报告一：Leisure Preference and Corporate Tax Planning
摘要：Using a novel cross-country, time-variant measure of leisure preference to quantify innate managerial effort aversion, we examine its impact on corporate tax planning, and document a negative association between the two. The result is stronger for firms located in countries with a more complex tax system, and for firms with less access to tax consulting services — situations in which corporate tax planning is especially onerous. Finally, tax planning appears to be one mechanism mediating the negative relation between leisure preference and firm value, implying that effort aversion is a source of agency costs that impedes value-enhancing tax planning activities.
报告二：Handling Missing Values in Archival Accounting Research
摘要：Archival research in accounting always suffers from missing values problem. For example, in the Compustat database, more than 30% of the financial data items are missing in more than 40% of the observations. Although researchers have strived to handle missing values through various methods, such as dropping the observations with missing values or replacing missing values with zeros, the validity of such methods are rarely discussed. In this study, I conduct a comprehensive review of the theory and assumptions of missing value, which are necessary for accounting scholars to understand the nature of missing values and to promote proper procedure to address the problem when missing values are often unavoidable. In addition, I discuss the validity of different methods to handle missing values under different mechanisms. My research contributes to the literature by showing that incorporating the missingness mechanism into the regression analysis eliminates the biasedness in parameter estimations when accounting data are not missing at random.