Income taxes are a major expense for profitable corporations, oftentimes 25 percent or more of pretax income. This study exploits a setting – the market for corporate control – to test competing agency-based and risk-based explanations of corporate tax planning. Exploiting the staggered enactment

Using a unique dataset of fund inflow gates in China, we explore for the first time discretionary inflow restrictions in mutual funds. We show that funds imposing inflow gates on investors substantially expand their retail investor base and increase future fund flows, though they do not earn a highe

This paper analyzes how corporate disclosure has been reshaped by machine processors, employed by algorithmic traders, robot investment advisors, and quantitative analysts. Our findings indicate that increasing machine and AI readership, proxied by machine downloads, motivates firms to prepare filin

The corporate bond market in the United States had long been plagued by information opacity due to lack of price and other trading information. The Trade Reporting and Compliance Engine (TRACE), introduced in 2002 to address this problem, provides a natural experiment for examining the economic c

When quantifying information from unstructured textual data, the traditional bag-of-words approach only captures semantic features of single words or phrases. The context, the sequence of words, and the relationship between words are ignored. This paper introduces a novel approach to incorporate

In the M&A process, uncertainty impairs acquirers’ ability to assess targets’ intrinsic value as well as the expected synergy created from business combinations. Consistent with acquirers’knowledge of potential downsides of targets’ business improving M&A quality, we document that the similarity be

Prior research shows that managers learn from the capital market; however, it remains unclearwhat specific information that managers seek to learn. Building on prior results that financial analysts have information advantage relative to managers at the macroeconomic level, we show that such informa

State control can turn the media into the government’s mouthpiece and weaken the media’s incentives to meet market demands for corporate news. However, the media’s dependence on the government can strengthen its ability to access information about the government’s industrial and macro policies, de

Firms weigh the costs of public disclosure against the benefits of information transparency when disseminating narrative R&D information. In this paper, we examine whether firms with more private information dissemination channels will reduce their public disclosure of narrative R&D information b

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随着new datasets和multimodal information在会计与财务应用的大量拓展，会计研究面临着新的巨大的挑战。立足与公司财务相关的新数据集和多模态信息披露，在分析企业多模态信息发展及其驱动因素，总结有关数字信息、文本信息、图像信息、音视频信息会计研究的基础上，结合学术界开始初步尝试的双模态信息融合利用的会计研究，基于信息验证、信息互补、信息增强三大功能，探讨如何透过企业多模态信息融合利用，以克服其海量、多噪音、碎片化、非结构化特征的高维信息问题，思考企业多模态信息融合利用会计研究的主要潜在方向及其挑战，为实现各模态信息间的信息验证、互补和增强,以及基于主要应用场景的企业多