State University System; Louisiana State University; Texas A&M University System; Prairie View A&M University; University of Houston System; University of Houston; City University of New York (CUNY) System; Baruch College (CUNY); Purdue University System; Purdue University
摘要：This paper examines the impact of hedge fund activism on corporate tax avoidance. We find that relative to matched control firms, businesses targeted by hedge fund activists exhibit lower tax avoidance levels prior to hedge fund intervention, but experience increases in tax avoidance after the intervention. Moreover, findings suggest that the increase in tax avoidance is greater when activists have a successful track record of implementing tax changes and possess tax interest or knowledge as i...
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作者：Mian, G. Mujtaba; Sankaraguruswamy, Srinivasan
作者单位：Hong Kong Polytechnic University; National University of Singapore
摘要：We examine whether market-wide investor sentiment influences the stock price sensitivity to firm-specific earnings news. Using the recently developed measure of investor sentiment by Baker and Wurgler (2006), we find that the stock price sensitivity to good earnings news is higher during high sentiment periods than during periods of low sentiment, whereas the stock price sensitivity to bad earnings news is higher during periods of low sentiment than during periods of high sentiment. This influ...
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作者：Sikes, Stephanie A.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：Prior literature predicts a positive relation between firms' expected pre-tax rates of return and investor-level capital gains tax rates. We show that this relation is more nuanced than suggested by prior literature and that in three circumstances the relation can actually be negative. The first circumstance is when a firm's systematic risk is very high. The second circumstance is when the market risk premium is very high. The third circumstance is when the risk-free rate of return is very low...
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作者：Bhattacharya, Nilabhra; Ecker, Frank; Olsson, Per M.; Schipper, Katherine
作者单位：Southern Methodist University; Duke University
摘要：Using path analysis, we investigate the direct and indirect links between three measures of earnings quality and the cost of equity. Our investigation is motivated by analytical models that specify both a direct link and an indirect link that is mediated by information asymmetry, but do not suggest which link would be more important empirically. We measure information asymmetry as both the adverse selection component of the bid-ask spread and the probability of informed trading (PIN). For a la...
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作者：Schmidt, Matthias
作者单位：Leipzig University
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作者：McGuire, Sean T.; Omer, Thomas C.; Sharp, Nathan Y.
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This study examines the impact of religion on financial reporting. We predict that firms in religious areas are less likely to engage in financial reporting irregularities because prior research links religiosity to reduced acceptance of unethical business practices. Our results suggest that firms headquartered in areas with strong religious social norms generally experience lower incidences of financial reporting irregularities. We also examine whether religiosity influences managers' methods...
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作者：Huang, Pinghsun; Zhang, Yan
作者单位：National Cheng Kung University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：This study investigates whether extensive disclosure reduces managerial expropriation of corporate resources by examining the potential effects of enhanced reporting on the values of cash assets and investment ventures, respectively. We uncover evidence that liquid asset holdings are valued at a discount by firms with fewer disclosure practices than their more transparent counterparts. Moreover, disclosure activity substantially improves the value of cash assets in excess of requirements for o...
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作者：Heinle, Mirko S.; Hofmann, Christian; Kunz, Alexis H.
作者单位：University of Pennsylvania; University of Munich; University of Bern
摘要：We examine the impact of identity preferences on the interrelation between incentives and performance measurement. In our model, a manager identifies with an organization and loses utility to the extent that his actions conflict with effort-standards issued by the principal. Contrary to prior arguments in the literature, we find conditions under which a manager who identifies strongly with the organization receives stronger incentives and faces more performance evaluation reports than a manage...
