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作者：Drake, Michael S.; Hess, Ryan, V; Wilde, Jaron H.; Williams, Braden M.
作者单位：Brigham Young University; Oklahoma State University System; Oklahoma State University - Stillwater; University of Iowa; University of Texas System; University of Texas Austin
摘要：Governments regularly offer non-income tax relief to attract business investment. However, it is unclear whether or how markets impound information about the relief into security prices. We use novel data from retrospective public records to examine the information content of non-income tax relief. We predict and find that the receipt and magnitude of this relief are both strongly associated with recipients' future accounting performance and future abnormal returns. We further find that abnorm...
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作者：Fan, Yangyang; Gunn, Joshua L.; Li, Chan; Shao, Jun
作者单位：Hong Kong Polytechnic University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Kansas; Shanghai Lixin University of Accounting & Finance
摘要：We examine the effects of corporate networks involving common directors and auditors (i.e., connections creating single or double ties between companies) on two important monitoring roles: financial reporting quality and auditor dismissal decisions. We also investigate how shocks to the networks, in the form of the audit failing to detect misstatements, affect these networks' structure. The investigations are important because these networks can have significant effects on firm governance and ...
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作者：Enache, Luminita; Li, Lynn; Riedl, Edward J.
作者单位：University of Calgary; Boston University
摘要：This study examines the effect of regulatory approval on a firm's voluntary product-level disclosures. We focus on the US biotechnology industry, a setting that allows direct observation of whether firms disclose more information as products proceed through well-defined-though successively more complex and costly-regulatory hurdles. Consistent with predictions motivated by biotech firms' need to repeatedly raise capital, we find that firms disclose more as their products move to later stages i...
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作者：Guo, Feng; Lisic, Ling Lei; Pittman, Jeffrey; Seidel, Timothy A.; Zhou, Mi; Zhou, Ying
作者单位：Iowa State University; Virginia Polytechnic Institute & State University; Memorial University Newfoundland; Brigham Young University; Virginia Commonwealth University; University of Connecticut
摘要：Although recent evidence suggests that individual audit partners explain a substantial portion of the variation in audit quality proxies, much less is known about what determines an audit partner's quality. Psychology and behavioral economics theories hold that an individual's experiences can have enduring impacts on subsequent behavior. We examine whether auditors' direct exposure to Arthur Andersen's collapse has a long-term impact on the quality of their audits. Our evidence implies that au...
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作者：Ege, Matthew; Seidel, Timothy A.; Sterin, Mikhail; Wood, David A.
作者单位：Texas A&M University System; Texas A&M University College Station; Brigham Young University; Texas State University System; Texas State University San Marcos
摘要：We examine whether firms with managers that have prior internal audit experience are less likely to manage earnings. This examination is important because the internal audit function (IAF) is uniquely positioned to provide experiences that could influence future managerial behavior, including limiting the potential negative repercussions of earnings management. We find that firms with managers that have internal audit experience are associated with lower real earnings management (REM) but not ...
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作者：Kim, Jeong-Bon; Lee, Edward; Zhu, Zhenmei (Judy)
作者单位：City University of Hong Kong; University of Manchester; Alliance Manchester Business School; Fudan University
摘要：Unlike prior research that focuses on determinants of firm-specific stock price crashes (SPCs), we study the consequences of SPCs on market information efficiency. The tension underlying our research question stems from two competing explanations. As an unanticipated shock, an SPC could stimulate (distort) information efficiency by triggering investor rational attention (opinion divergence). Our identification strategy involves a difference-in-differences analysis in which SPC firms in the tre...
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作者：Files, Rebecca; Liu, Michelle
作者单位：University of Texas System; University of Texas Dallas; City University of New York (CUNY) System; Hunter College (CUNY)
摘要：Although firms are encouraged by the SEC and Department of Justice to conduct internal investigations following financial misconduct, prior research finds few benefits for investigating firms. This study examines a novel aspect of internal investigations-namely, whether the investigation is conducted by independent versus nonindependent teams-and explores the impact of these teams on investigation outcomes. Consistent with our predictions, we find that firms whose internal investigations are l...
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作者：Cunningham, Lauren M.; Leidner, Jacob J.
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Wurzburg
摘要：As part of its goal to monitor and enhance the quality of information available to investors, the SEC reviews companies' filings to ensure compliance with applicable financial reporting and disclosure requirements. Increased public interest and the substantial costs for both the SEC in reviewing and the companies in responding have led to a rapidly growing body of accounting literature that examines the filing review process. We survey and comment on 80 published and unpublished academic resea...
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作者：Canace, Thomas G.; Jackson, Scott B.; Ma, Tao; Zimbelman, Aaron
作者单位：Wake Forest University; University of South Carolina System; University of South Carolina Columbia; Texas Tech University System; Texas Tech University
摘要：Accounting rules require that certain R&D expenditures be capitalized, but academic research often states that all R&D expenditures must be immediately expensed. An accurate understanding of actual R&D accounting practices is critical because that understanding influences research questions and design choices. To examine the competing R&D accounting perspectives, we survey 184 experienced financial officers. Our survey reveals that R&D capitalization is common and extensive in practice. Over 9...
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作者：Chen, Huimin (Amy); Shohfi, Thomas D.
作者单位：University of Massachusetts System; University of Massachusetts Lowell; Rensselaer Polytechnic Institute
摘要：We investigate variation in information production by sell-side analysts and its potential role in hedge fund activist intervention, an important external corporate governance mechanism that creates shareholder value. Using textual analysis to derive an activism dictionary from intervention objectives and tactics, we find substantially more activism content in pre-intervention analyst reports of target firms than propensity score matched control firms. Activism content is associated with more ...
