We investigate why firms include individuals with significant professional tax experience on their senior management team and the consequences associated with the presence of these tax-savvy senior executives. We find that past performance, network connections, geographic location, and tax rate...

Data breaches are becoming increasingly pervasive and costly to firms. Prior and recent studies on the consequences of disclosed data breaches primarily focus on the direct effects on the breached firms. We undertake a different approach by studying the spillover effects from breached customer...

Both stock recommendations from sell-side analysts and online user generated content from crowds have great significance in the stock market. We examine and compare different effects of analyst attitude and crowd sentiment on stock prices in this study with data from CSMAR. By estimating a...

We study the association between firms' disclosures in Forms 10-K of the existence of trade secrets, and cyber theft of corporate data (which we refer to as “Breaches”). Prior academic research explaining occurrence of Breaches is scarce, and no prior study has focused specifically on...

To “crack down” on tax havens and offshore financial centers, the Organisation for Economic Co-operation and Development (OECD) has promoted an internationally agreed tax standard of exchange of information on request since 2009. Using a difference-in-differences analysis, we find that the...

We explore the possibility that SEC oversight influences disclosure practices in a manner that reduces the likelihood of individual stock price crashes. Firms located farther from the SEC have greater stock price crash risk and this result is more pronounced for firms with financial statements...

Theory suggests that inside debt held by executives in the form of deferred compensation and unfunded pensions serves to align management incentives with creditors, thereby incentivizing them to act more conservatively. Evidence in the literature suggests that creditors favor less aggressive tax...

We use a regulatory shock to examine the extent to which the prospect of short selling affects tax disclosure. From May 2005 to August 2007, the SEC initiated a pilot program under Regulation SHO, which temporarily exempted one-third of the firms in the Russell 3000 index from short sale price...

Relative performance evaluation (RPE) is a common practice in compensation contracting, essentially conditioning management compensation on the achievement of certain performance goals relative to a benchmark. In this paper, we examine the incentive effects of RPE usage on tax outcomes. We...

Theoretical and empirical studies argue that managerial hoarding of negative firm-specific information can result in large negative stock price corrections once the accumulated information is revealed. A managerial labor market with tournament-like progression provides managers with the...