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作者：Call, Andrew C.; Hewitt, Max; Shevlin, Terry; Yohn, Teri Lombardi
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona; University of California System; University of California Irvine; Indiana University System; Indiana University Bloomington
摘要：Although the differential persistence of accruals and operating cash flows is a firm-specific phenomenon, research seeking to exploit the differential persistence of these earnings components typically employs cross-sectional forecasting models. We find that a model based on firm-specific estimates of the differential persistence of accruals and operating cash flows is incrementally useful for out-of-sample forecasting relative to state-of-the-art cross-sectional models. In doing so, we show t...
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作者：Kubick, Thomas R.; Lynch, Daniel P.; Mayberry, Michael A.; Omer, Thomas C.
作者单位：University of Kansas; University of Wisconsin System; University of Wisconsin Madison; State University System of Florida; University of Florida; University of Nebraska System; University of Nebraska Lincoln
摘要：This study examines the tax avoidance behavior of firms prior to the issuance, and following the resolution, of SEC tax comment letters. We find that firms that appear to engage in greater tax avoidance are more likely to receive a tax-related SEC comment letter. We also find that firms receiving a tax-related SEC comment letter, relative to firms receiving a non-tax comment letter, subsequently decrease their tax avoidance behavior consistent with an increase in expected tax costs. Additional...
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作者：Shevlin, Terry
作者单位：University of California System; University of California Irvine
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作者：Franco, Francesca; Urcan, Oktay; Vasvari, Florin P.
作者单位：University of London; London Business School; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Previous theoretical arguments suggest that industrial diversification provides a co-insurance effect that decreases the firm's default risk. In this paper, we endogenously estimate a firm's segment disclosure quality and investigate whether the quality of segment disclosures significantly affects bond investors' assessment of the co-insurance effect of diversification. We document that bonds issued by industrially diversified firms with high-quality segment disclosures have significantly lowe...
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作者：Wieczynska, Maria
作者单位：Arizona State University; Arizona State University-Tempe
摘要：I investigate how the adoption of International Financial Reporting Standards (IFRS) affects audit markets. Specifically, I examine the effect of IFRS adoption on the likelihood and direction of auditor switching in a sample of firms from five European Union countries: the United Kingdom, Germany, Spain, Italy, and Poland during the period from 1998 through 2010. I hypothesize that IFRS adoption creates an expert advantage for global audit firms (i.e., Big 4 audit firms, Grant Thornton, and BD...
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作者：Dechow, Patricia M.; Lawrence, Alastair; Ryans, James P.
作者单位：University of California System; University of California Berkeley
摘要：We document that insider trading is significantly higher than normal levels prior to the public disclosure of SEC comment letters relating to revenue recognition. Furthermore, insider trading is triple its normal level for firms with high short positions. We find a small negative return at the comment letter release date and a negative drift in returns of 1 to 5 percent over the next 50 days following the release. We also find that greater pre -disclosure sales are associated with a stronger n...
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作者：Klassen, Kenneth J.; Lisowsky, Petro; Mescall, Devan
作者单位：University of Waterloo; University of Illinois System; University of Illinois Urbana-Champaign; University of Saskatchewan
摘要：Using confidential data from the Internal Revenue Service on who signs a corporation's tax return, we investigate whether the party primarily responsible for the tax compliance function of the firm-the auditor, an external non-auditor, or the internal tax department-is related to the corporation's tax aggressiveness. We report three key findings: (1) firms preparing their own tax returns or hiring a non-auditor claim more aggressive tax positions than firms using their auditor as the tax prepa...
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作者：Zimmerman, Jerold L.
作者单位：University of Rochester
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作者：Chen, Kun-Chih; Cheng, Qiang; Lin, Ying Chou; Lin, Yu-Chen; Xiao, Xing
作者单位：National Taiwan University; Singapore Management University; National Cheng Kung University; Tsinghua University
摘要：In this paper, we examine why Chinese reverse merger (RM) firms have lower financial reporting quality than U.S. IPO firms. We find that the financial reporting quality of U.S. RM firms is similar to that of matched U.S. IPO firms, but Chinese RM firms exhibit lower financial reporting quality than Chinese ADR firms. We also find that Chinese RM firms exhibit lower financial reporting quality than U.S. RM firms. These results indicate that the use of the RM process is associated with poor fina...
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作者：Amiram, Dan; Frank, Mary Margaret
作者单位：Columbia University; University of Virginia
摘要：We investigate the effects of dividend taxes on foreign equity portfolio holdings. Based on the extension of an equilibrium model with risky assets to an international setting, we predict that a change in the tax rate on dividends of a country's domestic investors is positively related to changes in foreign investors' portfolio holdings in that country. The evidence from two research settings, which exploit changes in the national tax policies of different countries, supports this prediction. ...
