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作者：Pae, Suil
作者单位：Sungkyunkwan University (SKKU)
摘要：Managerial career concerns could affect firm efficiency through financial reporting quality, but this important link has received relatively little attention in the literature. The present study examines this link by developing a model that has the following elements. A risk-neutral manager provides effort to increase the market value of the firm and to favorably influence the market assessment of the manager's ability. Depending on the magnitude of career concerns, the manager either underinv...
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作者：Chang, Yen-Cheng; Huang, Minjie; Su, Yu-Siang; Tseng, Kevin
作者单位：National Taiwan University; University of Louisville; National Taiwan University
摘要：Bolton, Scheinkman, and Xiong (2006) model a setting where investors disagree and short-sales constraints cause pessimistic views of stock prices to be less influential, which leads to speculative stock prices. A theoretical implication of the model is that existing shareholders can exploit the speculative stock prices by (i) designing managerial compensation contracts that encourage short-term performance, and (ii) subsequently selling their shares to more optimistic investors. We document em...
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作者：Biggerstaff, Lee E.; Cicero, David C.; Goldie, Brad; Reid, Lauren C.
作者单位：University System of Ohio; Miami University; Auburn University System; Auburn University; Wake Forest University
摘要：We test the association between CFO effort and the quality of public firms' financial information environments. We evaluate this relation using a measure of CFO leisure consumption-specifically, the amount of golf played-as an inverse proxy for effort. We find a negative relation between CFOs' compensation incentives and golf play, suggesting they exert more effort when they have greater incentives to increase firm value. High CFO leisure consumption is associated with lower earnings quality, ...
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作者：Li, Bin; Siciliano, Gianfranco; Venkatachalam, Mohan
作者单位：University of Houston System; University of Houston; China Europe International Business School; Duke University
摘要：This study adopts a two-step approach to highlight the disclosure quality channel that drives economic consequences of IFRS adoption. This approach helps address the identification challenge noted by prior research and offers direct evidence on the role of disclosure quality. In the first step, we document the impact of the IFRS mandate on changes in disclosure quality proxied by the granularity of line item disclosure in financial statements. We find that IFRS-adopting firms provide more disa...
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作者：Pinnuck, Matthew; Ranasinghe, Ajanee; Soderstrom, Naomi; Zhou, Joey
作者单位：University of Melbourne; Tilburg University
摘要：We provide the first direct analysis of the magnitude of unreliable quantitative information disclosed in corporate social responsibility (CSR) reports. CSR report reliability is of particular interest to fund managers for investment decisions as well as to policymakers for regulating and monitoring purposes. However, surprisingly little is known about CSR reporting reliability despite concerns raised in the prior literature. We examine how often CSR reports for the Global Fortune 250 (G250) a...
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作者：Jennings, Ross; Kartapanis, Antonis; Yu, Yong
作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
摘要：This study explores close US congressional elections involving politicians who have influence over the SEC to examine the effect of firms' political connections on their financial reporting. This question is important in understanding the overall effect of political connections on financial reporting. Our difference-in-differences tests reveal no evidence that firms experiencing a relative increase in political connections report more opportunistically after close elections in anticipation of ...
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作者：De Waegenaere, Anja; Sansing, Richard; Wielhouwer, Jacco L.
作者单位：Tilburg University; Dartmouth College; Vrije Universiteit Amsterdam
摘要：The fact that incumbent firms can immediately deduct research and development (R&D) investments from taxable income is generally believed to give them a strategic advantage over new firms that cannot deduct the investment cost, but instead generate a net operating tax loss carryover. Using an analytical model, we show that this conventional wisdom need not hold in a competitive environment. We examine operating and investment decisions in a duopolistic industry in which an initial investment i...
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作者：Amin, Keval; Eshleman, John Daniel; Guo, Peng
作者单位：State University of New York (SUNY) System; Stony Brook University; Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden
摘要：High investor sentiment has been linked with opportunistic managerial behavior in the face of more optimistic investors and analysts. We extend this line of work by documenting that the likelihood of misstatements is higher when sentiment is high. Although this would suggest elevated audit risk, we posit that a contemporaneous reduction in auditors' litigation cost could drive down audit fees and going concern opinion (GCO) reporting conservatism in order to please clientele. Consistent with t...
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作者：Hsu, Charles; Wang, Rencheng
作者单位：Hong Kong University of Science & Technology; Singapore Management University
摘要：Bundling managerial earnings guidance with quarterly earnings announcements (EAs) has become an increasingly common practice. This study investigates the impact of bundled guidance on analysts' forecast revisions. Our findings indicate that analysts respond more to bundled guidance than non-bundled guidance. This effect increases with analysts' time pressure and cognitive constraints around the EA. Analysts' revisions also incorporate more of the bundled management guidance when accompanied by...
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作者：Hurley, Patrick J.; Mayhew, Brian W.; Obermire, Kara M.; Tegeler, Amy C.
作者单位：Northeastern University; University of Wisconsin System; University of Wisconsin Madison; Oregon State University; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：This study uses experimental economic markets to investigate the impact of risk and the potential for loss on managers' demand for audit quality. We posit that these two important contextual factors influence managers' audit quality preferences. We study these factors because they are ubiquitous to companies, and we focus on their influence on managers because managers continue to play a significant role in the auditor hiring process and we know relatively little about their auditor preference...
