Showing papers by "Mark H. Lang published in 1993"
TL;DR: This paper examined cross-sectional variation in analysts' published evaluations of firms' disclosure practices and provided evidence that the analysts' ratings are increasing in firm size and in firm performance as measured by earnings and return variables, decreasing in the correlation between earnings and returns, and higher for firms issuing securities in the current or future period.
Abstract: In this paper we examine cross-sectional variation in analysts' published evaluations of firms' disclosure practices and provide evidence that the analysts' ratings are increasing in firm size and in firm performance as measured by earnings and return variables, decreasing in the correlation between earnings and returns, and higher for firms issuing securities in the current or future period. Results based on the volatility of past performance are mixed. While the SEC's mandatory disclosure requirements provide a basic framework and minimum standard for many financial disclosures, considerable latitude remains in determining what information is actually provided. Some firms' annual and quarterly reports go well beyond the required disclosures, while others are extremely stark. Less formal communication channels, such as press releases and direct contact with analysts, allow even more discretion. This wide range of disclosure alternatives is aggregated by analysts in the Reports of the Financial Analysts
2,851 citations
TL;DR: In this paper, the authors investigate geographic income shifting by 191 U.S. multinational corporations in response to worldwide changes in tax rates during 1984-90 and identify two subperiods during 1984 -90 in which relative tax rate changes occurred.
Abstract: We investigate geographic income shifting by 191 U.S. multinational corporations in response to worldwide changes in tax rates during 1984-90. Between 1984 and 1986, the United Kingdom reduced corporate tax rates from a maximum of 45% to 35%, and in 1985 France reduced rates from 50% to 45%. Following these reductions in European rates, the United States reduced top corporate tax rates from 46% to 34% between 1986 and 1988. Canadian rates increased between 1984 and 1986 and then decreased through 1989. Beginning in 1988, numerous countries enacted tax cuts, apparently in response to those that occurred earlier in other countries. As discussed in section 3, differential changes in tax rates provide incentives for geographic income shifting by multinational firms. We identify two subperiods during 1984-90 in which relative tax rate changes
296 citations