Open Access Theses and Dissertations

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You searched for +publisher:"Penn State University" +contributor:("Samuel C Thompson Jr., Committee Member"). Showing records 1 – 2 of 2 total matches.

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Penn State University

1. Berg, Bjorn Konrad. The Credit Relevance of Litigation Materiality Disclosures.

Degree: 2016, Penn State University

URL: https://submit-etda.libraries.psu.edu/catalog/28710 

This study examines whether a firm’s summary statement about the materiality of pending litigation provided within Item 3 (Legal Proceedings) and/or the contingency notes of its annual report captures credit-relevant information about the firm’s litigation contingencies. This aggregated and forward-looking disclosure appears to reveal either (1) the more uncertain and unfavorable information that pending litigation is potentially material or (2) the more certain and favorable information that pending litigation is not expected to be material. If textual variation in this seemingly boilerplate disclosure indeed captures relevant information about a firm’s litigation, then it should be associated with measures of credit uncertainty and the cost of debt capital. Using a hand-collected and manually-analyzed sample of materiality statements from the litigation disclosures (Item 3 and/or contingency notes) in the 2010 annual reports of S&P500 firms, I find that firms disclosing pending litigation is potentially material have greater credit uncertainty (more bond rating disagreement), worse credit quality (worse bond ratings), and a higher cost of debt capital (higher bond yields) than firms disclosing pending litigation is not expected to be material. The nature (e.g., class action status) and not necessarily the quantity of the lawsuits relative to the firm’s size as well as the potential threat of shareholder litigation are determinants of this materiality disclosure. And, for the small minority of S&P500 firms that separately disclosed litigation-related charges in the subsequent period, I find that firms disclosing pending litigation is potentially material accrue a larger litigation-related charge than firms disclosing pending litigation is not expected to be material. These findings suggest that a firm’s general litigation materiality disclosure captures credit-relevant information about the firm’s pending litigation – specifically, information about the importance of the litigation and expected litigation losses. Advisors/Committee Members: Guojin Gong, Dissertation Advisor/Co-Advisor, Guojin Gong, Committee Chair/Co-Chair, Steven J Huddart, Committee Member, Karl A Muller Iii, Committee Member, Samuel C Thompson Jr., Committee Member.

Subjects/Keywords: Litigation; Credit Relevance; Contingencies; Materiality; Disclosure; Uncertainty; Cost of Capital

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Berg, B. K. (2016). The Credit Relevance of Litigation Materiality Disclosures. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/28710

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Berg, Bjorn Konrad. “The Credit Relevance of Litigation Materiality Disclosures.” 2016. Thesis, Penn State University. Accessed April 21, 2021. https://submit-etda.libraries.psu.edu/catalog/28710.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Berg, Bjorn Konrad. “The Credit Relevance of Litigation Materiality Disclosures.” 2016. Web. 21 Apr 2021.

Vancouver:

Berg BK. The Credit Relevance of Litigation Materiality Disclosures. [Internet] [Thesis]. Penn State University; 2016. [cited 2021 Apr 21]. Available from: https://submit-etda.libraries.psu.edu/catalog/28710.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Berg BK. The Credit Relevance of Litigation Materiality Disclosures. [Thesis]. Penn State University; 2016. Available from: https://submit-etda.libraries.psu.edu/catalog/28710

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation


Penn State University

2. Watson, Val Lucas. Executive Overconfidence and Financial Reporting of Unrecognized Tax Benefits.

Degree: 2013, Penn State University

URL: https://submit-etda.libraries.psu.edu/catalog/19726 

I examine how executive overconfidence influences mandatory financial accounting estimates using a powerful setting containing significant managerial discretion: the reserve for unrecognized tax benefits (UTBs). I predict and find that firms with overconfident executives report lower UTBs after controlling for tax complexity. This effect is economically meaningful as firms with overconfident executives report approximately 20 percent lower UTBs than other firms. In addition, I provide evidence that settlements with tax authorities are more sensitive to reported UTBs in firms with overconfident executives than in firms without overconfident executives. Taken together, the evidence suggests that firms with overconfident executives report lower reserves and that these reserves represent more aggressive tax positions which are more likely to be overturned upon examination. Advisors/Committee Members: Karl A Muller Iii, Dissertation Advisor/Co-Advisor, Dan Givoly, Committee Member, Michelle Hanlon, Special Member, Rick C Laux, Committee Member, Samuel C Thompson Jr., Committee Member.

Subjects/Keywords: financial reporting; executive overconfidence; CEO; CFO; tax cushion; tax reserve

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APA · Chicago · MLA · Vancouver · CSE | Export to Zotero / EndNote / Reference Manager

APA (6th Edition):

Watson, V. L. (2013). Executive Overconfidence and Financial Reporting of Unrecognized Tax Benefits. (Thesis). Penn State University. Retrieved from https://submit-etda.libraries.psu.edu/catalog/19726

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Chicago Manual of Style (16th Edition):

Watson, Val Lucas. “Executive Overconfidence and Financial Reporting of Unrecognized Tax Benefits.” 2013. Thesis, Penn State University. Accessed April 21, 2021. https://submit-etda.libraries.psu.edu/catalog/19726.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

MLA Handbook (7th Edition):

Watson, Val Lucas. “Executive Overconfidence and Financial Reporting of Unrecognized Tax Benefits.” 2013. Web. 21 Apr 2021.

Vancouver:

Watson VL. Executive Overconfidence and Financial Reporting of Unrecognized Tax Benefits. [Internet] [Thesis]. Penn State University; 2013. [cited 2021 Apr 21]. Available from: https://submit-etda.libraries.psu.edu/catalog/19726.

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

Council of Science Editors:

Watson VL. Executive Overconfidence and Financial Reporting of Unrecognized Tax Benefits. [Thesis]. Penn State University; 2013. Available from: https://submit-etda.libraries.psu.edu/catalog/19726

Note: this citation may be lacking information needed for this citation format:
Not specified: Masters Thesis or Doctoral Dissertation

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