4期

最新文章

• Asymmetric adjustment of control AI翻译
  作者：van Pelt, Victor
  作者单位：WHU - Otto Beisheim School of Management
  摘要：This study examines how principals adjust their control over agents based on their prior controlling experience. According to standard economic theory, principals should be equally willing to decrease their control as they are to increase it. However, I use psychological theory to predict that prior experience with exercising tight control reinforces a principal's belief that agents are self-interested and that they should be controlled. In contrast, I predict that the reinforcement of the bel...
• Strangers in the city: Spacing and social boundaries among accountants in the global city AI翻译
  作者：Kamla, Rania
  作者单位：Heriot Watt University
  摘要：By conducting in-depth interviews with 40 migrant and local accountants living and working in Dubai, the paper demonstrates how individual accountants draw on the global city as they make sense of and reconstruct professional identities and social boundaries of inclusion/exclusion. The analysis builds on Zygmunt Bauman's three social spacing processes: cognitive, aesthetic, and moral. The findings from lived experiences show that through cognitive spacing, the construction of other nationality...
• How does depletion interact with auditors' skeptical dispositions to affect auditors' challenging of managers in negotiations? AI翻译
  作者：Bhaskar, Lori Shefchik; Majors, Tracie M.; Vitalis, Adam
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Southern California; University of Waterloo
  摘要：We use multiple methods to examine how depletion and auditors' skeptical dispositions interact to affect auditors' challenging of managers in negotiations over financial statement amounts. We expect auditors are likely depleted from effortfully exercising self-regulation during the busy times when these negotiations occur. Individuals in a depleted state tilt toward natural, less effortful behaviors. Thus, we posit that the effects of depletion will diverge depending on the auditor's skeptical...
• Private information and bank-loan pricing: The effect of upcoming corporate spinoffs AI翻译
  作者：Hope, Ole-Kristian; Porumb, Vlad-Andrei; Rusanescu, Simona; Vyas, Dushyantkumar
  作者单位：University of Toronto; University of Manchester; Alliance Manchester Business School; University of Groningen; University of Toronto
  摘要：Corporate spinoffs are important events that are accompanied by valuation and credit-risk implications for the parent firm. Among other benefits, spinoffs can improve corporate focus and enhance valuation transparency. In the debt-contracting context, however, spinoffs can also be associated with negative outcomes for the divesting firms. We examine whether banks, due to their timely access to material private information, are able to ascertain the likelihood and the implications of impending ...
• Economic consequences of announcing strategic alternatives: A voluntary disclosure's benefits and costs AI翻译
  作者：Giedt, Jenny Zha
  作者单位：George Washington University; George Washington University
  摘要：This study examines the benefits and costs to a company of publicly announcing that it is seeking a potential sale or merger. I find that the announcement leads to increased market attention and a more robust merger and acquisition sales process-the benefits of improved transparency. However, I also find evidence of the announcement alienating stakeholders and increasing business disruption-the costs of credible disclosure. I document the countervailing valuation effects of these benefits and ...
• Machine learning and the prediction of changes in profitability AI翻译
  作者：Jones, Stewart; Moser, William J.; Wieland, Matthew M.
  作者单位：University of Sydney; University System of Ohio; Miami University; University System of Ohio; Miami University
  摘要：This study uses machine-learning methods to predict next-period change in profitability based on a model proposed by Penman and Zhang (2004, Working paper, Columbia University and University of California, Berkeley; PZ). We find that new machine-learning methods predict out of sample substantially better than traditional regression methods and provide richer interpretations about the role and impact of different predictor variables through their nonlinear relationships and interaction effects....
• Cost uniqueness and information uncertainty AI翻译
  作者：Anderson, Mark; Mashruwala, Raj; Wang, Ye; Zhao, Rong
  作者单位：University of Calgary; Toronto Metropolitan University
  摘要：Prior literature has studied firm uniqueness and its implications for capital market participants by investigating earnings uniqueness. We recognize that cost and revenue uniqueness provide separate insights about firm uniqueness because different forces drive firm-specific revenues and costs. Cost uniqueness is of special interest because costs are opaque to investors and more complex than revenues. Therefore, we examine how cost uniqueness affects information uncertainty from the perspective...
• 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 ...