We document peer effect as an important factor in determining corporate voluntary disclosure policies. Our identification strategy relies on a discontinuity in the distribution of institutional ownership caused by the annual Russell 1000/2000 index reconstitution. Around the threshold of the...

In this study, we utilize the setting of bank M&As to examine banks’ role in tax planning intermediation through helping their clients establish offshore tax haven operations. After a bank M&A, the clients of the target bank “involuntarily” switch to a significantly larger relationship...

This study examines the relation between asset-backed securitizations and future stock price crash risk in nonfinancial firms. We argue that the off-balance sheet treatment of securitizations facilitates managers’ bad news hiding, leading to higher crash risk. Using a large sample of U.S....

As taxes take away a considerable portion of profits, in recent years, more firms have started to issue voluntary management forecasts on effective tax rates (ETRs) to guide investors in understanding the aggregated expected effects of the issuing firms’ tax planning strategies. However,...