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作者：Chow, Travis K.; Hoopes, Jeffrey L.; Maydew, Edward L.
作者单位：University of Hong Kong; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We undertake the first empirical analysis of profit shifting by U.S. firms during foreign tax holidays. We show that foreign tax holidays have become a prevalent and powerful tax planning strategy among U.S. firms. We find that U.S. firms significantly increase their outbound profit shifting while participating in foreign tax holidays. However, we also find that profit shifting associated with tax holidays comes at the cost of increased tax uncertainty. Our results have important implications ...
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作者：Rawson, Caleb; Twedt, Brady J.; Watkins, Jessica C.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Notre Dame
摘要：This study examines managers' strategic use of concurrent disclosures around the announcement of negative material events. We predict and find that managers disclosing negative 8-K news are more likely to issue a concurrent press release about an unrelated event relative to a press release providing additional context for the 8-K-triggering event in order to increase investor information processing costs. This strategy appears distinct from the bundling of news to deter litigation. We find tha...
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作者：Truong, Phong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：I study whether there are peer effects in disclosure timing decisions. Using plausibly exogenous variation in the timing of peers' earnings announcements based on a threshold in Securities and Exchange Commission (SEC) reporting deadline rules, I find that a focal firm responds to a peer's early announcement by announcing its own earnings early. Consistent with attention competition, early-announcing peers attract market attention away from the focal firm, incentivizing it to also accelerate i...
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作者：Bornemann, Tobias; Jacob, Martin; Sailer, Mariana
作者单位：Vienna University of Economics & Business; WHU - Otto Beisheim School of Management
摘要：The limitation of executive compensation has been a matter of public and policy debate for at least 20 years. We examine a regulatory action in Austria in 2014 where the tax deductibility of the total value of executive compensation is unavoidably limited. We find no average effects on the growth or composition of executives' pay. However, the deductibility limit affects the managers of firms with low bargaining power and of firms with strong corporate governance, indicating that they are affe...
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作者：Carniol, Michael P.; Fischer, Paul E.
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; University of Pennsylvania
摘要：Private organizations that produce public goods often receive offers for funding from large donors who seek to influence the nature of the public goods produced. We consider a model in which the potential for large donor influence creates a commitment problem for the organization in the sense that, from an ex ante perspective, the organization sets the price for influence too low given the opportunity cost. Our analysis identifies determinants of the likelihood of large donor influence and ass...
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作者：Even-Tov, Omri; Su, Andy (Jiarui); Wang, K. Philip
作者单位：University of California System; University of California Berkeley; Stanford University; State University System of Florida; University of Florida
摘要：We examine the impact of reducing information processing costs on U.S. state regulators who supervise mortgage companies. State regulators traditionally disclosed enforcement actions only on their individual websites. A centralized repository, introduced in 2012, assembled enforcement records across states in one place, reducing a regulator's cost to learn about enforcements in other states. Using a difference-in-differences design, find that enforcement records posted on the centralized repos...
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作者：Kim, Sunyoung; Mate, Michal; Park, Jongwon
作者单位：Monash University; Arizona State University; Arizona State University-Tempe; Hong Kong Polytechnic University
摘要：Using data on earnings targets in annual bonus plans, we construct and validate an empirical measure of beginning-of-year target difficulty and show that it is negatively associated with market uncertainty, retention concerns, and Chief Executive Officer (CEO) entrenchment. We then present several findings about the effect of target difficulty on performance and CEO compensation. First, greater target difficulty in annual bonus plans is associated with significantly lower CEO cash compensation...
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作者：Ton, Karen
作者单位：Villanova University
摘要：Auditor knowledge is a key element in explaining the supply of audit quality, yet understanding of the drivers of this knowledge in the archival literature is limited. This study uses an archival approach to examine whether the sharing of auditors among firms in banking relationships results in information transfers that improve audit quality. I find that audit quality improves for both borrowers and lenders who share the same auditor office. Specifically, lenders who share an auditor office w...
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作者：Aobdia, Daniel; Petacchi, Reining C.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Georgetown University
摘要：We examine the effect of large audit firms' internal inspection programs, an important monitoring mechanism, on auditor effort and financial reporting quality. Internal inspections are often predictable, and engagement teams concentrate their effort on audits ultimately selected for inspections. The extra effort increases the likelihood of a favorable inspection rating. We find some evidence of improvement in financial reporting quality in the inspection year, suggesting that internal inspecti...
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作者：Beasley, Mark S.; Branson, Bruce C.; Braumann, Evelyn C.; Pagach, Donald P.
作者单位：North Carolina State University; Vrije Universiteit Amsterdam
摘要：Approaches to risk governance are not homogeneous across organizations. Some organizations invest heavily in building formal and strategically focused enterprise-wide risk governance processes whereas others exhibit reduced formality and focus, allowing risk governance to be less structured. We argue that risk governance may best be described as a service dependent upon a network (or ecosystem) of participants who include users of risk information and providers who design and implement risk go...
