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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Firm News and Market Views: The Informational Role of Official Newspapers in China

Joseph D. PIOTROSKI, Tianyu ZHANG, T.J. WONG, Shubo ZHANG
State control can turn the media into the government’s mouthpiece and weaken the media’s incentives to meet market demands for corporate news. However, the media’s dependence on the government can strengthen its ability to access information about the government’s industrial and macro polici...
Keywords: Media information, Firm-specific information, Industry and market-wide information, emerging markets
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Senior Fellows/Fellows

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Senior Fellows/Fellows

Repatriation Taxes and Foreign Cash Holdings: The Impact of Anticipated Tax Reform

Lisa De SIMONE, Joseph D. PIOTROSKI, Rimmy E. TOMY
We examine whether anticipation of a repatriation tax reduction affects the amount of cash U.S. multinational corporations (MNCs) hold overseas. We find that U.S. MNCs most likely to benefit from a repatriation tax reduction accumulated significant cash holdings once Congress proposed legislation, a...
Keywords: Multinational corporate taxation, Repatriation, Foreign cash
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Annual Conference

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Accounting

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May 2015

Political Bias of Corporate News: Role of Conglomeration Reform in China

Joseph D. PIOTROSKI, Tianyu ZHANG, T.J. WONG
When emerging market firms disclose relationship-based transactions, they face a tradeoff in which greater transparency may help lower their cost of capital at the cost of revealing proprietary information. We find that firms overcome this challenge by relying on analysts within their private networ...
Keywords: Media, China, Commercialization, Conglomeration Reform, Bias in Corporate News
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