Based on pooled cross-sectional analysis, we find a robust positive relation between product market competition and conditional accounting conservatism. We also find evidence of an inter-temporal increase in conditional conservatism following industry deregulation and increased antitrust case...

This study examines CEOs and CFOs who have prior work experience as equity research analysts. Consistent with backgrounds in forecasting and M&A evaluation, we find these executives provide earnings outlooks that are more accurate than those of other executives, and their M&A transactions...

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...