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作者：Ke, Ruihao; Li, Meng; Zhang, Yuan
作者单位：Southern Methodist University; University of Texas System; University of Texas Dallas
摘要：Boards of directors play their role in corporate governance by advising and/or monitoring managers. In the corporate disclosure literature, prior research has documented directors' monitoring role, yet empirical evidence on directors' advising role is limited. Since the advising role often entails information transfer, we examine directors who concurrently serve as directors or executives in the firms' related industries (DRIs) and hence possess valuable information about the firms' external o...
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作者：Lamoreaux, Phillip T.; Mauler, Landon M.; Newton, Nathan J.
作者单位：Arizona State University; Arizona State University-Tempe; State University System of Florida; Florida State University
摘要：This study investigates the relation between audit regulation and cost of equity capital. There is scant empirical evidence on this relation because changes in audit regulation are frequently accompanied by other major regulatory changes. We exploit variation in the timing of regulatory changes induced by foreign governments' staggered allowance of PCAOB inspections. Using a difference-in-differences design, we find that foreign SEC registrants with auditors from countries that allow PCAOB ins...
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作者：Alderman, Jillian; Jollineau, S. Jane
作者单位：Pepperdine University; University of San Diego
摘要：This study examines whether the perceived independence and financial expertise of audit committee members affect external auditors' exposure to legal liability. We use an experiment in which potential jurors make judgments about auditor independence and legal liability for a case involving an audit failure. We find that perceptions of audit committee independence from management are positively associated with judgments of auditor independence and negatively associated with auditor liability. H...
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作者：Dhaliwal, Dan; Michas, Paul N.; Naiker, Vic; Sharma, Divesh
作者单位：University of Arizona; University of Melbourne; University System of Georgia; Kennesaw State University
摘要：In this study, we predict and provide evidence that distressed firms that rely more heavily on major customers for sales have a comparatively higher incidence of receiving going-concern opinions (GCOs). Moreover, we find that the effect of increased reliance on major customers is driven by firms that are more distressed. We also theorize that variations in key characteristics of the relationship between a distressed firm and its largest major customer are incrementally linked to GCOs, and pres...
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作者：Joshi, Preetika; Outslay, Edmund; Persson, Anh; Shevlin, Terry; Venkat, Aruhn
作者单位：York University - Canada; Michigan State University; University of Illinois System; University of Illinois Urbana-Champaign; University of California System; University of California Irvine
摘要：In this study, we examine the effect of increased tax transparency on the tax planning behavior of European banks. In 2014, the European Union introduced public country-by-country reporting requirements to the banking industry. Treating this new requirement as an exogenous shock, we find limited evidence consistent with a decline in income shifting by the banks' financial affiliates in the post-adoption period (starting from 2015). We do not, however, find robust evidence of a significant chan...
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作者：Joyce, Yvonne
作者单位：University of Glasgow
摘要：This paper seeks to understand how insolvency practitioners attempt to build trust with a heterogeneous creditor body during the crisis of formal insolvency and the role accounting information and processes play. Accounting information is mobilized in different ways according to how insolvency practitioners believe the information will be interpreted and valued. This paper suggests specific qualitative characteristics, accounting principles, and processes which appear to enhance trust building...
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作者：Badia, Marc; Duro, Miguel; Jorgensen, Bjorn N.; Ormazabal, Gaizka
作者单位：University of Navarra; IESE Business School; University of London; London School Economics & Political Science
摘要：We exploit two regulatory shocks to examine the informational effects of tightening preexisting mandatory disclosure rules. Canadian National Instrument 51-101 in 2003 and the U.S. rule Modernization of Oil and Gas Reporting in 2009 introduced quasi-identical amendments which effectively tightened the rules governing oil and gas reserve disclosures in both countries. We document significant changes in firms' reporting outcomes when the new regulations are introduced. We also find that the rese...
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作者：Simunic, Dan A.
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作者：McGuire, Sean T.; Neuman, Stevanie S.; Rice, Sarah C.
作者单位：Texas A&M University System; Texas A&M University College Station; University of Missouri System; University of Missouri Columbia
摘要：This study examines whether the volatility of interim estimates of the annual effective tax rate (ETR) provides ex ante information about the quality of firms' internal control environments. Recent research suggests that some firms selectively disclose internal control weaknesses (ICWs). Given the negative consequences associated with ICWs, it is important for capital market participants to be able to identify firms with ineffective internal controls in a timely manner. We find that firms with...
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作者：Campbell, John L.; Lee, Hye Seung Grace; Lu, Hsin-Min; Steele, Logan B.
作者单位：University System of Georgia; University of Georgia; Fordham University; National Taiwan University; Oregon State University
摘要：We argue that volatility in a manager's disclosure tone across time should be a function of two components: (i) the firm's innate operating risk and (ii) the extent to which the manager's disclosure transparently reflects that risk. Consistent with this argument, we find that both operating risk and disclosure transparency are important determinants of disclosure tone volatility. We then examine whether investors incorporate the incremental information provided by disclosure tone volatility in...
