Prior literature examines the determinants and consequences of tax avoidance in relation to earnings. Extending this research to the role of cash in motivating corporate tax avoidance, I consider a firm's liquidity, as measured by the quick ratio and free cash flows, insufficient cash holdings,...

We examine how biased financial reports (managed earnings) affect product market competition and how product market competition affects incentives to bias financial reports in a model with fully rational firms. We find that Cournot competitors bias their reports to create the impression that...

This study investigates whether analysts who pay attention to investor sentiment issue more or less profitable stock recommendations than their peers. We find that analysts whose stock recommendations are positively correlated with recent or future investor sentiment tend to issue relatively...

We study how joint delegation of production and disclosure choices alters the incentives that firm owners offer to their managers. Our first set of results shows how the incentive weights that owners place on revenues are affected by firm characteristics and by whether their manager chooses ex...

We ask whether the private debt contracts of family firms contain more restrictive covenants tied to accounting numbers than those of non-family firms. Our examination of Dealscan data indicates that Samp;P 500 family firms are more likely to include accounting-based covenants that limit the...