When Congress retroactively extends a temporary tax rule, the effect on earnings is complex because financial reporting standards require firms to apply the integral method using enacted tax law to determine quarterly income tax expense. We model this effect and examine earnings announcements...

Motivated by research from the late 1990s and early 2000s, researchers often examine analyst performance as a function of individual analyst characteristics using variables representing analysts’ experience, busyness, and resources. Studies make different choices for variable construction and...

Tax avoidance that reduces transfers from shareholders to the government is traditionally viewed as value enhancing to shareholders. The agency perspective of tax avoidance, however, suggests that opportunistic managers may exploit the obfuscatory nature of tax avoidance to mask rent extraction....