The project aims to set up a methodology to manage the electric arc furnace(EAF) charged with the variable materials mix guaranteeing the required steel quality, minimising the cost to produce crude steel and the environmental impact, having in mind the volatility of scrap quality/price ratio...

This paper evaluates the impact of corporate tax avoidance on the level and valuation of firm cash holdings. Two conflicting views motivate this inquiry. One view is that tax avoidance merely limits tax payments. Hence it may or may not increase firm cash holdings, depending on whether the tax...

Many countries have imposed tax policies that limit the deductibility of interest costs, creating a plausibly exogenous increase in the net cost of borrowing. The limits are based on financial accounting numbers, adding a new incentive into managers’ choices. Firms in these countries are also...

This paper examines the relation between analyst coverage and whether firms meet or beat analyst earnings forecasts. We distinguish between whether a firm's reported quarterly earnings meet (i.e., equal or exceed by one cent) or beat (i.e., exceed by more than one cent) its consensus analyst...

This study explores an interesting phenomenon in which some acquirers buy and own targets for a relatively short period of time and then “flip” or resell these targets to other companies for profit. We show that acquisition flippers engage in earnings management to improve the appeal of...

Using a regulation that increased portfolio disclosure frequency of US mutual funds as an exogenous shock shortening funds’ investment horizon, we find that affected funds influence portfolio firms to reduce the pay duration of their executives to incentivize them to also have shorter...

This study investigates whether differences in accounting standards across countries inhibit firms from investing in foreign markets. Using the frequency and dollar magnitude of cross-border mergers and acquisitions (M&A) from 32 countries over the period 1998-2004, we find that the volume of...