English to Persian (Farsi) Other Accounting

Our main results indicate that compared to firms with non-tax-related ICMWs, TAX firms
are more likely to reduce their fourth-quarter ETR relative to their third-quarter ETR when
earnings would otherwise miss the consensus analyst forecast in the year preceding the firm’s
first disclosure of a tax-related ICMW. We also demonstrate that conditional on firms decreasing
their fourth-quarter ETRs, the TAX firms are more likely to meet/beat analysts’ forecasts than the
NONTAX firms in the year prior to the disclosure of the tax-related ICMW.