We examine whether three tax system characteristics – required book-tax conformity, worldwide versus territorial approach, and perceived strength of enforcement – impact corporate tax avoidance across countries after controlling for firm-specific factors previously shown to be associated...

We re-examine the widely held belief that analysts' earnings per share (EPS) forecasts are superior to random walk (RW) time-series forecasts. We investigate whether analysts' annual EPS forecasts are superior, and if so, under what conditions. Simple RW EPS forecasts are more accurate than...

In this study, we investigate whether companies with better reputations enjoy a lower cost of equity financing. Using a sample of 9,276 large U.S. companies from 1987 through 2011 and the reputation rankings from Fortune's “America's Most Admired Companies List”, we find strong evidence that...