Annual Conference

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Accounting

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May 2018

U.S. Firms on Foreign (tax) Holidays

Travis CHOW, Edward L. MAYDEW, Jeffrey L. HOOPES
We undertake the first large-sample analysis of foreign tax holiday participation by U.S. firms. Tax holidays are temporary reductions of tax granted by governments, usually contingent on the firm making new operational investments in the country. We predict and find that firms are more likely to pa...
Keywords: Tax holiday, corporate tax, international tax
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2018

Managers Pay Duration and Voluntary Disclosures

Qiang CHENG, Young Jun CHO, Jae B. KIM
Given the adverse impact on their welfare, managers are reluctant to disclose bad news timely. In this paper, we examine the effect of managers’ pay duration on firms’ voluntary disclosures of bad news. Pay duration refers to the average period that it takes for managers’ annual compensation t...
Keywords: Voluntary disclosures, management forecasts, executive compensation, pay duration
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Annual Conference

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Accounting

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May 2018

Making Sense of Soft Information: Interpretation Bias and Ex-post Lending Outcomes

Regina WITTENBERG-MOERMAN, Dennis CAMPBELL, Maria LOUMIOTI
We explore whether cognitive constraints and behavioral biases impede the processing and interpretation of soft information in private lending. Using data from a credit union's internal reporting system, we delineate three constraints and biases likely to affect lending decisions: limited attention,...
Keywords: Soft information, credit outcomes, cognitive constraints, interpretation and processing bias
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Senior Fellows/Fellows

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Senior Fellows/Fellows, 2018

Chairing a Bankosaurus: Has the meteor landed, or can banks evolve and survive

Howard DAVIES
Chairing a Bankosaurus
Keywords: Howard DAVIES (Royal Bank of Scotland)
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AMPF Papers

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Commissioned Paper

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May 2018

Gauging Procyclicality and Financial Vulnerability in Asia through the BIS Banking and Financial Statistics

Hyun Song SHIN, Stefan AVDJIEV, Bat-el BERGER
We look back at past episodes of financial stress in Asia with a forward-looking perspective. We put ourselves in the shoes of a contemporary observer with the data at hand and ask what evidence was available on the systematic build-up of vulnerabilities. We reconstruct a graphical narrative of bank...
Keywords: Stefan AVDJIEV, Bat-el BERGER, Hyun Song SHIN
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