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作者：Kim, Sehwa; Kim, Seil; Marquardt, Carol; Shin, Dongoh
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY); Wayne State University
摘要：Accounting Standards Update (ASU) 2016-01 requires that unrealized gains and losses on equity investments (equity-URGL) previously recognized in other comprehensive income now be included in net income. Using a sample of public insurers, we examine how this accounting standard change influences managerial investment decisions, with a particular focus on the moderating effects of compensation contracting and financial reporting practices. We find that prior to ASU 2016-01, equity-URGL was posit...
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作者：Koo, Minjae; Wang, Annika Yu; Wang, Yin; Zhang, Liandong
作者单位：Korea University; University of Houston System; University of Houston; Singapore Management University
摘要：Product market advertising, while containing little new information, triggers spikes in investor attention. Using weekly advertising data, we find that sell-side analysts issue optimistic earnings forecasts in response to heavier advertising in the prior week. This effect is not driven by confounding earnings or product news. It is more pronounced for experienced analysts and analysts affiliated with brokerages that rely solely on trading revenues. The optimistic forecast bias intensifies the ...
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作者：Arya, Anil; Frimor, Hans; Mittendorf, Brian; Pfeiffer, Thomas
作者单位：University System of Ohio; Ohio State University; University of Southern Denmark; University of Vienna
摘要：This paper extends a familiar model of competition and disclosure to incorporate the practical feature that firms may not only hold private information about consumer demand, but they can also influence demand by the investments they make in improving product quality. Such investments can reflect installing new product features, improving durability, adding design enhancements, and the like. This paper demonstrates that investments stand to significantly influence the firm's preference for dis...
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作者：He, Wen; Zhang, Jin
作者单位：Monash University
摘要：This study examines whether and how brokers manage the distribution of their stock recommendations. We document that if a broker's percentage of buy recommendations in a quarter is substantially higher than its target level, the broker issues significantly fewer buy recommendations than other brokers in the following quarter. This evidence remains robust after controlling for mean reversion in the data and varies systematically with brokers' expected benefits and costs of managing the distribu...
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作者：Ahrens, Thomas; Ferry, Laurence
作者单位：United Arab Emirates University; Durham University; Rutgers University System; Rutgers University New Brunswick
摘要：Recent research into the uses of accounting as a technology of government has used Foucault's notion of counter-conduct to shed light on various ways in which the governed can seek to alter the regimes to which they are subjected. This paper unpacks the notion of counter-conduct further in order to develop a clearer conceptualization of how regimes of government can change over time, with or without clearly identifiable attempts by the governed to influence such changes. We develop our argumen...
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作者：Li, Xuanbo; Lou, Yun; Wang, Rencheng; Zhou, Kaitang
作者单位：City University of Hong Kong; Singapore Management University; Wuhan University
摘要：We examine how common institutional investors (CIIs) facilitate the financial reporting comparability (FRC) of US firms. Common ownership increases FRC of firms that are directly owned by CIIs (via a direct effect) and has positive spillover effects on other firms in the same industry. We find spillover effects in two types of firms: (1) those that are commonly owned by different institutional investors but are connected through common firms, and (2) those that do not have any common ownership...
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作者：Azambuja, Ricardo; Baudot, Lisa; Endo, Takahiro; Matsubara, Saori
作者单位：Universite Catholique de Lille; EDHEC Business School; Hautes Etudes Commerciales (HEC) Paris; University of Victoria; Kobe University
摘要：One view of the socialization experienced by professionals in global Big 4 firms suggests that the intensity of socialization engenders a strong and deep-rooted professional identity. We scrutinize this claim by drawing on interviews with partners who retired from lifelong employment in Big 4 firms in Japan. Through partners' reflections on their experiences in detaching from the firm, we examine how socialization manifests in partners' identity work. We find that partners' identity, which oft...
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作者：Neel, Michael; Xu, Jianren
作者单位：University of North Texas System; University of North Texas Denton; University of North Texas System; University of North Texas Denton
摘要：Using industry restatement contagion as an external negative shock, we study the effectiveness of enterprise risk management (ERM) in mitigating downside risk and enhancing investor confidence. We find that ERM curbs overinvestment and earnings misstatement among firms when other firms in their industry engage in undisclosed misstatements that are subsequently restated. Following the announcements of these industry restatements, peers with ERM experience a smaller increase in implied volatilit...
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作者：Jackson, Scott B.; Rasso, Jason T.; Zimbelman, Aaron F.
作者单位：University of South Carolina System; University of South Carolina Columbia
摘要：We hypothesize that managers use their hierarchical role as reviewers of accounting judgments and estimates to manage earnings, which we call indirect earnings management (IEM). Across a series of experiments using highly experienced financial executives as participants, we provide evidence that IEM (1) is likely used by managers to achieve current and future earnings targets, (2) reduces both cognitive dissonance associated with managing earnings and the extent to which managers think that th...
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作者：Stausholm, Saila; Murphy, Richard; Seabrooke, Leonard
作者单位：Copenhagen Business School; University of Sheffield
摘要：How do global firms manage conflicting constituencies in complex markets? The Big 4 accounting firms have expanded their size and scope to the extent that they need to relate to different constituencies simultaneously, sometimes on controversial issues. This is particularly relevant given their engagement in aggressive tax planning services alongside their traditional professional obligations, as this generates a conflict between discretion offered to offshore clients and accountability offere...
