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最新文章

• The relative importance of information events: An ex ante perspective AI翻译
  作者：Iselin, Michael; Van Buskirk, Andrew
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; University System of Ohio; Ohio State University
  摘要：We build on recent advances in options pricing research to propose a novel measure of the ex ante relative importance of information events. Our firm-level measure captures the extent to which investors view an event as important, independent of its realized outcome. We first validate the measure and then demonstrate how it can be used to (1) study heterogeneity across firms in the relative importance of information events; (2) identify firms for which an event was important, even though the r...
• The merits of securities litigation and corporate reputation AI翻译
  作者：Donelson, Dain C.; Kartapanis, Antonis; Yust, Christopher G.
  作者单位：University of Iowa; Texas A&M University System; Texas A&M University College Station; University of Iowa
  摘要：We explore how securities litigation affects corporate reputation. Experts remain concerned that nonmeritorious securities class actions-those that will be dismissed or settled for nuisance amounts-cause reputational damage. Although several prior studies show reputational costs for nonmeritorious cases, they generally use indirect measures based on returns or total market losses, which are mechanically associated with securities litigation elements. In contrast, we use a relatively direct rep...
• Promoting proactive auditing behaviors AI翻译
  作者：Peecher, Mark E.; Ricci, Michael A.; Zhou, Yuepin (Daniel)
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; State University System of Florida; University of Florida
  摘要：In this paper, we introduce the construct of proactive auditing behaviors to the accounting literature and report the first experimental investigation of their antecedents. Regulators and practitioners agree that proactive behaviors are needed to consistently achieve high-quality audit outcomes, but also that these behaviors are scarce. Drawing on theory from management, accounting, and psychology, we predict that an environmental factor (autonomy) and a dispositional factor (tacit knowledge) ...
• It's a matter of style: The role of audit firms and audit partners in key audit matter reporting AI翻译
  作者：Rousseau, Linette M.; Zehms, Karla M.
  作者单位：University of Houston System; University of Houston; University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
  摘要：We examine the relative importance of audit firm versus partner decision styles in key audit matter (KAM) reporting. Standard setters intended KAMs to increase the usefulness of the audit report by requiring the partner-led engagement team to disclose engagement-specific information about the most significant judgments they made during the audit. However, stakeholders expressed widespread concern that audit firms' longstanding efforts toward standardization would result in generic KAMs at the ...
• Estimating the sensitivity of CEO compensation to gross versus net accounting performance AI翻译
  作者：Black, Dirk E.; Dikolli, Shane S.; Hofmann, Christian; Pfeiffer, Thomas
  作者单位：University of Nebraska System; University of Nebraska Lincoln; University of Virginia; University of Munich; University of Vienna; University of Virginia
  摘要：In empirically estimating the relation between CEO compensation and accounting-based firm and peer performance, researchers often define the performance variables net of CEO compensation expense. We analytically show that a researcher's use of CEO compensation as a regression's dependent variable and as an expense in defining a regression's independent variables representing accounting-based firm and peer performance will bias the researcher's pay-for-performance and relative performance evalu...
• Common institutional ownership and stock price crash risk AI翻译
  作者：Chen, Shenglan; Ma, Hui; Wu, Qiang; Zhang, Hao
  作者单位：Zhejiang University of Technology; Zhejiang University of Technology; Shanghai University of Finance & Economics; Hong Kong Polytechnic University; Rochester Institute of Technology; Rochester Institute of Technology
  摘要：This paper presents new evidence on the economic benefits arising from common institutional ownership. We find a negative and significant effect of common institutional ownership on stock price crash risk. This effect is robust to a battery of robustness checks and is causal according to some identification tests, including difference-in-differences analyses on financial institution mergers. We find evidence that the negative effect is attributable to the monitoring role of common institutiona...
• IRS scrutiny and corporate innovation AI翻译
  作者：Goldman, Nathan; Lampenius, Niklas; Radhakrishnan, Suresh; Stenzel, Arthur; Feres de Almeida, Jose Elias
  作者单位：North Carolina State University; University Hohenheim; University of Texas System; University of Texas Dallas; Norwegian School of Economics (NHH); Universidade Federal do Espirito Santo
  摘要：The IRS administers tax laws enacted by Congress. As part of the IRS's duties, they often consider taxpayers' financial statements to help ensure accurate tax reporting and payments. We posit that enhanced financial statement disclosures of tax information under FASB Interpretation Number 48 (FIN 48) lead to more IRS scrutiny and alter the incentives for corporate innovation. Using patent applications as a measure of corporate innovation, we employ a difference-in-differences research design w...
• The effect of shareholder scrutiny on corporate tax behavior: Evidence from shareholder tax litigation AI翻译
  作者：Donelson, Dain C.; Glenn, Jennifer L.; Mcguire, Sean T.; Yust, Christopher G.
  作者单位：University of Iowa; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
  摘要：This study examines the effect of shareholder scrutiny of corporate tax avoidance behavior and its related financial reporting. Specifically, we explore the factors associated with shareholder tax litigation and its effect on the future tax behavior of the sued firm and its peers. We find that sued firms have lower cash and GAAP effective tax rates (ETRs) and engage in extreme tax avoidance before litigation. After litigation, they decrease tax avoidance activities, relative to matched control...
• The bullwhip effect, demand uncertainty, and cost structure AI翻译
  作者：Chen, Clara Xiaoling; Liang, Jing; Yang, Shilei; Zhu, Jing
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Chengdu University of Technology; Southwestern University of Finance & Economics - China; Southwestern University of Finance & Economics - China
  摘要：The firm-level bullwhip effect is the amplification of demand uncertainty along a supply chain-that is, fluctuations in production (for manufacturing firms) or purchases from suppliers (for retailers or wholesalers) in a firm tend to be greater than its demand fluctuations. We predict that the bullwhip ratio (a proxy for the bullwhip effect) amplifies the relation between demand uncertainty and cost structure. We expect this amplifying effect because the bullwhip ratio determines the extent to...
• How do lead auditor instructions influence component auditors' evidence collection decisions? The joint influence of construal interpretations and responsibility AI翻译
  作者：Zhu, Skye; Phang, Soon-Yeow
  作者单位：James Cook University; Monash University
  摘要：Regulators have raised concerns about the quality of component auditors' work. Of particular concern is that component auditors often do not adequately perform procedures and gather enough quality evidence. This failure is likely caused by component auditors' different interpretations of lead auditor instructions and by their lack of responsibility. Our interview findings suggest that component auditors tend to interpret lead auditor instructions concretely because they often receive detailed ...