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권승향 대구미래대학 2000 論文集 Vol.18 No.1
This paper provides a summary and analysis of the research literature on write-downs of long-lived asset. There are several reasons why long-lived asset write-downs have been of particular interest to many researchers. First, the evidence to date indicates that these write-downs can have an enormous impact on both accounting earnings and the book value of assets. For example, the mean amount of the write-downs in the studies reviewed in this paper ranged from 4% to 19.4% of the total assets. Second, generally accepted accounting principles (GAAP) allow firms a great deal of flexibility in accounting for the impairment of long-lived assets. Asset impairment write-offs differ from most financial statement information "because of greater discretion as to their magnitude and timing." For example, firms could take a write-down when earnings are particularly high in order to smooth income, or, alternatively, they could "take a bath" by recording a write-down when earnings are already poor. Other firms may have used the flexibility in the GAAP to avoid taking write-downs of impaired assets due to concerns about potentially negative stock market reaction to such charges. This flexibility, combined with the potentially large size of these write-downs as discussed above, suggests that long-lived asset write-downs could be strategically used by firms to adjust the timing and amounts of charges. As Wi1son(1996) noted, "Accounting write-downs is an exceptionally difficult research issue." This paper has discussed many of the problems and complexities inherent in this line of research. Nevertheless, there are many opportunities to expand our knowledge in this area. It is evident from the studies reviewed that there is huge variation across write-down studies in sample definition and selection, window lengths of returns examined, etc. This is a fundamental limitation of the literature as it stands, It limits the validity of comparing studies and the ability to draw conclusions with confidence about what we have learned about write-downs. The evidence also suggests that different kinds of write-downs may evoke different reactions from the market, and that Compustat "special items" may include categories of events other than write-downs. Thus, in order to understand exactly what types of transactions are being examined, the researcher should, to the extent possible, carefully discern the nature of each write-down in the sample.
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권승향 경북실업전문대학 1998 慶北實業專門大學論文集 Vol.17 No.1
Numerous savings vehicles are available to save for future consumption, In this paper, a number of savings vehicles are considered that were distinguished by the tax treatment of investment returns. While investments made in most savings vehicles do not give rise to immediate tax deductions, investments in pensions do, in America. While the earnings in some investments are taxed annually, the earnings in others are partially or fully tax-deferred or may be tax exempt altogether. Earnings in some vehicles are taxed at ordinary rates while earnings in other vehicles attract tax at capital gains rates. Because of these deffering tax treatments, the after-tax accumulation and rate of return from holding a fully-taxable bond in each of these savings vehicles raries dramatically across the alternatives. With constant tax rates over time, pension savings and tax-exempt savings through insurance contracts dominate money market accounts and such other savings vehicles as single premium deferred annuities. Without frictions and restrictions, the dominant returns available from some patterns would result in tax arbitrage opportunities. Investors would save only through the dominant patterns. If tax rate changes through time, the dominance relations can disappear. For example, when tax rates are increasing over time, money market accounts (the least tax-advantages vehicle when tax rates are constant) can provide higher after-tax rates of return than pension accounts(the most tax-advantageous vehicle when tax rates are constant). The introduction of frictions and restrictions further alters the rankings of the alternatives. Empirically, we find that investors use all of the vehicles that we analyzed to save for future consumption. When we add cross-sectional differences in tax rates and investment opportunities, additional tax-planning opportunities arise that can be exploited through personalized contracting. For example, it may be advantageous to undertake savings through deferred compensation contracts. An important lesson here is that the tax positions of both the employee and employer must be considered to determine whether deferred compensation represents an effective organizational arrangements, such contracts may be undesirable when employer tax rates are also falling through time. When opportunities exist to contract in personal markets, effective tax planning requires that we consider the tax and investment opportunities of all parties to the contract, It is convenient to make all but one of the parties indifferent across the contract alternatives in deciding which tax-planning alternative is favored. Nontax factors, such as motivational and risk-sharing considerations between employees and employers, might tip the choice in favor of current compensation even though compensation is tax-favored, or vice versa.
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