FIN 48, Accounting for Uncertainty in Income Taxes, standardizes accounting for uncertain tax benefits and requires companies to disclose their tax reserve amounts. We summarize hand-collected disclosures related to tax reserves from 2005 through the first quarter of 2007. For the largest 100...

Concerns about auditor independence prompted regulators to restrict auditor-provided nonaudit services. Despite the failure of researchers to document a decrease in financial reporting quality associated with nonaudit services, there has been a significant decline in permissible auditor-provided...

This paper examines whether and to what extent repatriation tax costs constrain U.S. multinational companies' (MNCs) distributions to shareholders. During the 1987-2004 sample period, I find repatriation tax costs decrease U.S. MNCs' dividend payments, and the economic magnitude of the effect is...

This study examines whether investors discount the foreign earnings of U.S. multinational corporations in anticipation of future repatriation taxes. Investor pricing of repatriation taxes has become increasingly important because of the decline in foreign statutory tax rates relative to the U.S....