报告题目：The Effects of Tax Clientele on Disclosure: Evidence from the Municipal Bond Market

报告人：陈曦（Novia Xi Chen）

报告时间：2023年11月3日（周五）8:00-9:30

报告地点：腾讯会议（会议ID：425 229 980）

主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心 东北财经大学税务会计研究中心

【报告摘要】

In stark contrast to the disclosure environment for publicly traded equities, the disclosure environment for municipal bonds has been widely criticized for its lack of transparency. Prior research has largely attributed the deficiencies in continuing disclosures from municipal bond issuers to a lack of disclosure regulation and weak enforcement. This study proposes the tax clientele effect as another possible explanation and examines whether the taxability of municipal bond is associated with issuers’ disclosure practices. While individual investors form a primary tax clientele for tax-exempt municipal bonds, taxable municipal bonds are more likely to attract institutional investors, who generally have more incentives to demand and monitor disclosure. Our analyses suggest that issuers provide more continuing disclosures in years with taxable bonds outstanding relative to years without. We also find that issuers provide more continuing disclosures in years when they issue a new taxable bond, and especially following the issuance of their first taxable bond. Given that tax-exempt bonds constitute the majority of municipal bonds outstanding, our findings suggest that the lack of disclosure in the municipal bond market may be partially attributable to a tax clientele effect. Our analyses can inform regulators debating an increase in disclosure requirements for the municipal bond market and policy makers examining the externalities of the tax-exempt status afforded to municipal bonds.

【报告人简介】

陈曦（Novia Xi Chen），休斯敦大学C. T. Bauer商学院会计学副教授。她拥有加州大学欧文分校博士学位、密歇根州立大学硕士学位和中国人民大学工商管理学士学位。她于2015年加入Bauer商学院，在MSACCY和CAP项目中讲授企业税收课程。她的研究主要涉及税收与财务会计的交叉领域，主要包括：（1）美国跨国公司的收入转移和海外现金持有；（2）企业避税的影响因素；（3）所得税的财务报告和披露。研究成果发表于The Accounting Review、Review of Accounting Studies、Contemporary Accounting Research、Management Science等国际顶级期刊。陈教授在教学方面屡获殊荣，包括Lucile and Leroy Melcher卓越教学奖、会计与税务系卓越教学奖等。

【特别提醒】

未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。