3期

最新文章

• Audit partner identification, matching, and the labor market for audit talent AI翻译
  作者：Deng, Mingcherng; Kim, Eunhee; Ye, Minlei
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Toronto
  摘要：Conventional wisdom suggests that audit engagement partner name disclosure benefits investors by informing them about the partners' performance. However, such public disclosure of the identity of the audit partners may also intensify competition for audit talent in the labor market. To examine the economic consequences of audit partner identification, we build a two-period model in which an audit firm matches partners to clients. The audit partner identification broadens a partner's outside op...
• The supply of information and price formation: Evidence from Google's search engine AI翻译
  作者：Stice, Han
  作者单位：Chinese University of Hong Kong
  摘要：This study develops several Google search-based measures to test the relation between earnings-week online search results and the speed of price discovery. These measures are based on searches using only a firm's ticker symbol in the search string. I collect the total number of search results (across all search result pages) as well as the type and content of search results on the first three pages of search results. I find that the quantity, quality, and content of search results have varying...
• Managerial performance evaluation and organizational form AI翻译
  作者：Krapp, Michael; Schultze, Wolfgang; Weiler, Andreas
  作者单位：University of Augsburg
  摘要：We study the relative efficiency of centralized versus decentralized organizational forms given optimized managerial performance evaluation within an incomplete contracting framework with risk-averse agents under moral hazard. Decentralization and performance evaluation are complementary control choices and the efficiency of an organizational form depends on the design of performance evaluation. Divisions can make relationship-specific investments that not only improve firm performance, but al...
• Investor relations and investment efficiency AI翻译
  作者：Godsell, David; Jung, Boochun; Mescall, Devan
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Hawaii System; University of Hawaii Manoa; University of Saskatchewan; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：A rich literature suggests that investor relations officers (IROs) fulfill a one-way information intermediary role by transmitting firm information to investors. We advance this literature with empirical evidence suggesting IROs are two-way information intermediaries who also return investment efficiency-increasing investor feedback to firm insiders. Exploiting granular investor relations activity data for 1,375 global firms, we document that firm investment efficiency is higher when IROs spen...
• Auditor-client reciprocity: Evidence from forecast-issuing brokerage houses and forecasted companies sharing the same auditor AI翻译
  作者：Fung, Simon Yu Kit; Jiang, Like; Pittman, Jeffrey; Wang, Yu; Zhang, Shafu
  作者单位：Deakin University; University of Melbourne; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Dongbei University of Finance & Economics; Hunan University
  摘要：We examine whether auditors share private information about some clients in their portfolio to benefit other clients (i.e., brokerage houses). This is a salient issue in China, where there are concerns about auditors leaking information to related parties, and where we observe variation in connectedness between brokerage houses and companies through shared auditors. We document that brokerage houses that share an auditor with a company issue comparatively more accurate earnings forecasts for t...
• Enterprise system implementation and cash flow volatility AI翻译
  作者：Liu, Alfred Z. Z.; Pincus, Morton; Xu, Sean Xin
  作者单位：McMaster University; University of California System; University of California Irvine; Tsinghua University
  摘要：This study investigates the financial and operational implications of enterprise systems (ESs) in corporate risk management. Using matched difference-in-differences analyses based on ES implementation events, we document a significant reduction in the volatility of operating cash flows following ES implementations. We further show that ES implementers have better post-implementation operational efficiency than matched non-ES firms and better manage sales, costs of sales, working capital, and o...
• Manager narcissism, target difficulty, and employee dysfunctional behavior AI翻译
  作者：Shang, Ruidi; Wang, Zhichao (Alex); Zu, Yafei
  作者单位：Tilburg University; Australian National University; Nanjing University of Science & Technology
  摘要：We examine whether managers' narcissism explains the difficulty of the performance targets that they set for their subordinate employees and the resulting dysfunctional behaviors of these employees. Utilizing a field-based data set and a government policy change that imposes higher performance standards, we document both direct and indirect associations between manager narcissism and employee dysfunctional behavior. In particular, we find that managers with a higher degree of narcissism respon...
• Eliciting deliberative and implemental mindsets in audit planning AI翻译
  作者：Rixom, Brett A. A.; Plumlee, David
  作者单位：Nevada System of Higher Education (NSHE); University of Nevada Reno; Utah System of Higher Education; University of Utah
  摘要：There is concern that rather than critically deliberating specific circumstances, auditors focus on selecting and documenting defensible audit positions. Currently, subordinate auditors perform tasks mindful that they will be accountable for their work both inside (e.g., partners) and outside (e.g., PCAOB) the firm and adopt implementation intentions based on previous review experiences to guide their performance. In the context of fraud-detection planning, we consider an alternative approach ...
• 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 ...
• 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 ...