4期

最新文章

• Expanded Auditor's Report Disclosures and Loan Contracting* AI翻译
  作者：Porumb, Vlad-Andrei; Zengin-Karaibrahimoglu, Yasemin; Lobo, Gerald J.; Hooghiemstra, Reggy; De Waard, Dick
  作者单位：University of Groningen; University of Houston System; University of Houston
  摘要：Starting in October 2013, auditors of premium-listed firms in the United Kingdom are mandated to prepare an expanded auditor's report that provides details on audit procedures, risks of material misstatement (RMMs), and materiality thresholds. This regulatory change is important to study, because it aims to increase the informational value of the traditional, highly standardized, pass-or-fail auditor's report. We examine whether the disclosures in the expanded auditor's report provide informat...
• The Effects of Information Acquisition Effort, Psychological Ownership, and Reporting Context on Opportunistic Managerial Reporting* AI翻译
  作者：Haesebrouck, Katlijn
  作者单位：Maastricht University
  摘要：Within the context of managerial reporting, the tasks of acquiring and reporting information are logically connected. Although the accounting literature acknowledges their importance, it often treats these tasks as distinct processes. I investigate how the effort exerted to acquire information influences managers' reporting. Managers' information acquisition effort can induce psychological ownership that can lead to a sense of deservingness that increases opportunistic reporting or to a sense ...
• Do PCAOB Inspections of Foreign Auditors Affect Global Financial Reporting Comparability?* AI翻译
  作者：Ege, Matthew; Kim, Young Hoon; Wang, Dechun
  作者单位：Texas A&M University System; Texas A&M University College Station; George Mason University
  摘要：This study investigates whether PCAOB inspections of foreign auditors affect global financial reporting comparability. Foreign auditors may adjust audit methodologies to address PCAOB inspection findings, which could affect financial reporting of local clients. Exploiting both within- and cross-country variation in PCAOB inspections, we predict and find that non-US-listed foreign companies' financial reporting becomes more comparable to their US and non-US industry peers after their auditors u...
• Investors' Perceptions of Activism via Voting: Evidence from Contentious Shareholder Meetings* AI翻译
  作者：Brochet, Francois; Ferri, Fabrizio; Miller, Gregory S.
  作者单位：Boston University; University of Miami; University of Michigan System; University of Michigan
  摘要：Motivated by the increasing influence of shareholder votes on corporate policies, we examine investors' perceptions of activism via voting. To identify instances of activism via voting, we focus on annual meetings with at least one ballot item where a substantial fraction of shareholders is expected to vote against management's voting recommendation, indicating an increase in their monitoring activity. We define such meetings as contentious. Using a sample of almost 28,000 meetings between 200...
• Can Staggered Boards Improve Value? Causal Evidence from Massachusetts* AI翻译
  作者：Daines, Robert; Li, Shelley Xin; Wang, Charles C. Y.
  作者单位：Stanford University; University of Southern California; Harvard University
  摘要：Staggered boards (SBs) are one of the most potent common entrenchment devices, and their value effects are considerably debated. We study SBs' effects on firm value, managerial behavior, and investor composition using a quasi-experimental setting: a 1990 law that imposed SBs on all Massachusetts-incorporated firms. We find that relative to a matched control group of companies, for treated companies the law led to an increase in Tobin's Q, investment in capital expenditures and R&D, patents, an...
• Risk-Taking Incentives and Earnings Management: New Evidence* AI翻译
  作者：Mayberry, Michael; Park, Hyun Jong; Xu, Tian
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
  摘要：We reexamine the positive association between stock option vega and earnings management previously documented by Armstrong, Larcker, Ormazabal, and Taylor (2013; henceforth, ALOT). In contrast to ALOT, prior empirical research and practitioner literature emphasizes earnings management's goals of increasing stock price and reducing volatility. Specifically, we assess whether the association is robust to (i) employing discretionary accruals that are less prone to misspecification, (ii) focusing ...
• Is There a Brain Drain in Auditing? The Determinants and Consequences of Auditors Leaving Public Accounting* AI翻译
  作者：Knechel, W. Robert; Mao, Juan; Qi, Baolei; Zhuang, Zili
  作者单位：State University System of Florida; University of Florida; University of Auckland; University of New South Wales Sydney; University of Texas System; University of Texas at San Antonio; Xi'an Jiaotong University; Xinjiang University; Chinese University of Hong Kong
  摘要：This study investigates why auditors leave public accounting and the consequences of auditor departures, both of which have been of great concern for audit firms and regulators worldwide. Using data from China and controlling for demographics, we find that audit partners and managers, auditors who generate more revenue, and auditors who provide higher audit quality have a lower likelihood of departure, while non-Big 4 auditors have a higher likelihood of departing public accounting. We also fi...
• Is Framing More Effective Than Regulating Disclosures? The Effects of Risk Disclosure Frame and Regime on Managers' Disclosure Choices* AI翻译
  作者：Yeo, Feng
  作者单位：University of South Carolina System; University of South Carolina Columbia
  摘要：I conduct an experiment with senior executives (CEOs, CFOs, controllers) to examine how their risk disclosure quality, with respect to disclosure volume and specificity, is influenced by three factors: first, whether the disclosure behavior is framed internally by the firm as obtaining a gain or avoiding a loss from disclosure; second, whether the external disclosure regime mandates risk mitigation disclosures that explain how a risk is handled; and third, whether the risk under consideration ...
• Why Firms Announce Good News Late: Earnings Management and Financial Reporting Timeliness* AI翻译
  作者：Kim, Mark P.; Pierce, Spencer R.; Yeung, Ira
  作者单位：University of California System; University of California Los Angeles; State University System of Florida; Florida State University; University of British Columbia
  摘要：Prior studies find that delayed earnings announcements tend to communicate unfavorable news, and investors react negatively when firms delay earnings announcements. However, these findings do not explain why investors discount delayed earnings, even after controlling for the earnings news, and why firms sometimes announce good news late. Motivated by theory from Trueman (1990) that attempts to explain these phenomena, we examine whether announcement delays indicate earnings management. We pred...
• Does the Threat of a PCAOB Inspection Mitigate US Institutional Investors' Home Bias?* AI翻译
  作者：He, Yue; Li, Bing; Liu, Zhenbin; Pittman, Jeffrey
  作者单位：Shanghai University of Finance & Economics; City University of Hong Kong; Hong Kong Baptist University; Virginia Polytechnic Institute & State University
  摘要：We exploit the staggered introduction of the PCAOB's international inspection program to examine the role that the stringency of public audit oversight plays in shaping US institutional investors' home bias. Analyzing a sample of foreign firms listed in the United States, we evaluate whether US institutional investors hold larger equity stakes in these firms-a longstanding issue that reflects investor portfolio decisions-if their auditors are exposed to the threat of a PCAOB inspection. In a d...