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作者：Baber, William R.; Gore, Angela K.
作者单位：Georgetown University; George Washington University
摘要：We compare characteristics; of municipal debt issues in states that mandate GAAP for municipalities with issues in states that impose no annual financial disclosure requirements. Cross-sectional comparisons indicate that the use of public (versus private) debt is greater, and municipal debt costs are 14 to 25 basis points lower, in states where GAAP is mandated. Moreover, municipalities in states that impose the GAAP requirement realize lower, debt costs following the effective date of the reg...
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作者：Brown, Jennifer L.; Krull, Linda K.
作者单位：Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin
摘要：Two separate streams of research find evidence that firms decrease R&D spending to meet earnings benchmarks and that the R&D tax credit increases R&D spending. However, these studies do not consider stock option exercises by R&D employees that likely influence R&D spending decisions because they increase R&D tax credits without reducing reported earnings. This study extends both areas of research by incorporating R&D tax credits from stock option exercises into the R&D spending decision. We fi...
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作者：Cardinaels, Eddy; Labro, Eva
作者单位：Tilburg University; University of London; London School Economics & Political Science
摘要：Although employees' time estimates are used extensively for costing purposes, they are prone to measurement error. In an experimental setting, we research how measurement error in time estimates varies with: (1) the level of aggregation in the definition of costing system activities (aggregated or disaggregated); (2) task coherence (the extent to which the activities that require time estimates present themselves coherently or incoherently); and (3) when notice is given that time estimates wil...
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作者：Macve, Richard
作者单位：University of London; London School Economics & Political Science
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作者：Mumford, Michael J.
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作者：McAnally, Mary Lea; Srivastava, Anup; Weaver, Connie D.
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This paper examines whether stock-option grants explain missed earnings targets, including reported losses, earnings declines, and missed analysts' forecasts. Anecdotal evidence and surveys suggest that managers believe that missing an earnings target can cause stock-price drops (Graham et al. 2006). Empirical studies corroborate this notion (Skinner and Sloan 2002; Lopez and Rees 2002). Thus, a missed target could benefit an executive via lower strike price on subsequent option grants. Prior ...
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作者：Bromwich, Michael
作者单位：University of London; London School Economics & Political Science
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作者：Groot, Tom
作者单位：Vrije Universiteit Amsterdam
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作者：Kumar, Krishna R.; Krishnan, Gopal V.
作者单位：George Washington University; Lehigh University
摘要：We examine the role of investment opportunities as a determinant of the relative importance of cash flows from operations (CFO) and accruals in firm valuation. We find that at low investment-opportunity levels, CFO value-relevance increases with investment opportunities. When investment opportunities are high, accrual value-relevance declines as investment opportunities increase. Consequently, earnings value-relevance first varies directly and then inversely with investment opportunities. We s...
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作者：Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：We develop and describe a new measure of long-run corporate tax avoidance that is based on the ability to pay a low amount of cash taxes per dollar of pre-tax earnings over long time periods. We label this measure the long-run cash effective tax rate. We use the long-run cash effective tax rate to examine (1) the extent to which some firms are able to avoid taxes over periods as long as ten years, and (2) how predictive one-year tax rates are for long-run tax avoidance. In our sample of 2,077 ...
