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Are Family Firms More Tax Aggressive Than Non-Family Firms?
Taxes represent a significant cost to the firm and shareholders, and it is generally expected that shareholders prefer tax aggressiveness. However, this argument ignores potential non-tax costs thatExpand
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Do Family Firms Provide More or Less Voluntary Disclosure
We examine the voluntary disclosure practices of family firms. We find that, compared to nonfamily firms, family firms provide fewer earnings forecasts and conference calls, but more earningsExpand
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Stochastic Linear Quadratic Regulators with Indefinite Control Weight Costs. II
In part I of this paper [S. Chen, X. Li, and X. Zhou, SIAM J. Control Optim., 36 (1998), pp. 1685--1702], an optimization model of stochastic linear quadratic regulators with indefinite control cost weighting matrices is proposed and studied. Expand
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Voluntary disclosure of balance sheet information in quarterly earnings announcements
We investigate a pervasive voluntary disclosure practice ? managers including balance sheets with quarterly earnings announcements. Consistent with expectations, we find that managers voluntarilyExpand
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Are analysts’ earnings forecasts more accurate when accompanied by cash flow forecasts?
We examine whether analysts’ earnings forecasts are more accurate when they also issue cash flow forecasts. We find that (i) analysts’ earnings forecasts issued together with cash flow forecasts areExpand
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Favorable versus Unfavorable Recommendations: The Impact on Analyst Access to Management-Provided Information
This study examines recent regulatory and practitioner concerns that managers provide more (less) information to analysts with more (less) favorable stock recommendations. We examine the relativeExpand
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Stock Price Reaction to Evidence of Earnings Management: Implications for Supplementary Financial Disclosure
We condition security price reactions to quarterly earnings announcements on whether firms disclose supplementary balance sheet and/or cashflow information that can be used to estimate theExpand
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A New Measure of Disclosure Quality: The Level of Disaggregation of Accounting Data in Annual Reports
We construct a new, parsimonious, measure of disclosure quality—disaggregation quality (DQ)— and offer validation tests. Expand
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Are Analysts’ Cash Flow Forecasts Naive Extensions of Their Own Earnings Forecasts?
We examine the sophistication of analysts’ cash flow forecasts to better understand what accrual adjustments, if any, analysts make when forecasting cash flows. As a preliminary step, we firstExpand
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Conservatism and Equity Ownership of the Founding Family
Abstract We investigate the impact of founding family ownership on accounting conservatism. Family ownership is characterised by large, under-diversified equity stake and long investment horizon.Expand
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