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DTSTART;TZID=America/Chicago:20250411T103000
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SUMMARY:Are Audit Disclosures Informative about Foreign Earnings?
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Jenna J. Burke\, University of Colorado – Denver \nWe examine whether audit disclosures regarding changes in foreign component auditor use are informative about the persistence of foreign earnings. Component auditor use is required to increase when\, amongst other factors\, the financial significance of a specific location increases. Therefore\, changes in component auditor use could reveal information about the materiality and sustainability of foreign operations. Consistent with this\, we find changes in component auditor use are associated with foreign earnings persistence\, even after controlling for other foreign information sources such as geographic segments\, foreign sales\, and subsidiaries. We also find a significant market reaction to changes in the use of large component auditors\, which suggests an unintended benefit of Form AP in line with the PCAOB’s objective to provide information. \n 
URL:https://uwm.edu/business/event/foreign-earnings/
LOCATION:Lubar Hall\, N333\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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LAST-MODIFIED:20250407T181536Z
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SUMMARY:Designing Renewable Power Purchase Agreements: Impact on Green Energy Investment
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Professor Zuguang Gao\, University of California – Irvine\n \nThis paper studies a long-term power purchase agreement (PPA) between a firm and a new renewable energy generator. At each time\, the firm must meet an uncertain electricity demand in excess of its existing energy sources. The wholesale electricity market price evolves as a stochastic process. When the firm signs a PPA\, a new renewable energy facility becomes operational\, and the firm owns the facility’s output during the contract. The new facility’s capacity is determined based on PPA terms. The firm dynamically decides when to start a renewable PPA and total payment to the renewable energy generator to maximize its expected total discounted benefit. We show that the firm’s optimal time-to-sign a PPA is determined by a (time- varying) threshold policy. Our analysis offers key insights to policymakers and renewable energy developers. We find that\, in contrast to the common understanding\, increasing investment cost for renewable technology can boost renewable energy capacity and output when renewable energy facilities are developed under a PPA. This calls for caution in implementing investment tax credit for clean technologies under PPAs. We show that total renewable energy generation can decrease with site productivity. Hence\, restricting renewable facility development to the most productive sites might be counterproductive under PPAs. \nZoom meeting link \nMeeting ID: 926 5434 0716\nPasscode: 807247
URL:https://uwm.edu/business/event/green-energy/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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