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作者：Christensen, Dane M.; Serafeim, George; Sikochi, Anywhere
作者单位：University of Oregon; Harvard University
摘要：Despite the rising use of environmental, social, and governance (ESG) ratings, there is substantial disagreement across rating agencies regarding what rating to give to individual firms. As what drives this disagreement is unclear, we examine whether a firm's ESG disclosure helps explain some of this disagreement. We predict and find that greater ESG disclosure actually leads to greater ESG rating disagreement. These findings hold using firm fixed effects and using a difference-in-differences ...
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作者：Amberger, Harald J.; Markle, Kevin S.; Samuel, David M. P.
作者单位：Vienna University of Economics & Business; Michigan State University; Michigan State University's Broad College of Business; University of Wisconsin System; University of Wisconsin Madison; Vienna University of Economics & Business
摘要：Using a global sample of multinational corporations (MNCs) and their foreign subsidiaries, we find that repatriation taxes impair subsidiary-level investment efficiency. Consistent with internal agency conflicts between the central management of the MNC and the manager of the foreign subsidiary being the driver, we show that this effect is concentrated in subsidiaries with high information asymmetry and in subsidiaries that are weakly monitored. Quasi-natural experiments in the U.K. and Japan ...
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作者：Black, Jonathan; Ham, Charles G.; Kimbrough, Michael D.; Yee, Ha Yoon
作者单位：Purdue University System; Purdue University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Maryland; University of Maryland College Park; City University of Hong Kong
摘要：Firms face a greater risk of lawsuits for overstated rather than understated earnings or net assets, suggesting conservatism can reduce firms' expected legal costs. Because managers with legal expertise are more likely than other managers to recognize the legal benefits of conservatism, this study examines whether legal expertise among members of senior management promotes greater conservatism. Consistent with this prediction, we find that firms with a general counsel (GC) in senior management...
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作者：Ferguson, Patrick J.
作者单位：University of Melbourne
摘要：To better understand supervisors' outcome bias, I use a regression discontinuity design that compares coaches' performance assessments of professional football players involved in narrow wins and losses. I document that supervisors over-react to negative outcomes, sharply lowering performance ratings and tripling subordinate turnover. I find that supervisors' evaluations that subjectively incorporate information from more incomplete objective performance measures are more prone to outcome bias...
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作者：Edwards, Alexander; Kubata, Adrian; Shevlin, Terry
作者单位：University of Toronto; IESEG School of Management; University of California System; University of California Irvine
摘要：We develop a linear corporate tax function where taxes paid are regressed on pre-tax income and an intercept. We show that if the intercept is positive, cash ETRs are a convex function of pre-tax income. We present large-sample evidence consistent with this ETR convexity. Thus, although firms may have stable linear tax functions (i.e., constant parameters in the linear tax model) representing stable tax avoidance behavior, ETRs can change over time because of growth in pre-tax income. Conseque...
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作者：Bauckloh, Tobias; Hardeck, Inga; Inger, Kerry K.; Wittenstein, Patrick; Zwergel, Bernhard
作者单位：Universitat Kassel; University of Regensburg; Auburn University System; Auburn University; University of Hamburg; Universitat Kassel
摘要：This research examines spillover effects of tax avoidance on peers' firm value using the setting of the European Commission's state aid investigations of private letter rulings. We assume that news about a firm's tax avoidance strategies also reveals information about peers' tax avoidance because investors expect similar firms to use similar strategies. Based on an event study design, we show that news about potential costs of tax avoidance of targeted U.S. multinational firms leads to negativ...
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作者：Chen, Qi; Schipper, Katherine; Zhang, Ning
作者单位：Duke University; Queens University - Canada
摘要：We develop and validate an empirical measure of the informativeness of accounting assets in measuring firm-specific economic capital, an important determinant of both cash flows and intrinsic values. Our validation tests show that the asset informativeness measure is sensitive to differences in both accounting methods and implementation decisions at the firm level and corresponds to the way equity investors use the information in accounting assets. We find that accounting assets contain substa...
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作者：Wang, Jingjing
作者单位：University of Calgary
摘要：The going concern (GC) assumption forms the basis for preparing financial statements unless liquidation becomes imminent. ASU 2014-15 requires management to evaluate GC uncertainties quarterly and provide disclosures in the notes. I compare management GC disclosures between the pre-standard and poststandard regimes. I find that the market reacts negatively to substantial doubt in GC only after ASU 2014-15. Next, I find the effect of ASU 2014-15 for quarterly reports, but not annual reports. Mo...
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作者：Hanlon, Michelle; Verdi, Rodrigo S.; Yost, Benjamin P.
作者单位：Massachusetts Institute of Technology (MIT); Boston College
摘要：We hypothesize that prior evidence of target shareholder capital gains tax liabilities affecting acquisition features is driven by the tax liabilities of the target firm CEO. To test this, we estimate CEOs' capital gains tax liabilities for a large sample of acquisitions and examine the effects of such liabilities on acquisition outcomes. Results indicate that the previously documented positive relations between shareholder-level capital gains tax rates and (1) the likelihood of a nontaxable a...
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作者：Donelson, Dain C.; Kartapanis, Antonis; McInnis, John; Yust, Christopher G.
作者单位：University of Iowa; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Texas System; University of Texas Austin
摘要：Most accounting studies use only public enforcement actions (SEC cases) to measure accounting fraud. However, private cases (securities class actions) also play an important enforcement role. We discuss the legal standards and processes for both public and private enforcement regimes, emphasize the importance of screening cases for credible fraud allegations, and show both yield credible fraud measures. Further, we demonstrate these research design choices affect inferences from prior research...
