2023

最新文章

• Managers' private communications with analysts: The effect of SEC v. Siebel Systems, Inc. AI翻译
  作者：Ali, Ashiq; Durney, Michael T.; Fisch, Jill; Kyung, Hoyoun
  作者单位：University of Texas System; University of Texas Dallas; University of Iowa; University of Pennsylvania; University of Missouri System; University of Missouri Columbia
  摘要：In 2005, the SEC suffered a high-profile loss in its first court case, SEC v. Siebel Systems, Inc., in an effort to enforce Regulation Fair Disclosure (Reg FD). We examine the impact of this loss on managers' selective disclosure to sell-side analysts. We provide evidence that the informativeness of analyst reports increased after the Siebel decision, especially for observable instances of private meetings. This finding suggests that such selective disclosure increased significantly after the ...
• The Impact of Audit Technology on Audit Task Outcomes: Evidence for Technology-Based Audit Techniques AI翻译
  作者：Eulerich, Marc; Masli, Adi; Pickerd, Jeffrey; Wood, David A.
  作者单位：University of Duisburg Essen; University of Kansas; University of Mississippi; Brigham Young University
  摘要：As audit technology becomes more widespread, practice and academia are raising concerns about the costs and benefits of these technologies. We examine how internal auditors use technology-based audit techniques (TBATs) and how TBATs impact the efficiency and effectiveness of their audits. We use two surveys and interviews of individual auditors and chief audit executives (CAE) to examine their perceptions of TBATs. Auditors perceive TBATs as beneficial. Specifically, an increase in the use of ...
• Equity incentives and conforming tax avoidance AI翻译
  作者：Kara, Mehmet C.; Mayberry, Michael A.; Rane, Scott G.
  作者单位：University of Kansas; State University System of Florida; University of Florida
  摘要：We examine how executive equity incentives are associated with firms' conforming tax avoidance. Conforming tax avoidance is unique compared to nonconforming tax avoidance in that it decreases tax liabilities by reducing pretax income. Thus, conforming tax avoidance presents a unique set of consequences with important links to both risk and value-creation incentives. Consistent with risk-taking incentives increasing conforming tax avoidance, we find that linking executive wealth to stock price ...
• Metric intensity and innovation dependency AI翻译
  作者：Li, Shelley Xin; Merchant, Kenneth A.; Wang, Fiona Yingfei
  作者单位：University of Southern California; National University of Singapore
  摘要：We examine how metric intensity-that is, the quantity, frequency, and extent to which performance metrics are tracked and used-varies with a firm's dependency on innovation for business success. Although performance metrics are essential in an organization's management control system, little is known about how the use of metrics differs in organizations with varying dependencies on incremental and radical innovation. Drawing on data from a sample of small- and medium-sized enterprises (SMEs), ...
• A Simple Approach to Better Distinguish Real Earnings Manipulation from Strategy Changes AI翻译
  作者：Christensen, Theodore E.; Huffman, Adrienna; Lewis-Western, Melissa F.; Valentine, Kristen
  作者单位：University System of Georgia; University of Georgia; The Brattle Group; Brigham Young University
  摘要：Researchers typically infer real earnings management when a firm's operating and investing activities differ from industry norms. A significant problem with classifying deviations from industry averages as myopic earnings management is that companies can change their operating and investing decisions for strategic business reasons rather than to mislead stakeholders. Using principal components analysis, we systematically evaluate existing measures and develop a comprehensive real activities me...
• Incentive Contract Design and Employee-Initiated Innovation: Evidence from the Field AI翻译
  作者：Cai, Wei; Gallani, Susanna; Shin, Jee-Eun
  作者单位：Columbia University; Harvard University; University of Toronto
  摘要：This study examines how the design of incentive contracts for tasks defined as workers' official responsibilities (i.e., standard tasks) influences workers' propensity to engage in employee-initiated innovation (EII). EII corresponds to innovation activities that are not formally assigned to workers but are nonetheless encouraged and considered to be important for the company's success. Like other extra-role behaviors, EII is difficult to incentivize directly. Therefore, it is important to und...
• Risk Management in Small- and Medium-Sized Businesses and How Accountants Contribute* AI翻译
  作者：Moschella, Jason; Boulianne, Emilio; Magnan, Michel
  作者单位：Universite de Montreal; HEC Montreal; Concordia University Wisconsin
  摘要：We investigate how owners of small- and medium-sized enterprises (SMEs) perceive, make sense of, and practice risk management. Drawing on Schatzki's practice theory, we theorize on how and why risk management happens in SMEs. Thus, we fill a gap in the extant literature, which focuses almost exclusively on risk management within large organizations. We interview entrepreneurs and conduct site observations to gain insight into their risk management activities, the drivers that lead to the adopt...
• Stock market liberalization and earnings management: Evidence from a quasi-natural experiment in China AI翻译
  作者：Gao, Kaijuan; Pittman, Jeffrey; Wang, Xiongyuan; Wang, Zi-Tian
  作者单位：Hunan University; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Zhongnan University of Economics & Law; Southwestern University of Finance & Economics - China
  摘要：Exploiting a quasi-natural experiment in China in which some firms become investible to foreign investors across different times (i.e., pilot firms), we explore the role that stock market liberalization plays in shaping firms' earnings management activities. In one direction, the national-level liberalization reform may elicit public attention from various stakeholders, piling pressure on managers to refrain from distorting their firms' earnings. In the other direction, the various restriction...
• Mutual funds' reporting frequency and firms' responses to undervaluation: The role of share repurchases AI翻译
  作者：Bourveau, Thomas; Li, Xinlei; Macciocchi, Daniele; Sun, Chengzhu
  作者单位：Columbia University; University of California System; University of California Davis; University of Miami; Hong Kong Polytechnic University; University of Miami
  摘要：We examine a regulatory change that increased the reporting frequency of mutual funds' portfolios. Using a difference-in-differences design, we find that firms with greater ownership by mutual funds increase share repurchases following the regulatory change. We show that these share repurchases are a firm's rational response to undervaluation, which occurs because fund managers become shortsighted following the regulation and sell companies with good long-term prospects. Collectively, our resu...
• The implications of firms' derivative usage on the frequency and usefulness of management earnings forecasts AI翻译
  作者：Campbell, John L.; Cao, Sean Shun; Chang, Hye Sun; Chiorean, Raluca
  作者单位：University System of Georgia; University of Georgia; University System of Maryland; University of Maryland College Park; Singapore Management University; Lehigh University; University System of Georgia; University of Georgia
  摘要：We investigate how firms' use of derivatives impacts voluntary disclosure and offer four main findings. First, we find that when firms begin using derivative instruments, they increase the frequency of management earnings forecasts. Second, using path analysis, we find a direct link between derivative usage and forecast frequency, as well as an indirect link through reduced earnings volatility. Third, we find that CEOs with more pronounced career concerns increase forecast frequency only when ...