Recent research finds that analysts' cash flow forecasts have meaningful financial reporting ramifications, but to date, the identified effects are unlikely to yield meaningful cash flow benefits. This study examines whether analysts' cash flow forecasts increase managerial focus on real cash...

Recent research finds that analysts' cash flow forecasts have meaningful financial reporting ramifications, but to date, the identified effects are unlikely to yield meaningful cash flow benefits. This study examines whether analysts' cash flow forecasts encourage managers to enhance the firm's...

Regulators have recently expressed concern that existing disclosure rules prevent financial users from fully understanding the location of a firm's operations. In this study, we develop an estimate of the location of firms' cash holdings using financial statement data and validate our estimate...

We examine the incidence, valuation and management of tax-related reputational costs during 2011, a year containing numerous protests that increased scrutiny of corporate tax avoidance. We report three main results. First, consistent with firms incurring tax-related reputational costs, we find...

Many studies use GAAP effective tax rates (ETR) as proxies for tax avoidance and rely on the maintained assumption that very low (high) ETRs represent the greatest (least) tax avoidance. We provide large-sample empirical evidence on how well ETRs capture cross-sectional differences in tax...

The American Jobs Creation Act of 2004 created a tax holiday allowing firms to repatriate foreign earnings at a reduced tax rate and a domestic production activities deduction (DPAD) to encourage domestic investment. We investigate whether the DPAD affects firms' decisions to use repatriated...