2期

最新文章

• Audit firm tenure disclosure and nonprofessional investors' perceptions of auditor independence: The mitigating effect of partner rotation disclosure AI翻译
  作者：Judge, Sarah; Goodson, Brian M.; Stefaniak, Chad M.
  作者单位：Indiana University System; Indiana University Bloomington; Clemson University; University of South Carolina System; University of South Carolina Columbia; University of South Carolina System; University of South Carolina Columbia
  摘要：In 2017, the PCAOB began requiring audit firm tenure disclosure within the audit report for SEC registrant clients. Many commenters raised the concern that prominent disclosure of firm tenure would lead investors to inappropriately infer a negative relation between audit quality and long tenure. This is particularly troubling given that empirical evidence generally does not support this concern. In our first experiment, we predict and find that disclosing an audit firm's long tenure within the...
• Climatic disasters and distracted analysts AI翻译
  作者：Han, Yuqi; Mao, Connie X.; Tan, Hongping; Zhang, Chi
  作者单位：Wenzhou-Kean University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; McGill University; University of Massachusetts System; University of Massachusetts Lowell; McGill University
  摘要：Using a sample of 30,270 forecasts by 2,280 analysts under a stacked difference-in-differences framework involving 22 major climatic disasters in the United States, we examine the effect of climatic disasters on information production by security analysts, who play a crucial role in the financial market as information intermediaries. We find that earnings forecasts by analysts who experienced a major climatic disaster become less accurate than those by unaffected analysts within 3 months after...
• Information aggregation to form earnings expectations: Evidence from CEO networks and management forecast accuracy AI翻译
  作者：Lee, Sam (Sunghan); Matsunaga, Steven R.; Oh, Peter (Seung Hwan); Hong, Hyun A.
  作者单位：Iowa State University; University of Oregon; McGill University; University of California System; University of California Riverside; University of Oregon
  摘要：We investigate whether a larger CEO employment network provides access to information that improves firms' earnings forecasts and find a significantly positive relation between CEO employment network size and management earnings forecast accuracy. Our results suggest that firms use information obtained from CEO contacts to increase the accuracy of their earnings forecasts. Our conclusion is further supported by evidence of positive associations between CEO employment network size and the likel...
• Are firms as liquid as they appear in annual reports? AI翻译
  作者：Khokhar, Abdul-Rahman; Qiu, Jiaping; Rahaman, Mohammad M.
  作者单位：Saint Marys University - Canada; Shanghai University of Finance & Economics; McMaster University
  摘要：Fiscal-year-end cash holdings are an important indicator in external stakeholders' assessment of a firm's liquidity and credit risk. Do fiscal-year-end cash holdings reflect a firm's intra-year liquidity conditions? We observe that firms report significantly higher cash holdings in the fourth fiscal quarter, followed by a subsequent reversal. This pattern is pervasive across industries, persistent over time, and not explained by conventional factors or calendar effects. The extent of the fourt...
• The role of target difficulty and career tournaments in retaining creative R&D employees AI翻译
  作者：Grabner, Isabella; Seiter, Mischa; Wabnegg, Markus; Wirth, Henning
  作者单位：Vienna University of Economics & Business; Ulm University; Zeppelin University; Vienna University of Economics & Business
  摘要：We explore the turnover intentions of creative R&D employees and the role of performance management practices in shaping these considerations. Since the success of a firm's R&D efforts hinges on the innovative ideas of its employees, it is crucial to retain particularly creative individuals. At the same time, however, we argue that this is especially difficult because both the higher outside options of creative employees and their specific individual characteristics make them, on average, more...
• On the informativeness of unexpected exclusions from street earnings AI翻译
  作者：Bratten, Brian; Larocque, Stephannie; Yohn, Teri
  作者单位：University of Kentucky; University of Notre Dame; Emory University; University of Notre Dame
  摘要：Exclusions from street earnings can include both expected exclusions, forecasted ex ante by analysts, and unexpected exclusions, revealed after earnings are reported. While prior research largely examines total exclusions from street earnings, unexpected exclusions reflect the news or surprise in exclusions. We investigate the properties and informativeness of unexpected exclusions for future profitability, benchmark beating, analyst forecast errors, and future stock returns. We find that unex...
• The mountains are high and the emperor is far away: Credit scoring and the infrastructure of surveillance capitalism in China AI翻译
  作者：Xu, Ruowen; Millo, Yuval; Spence, Crawford
  作者单位：University of Warwick; University of London; King's College London; University of Warwick
  摘要：Previous research on calculative intermediaries shows how these effectively challenge, distort, and disrupt accounting practices in ways that policy-makers might not anticipate. The promises of surveillance capitalism-with its attendant data architectures, datafication processes, and technological sophistication-are different, supposing more accurate ways of reading individuals and greater calculative certainty overall. Yet there is little empirical research to explore how surveillance capital...
• Can artificial intelligence reduce the effect of independence conflicts on audit firm liability? AI翻译
  作者：Libby, Robert; Witz, Patrick D.
  作者单位：Cornell University; University of Wyoming
  摘要：In this study, we examine whether the use of artificial intelligence (AI) can reduce the effect of independence conflicts on audit firm liability. In two experiments, we manipulate (1) whether procedures are performed by a human auditor or with AI and (2) whether the audit firm was careful in maintaining the appearance of independence from the audit client. Results of both experiments indicate that the use of AI significantly reduces the impact of the appearance of independence conflicts on ju...
• A comparison of direct listings and IPOs AI翻译
  作者：Brown, Anna Bergman; Byard, Donal; Suh, Jangwon
  作者单位：Clarkson University; City University of New York (CUNY) System; Baruch College (CUNY); City University of New York (CUNY) System; Queens College NY (CUNY)
  摘要：IPOs and direct listings (DLs) offer two different mechanisms for firms to go public. In contrast to IPOs, DLs do not employ an underwriter or raise new capital. Using a sample of IPOs and DLs on major stock markets in the European Union, we document that firms that choose to go public via DLs are larger, more profitable, and less levered, on average, than IPO firms. These pre-listing differences suggest that DL firms should be less risky than IPO firms; however, controlling for this selection...
• Following the crowd? Peer influence on voluntary bank audits AI翻译
  作者：Beck, Matthew J.; Lundstrom, Nathan G.; Stuber, Sarah B.
  作者单位：University of Kansas; Texas A&M University System; Texas A&M University College Station; Mays Business School
  摘要：We examine whether peer audit choices influence a bank's decision to obtain an audit voluntarily. We find that the likelihood of a bank voluntarily obtaining an audit is significantly associated with the audit decisions of peers. The relation is stronger when the peers are more salient due to closer geographic proximity, similarity in loan portfolio, and similarity in size. In addition, we find that peer influence on a bank's audit decision is moderated by the bank's existing level of assuranc...