计量经济分析 = Econometric analysis

Corporate disclosure is critical for the functioning of an efficient capital market. Firms provide disclosure through regulated financial reports, including the financial statements, footnotes, management discussion and analysis, and other regulatory filings. In addition, some firms engage in voluntary communication, such as management forecasts, analysts? presentations and conference calls, press releases, internet sites, and other corporate reports. Finally, there are disclosures about firms by information intermediaries, such as financial analysts, industry experts, and the financial press.

Information Asymmetry, Corporate Disclosure and the Capital Markets: A Review of the Empirical Disclosure Literature

1. Introduction and Overview. 2. Detecting Influential Observations and Outliers. 3. Detecting and Assessing Collinearity. 4. Applications and Remedies. 5. Research Issues and Directions for Extensions. Bibliography. Author Index. Subject Index.

Regression Diagnostics: Identifying Influential Data and Sources of Collinearity

http://lib.cufe.edu.cn/upload_files/other/4_20140516025625_19.pdf

Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature $

https://faculty.fuqua.duke.edu/~charvey/Research/Working_Papers/W73_The_economic_implications.pdf

The economic implications of corporate financial reporting

This study investigates if the use of a Big 6 auditor is increasing in the firm's endogenous propensity to generate accruals. High‐accrual firms have greater scope for aggressive and/or opportunist...

The Role of Big 6 Auditors in the Credible Reporting of Accruals

Changes in the value-relevance of earnings and book values over the past forty years

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 firms, we find there is considerable cross-sectional variation in tax avoidance. For example, approximately one-fourth of our sample firms are able to maintain long-run cash effective tax rates below 20 percent, compared to a sample mean tax rate of approximately 30 percent. We also find that annual cash effective tax rates are not very good predictors of long-run cash effective tax rates and thus, are not accurate proxies for long-run tax avoidance. While there is some evidence of persistence in annual cash effective tax rates, the persistence is asymmetric. Low annual cash effective tax rates are more persistent than are high annual cash effective tax rates. An initial examination of characteristics of firms successful at keeping their cash effective tax rates low over long periods shows that they are well spread across industries but with some clustering.

https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1017610_code272789.pdf?abstractid=1017610&rulid=203683&mirid=2

Long-Run Corporate Tax Avoidance

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 firms, we find there is considerable cross‐sectional variation in tax avoidance. For example, approximately one‐fourth of our sample firms are able to maintain long‐run cash effective tax rates below 20 percent, compared to a sample mean tax rate of approximately 30 percent. We also find that annual cash effective tax rates are not very good predictors of long‐run cash effective tax rates and, thus, are not accurate proxies for long‐run tax avoidance. While there is some evidence of persistence in annual cash effec...

/pdf/long-run-corporate-tax-avoidance-57radukd55.pdf

Long‐Run Corporate Tax Avoidance

This study investigates whether individual top executives have incremental effects on their firms’ tax avoidance that cannot be explained by characteristics of the firm. To identify executive effects on firms’ effective tax rates, we construct a data set that tracks the movement of 908 executives across firms over time. Results indicate that individual executives play a significant role in determining the level of tax avoidance that firms undertake. The economic magnitude of the executive effects on tax avoidance is large. Moving between the top and bottom quartiles of executives results in approximately an 11 percent swing in GAAP effective tax rates; thus, executive effects appear to be an important determinant in firms’ tax avoidance.

/pdf/the-effects-of-executives-on-corporate-tax-avoidance-4eu41f0sfi.pdf

Edward L. Maydew

Papers

The Role of Big 6 Auditors in the Credible Reporting of Accruals

Changes in the value-relevance of earnings and book values over the past forty years

Long-Run Corporate Tax Avoidance

Long‐Run Corporate Tax Avoidance

The Effects of Executives on Corporate Tax Avoidance