2020

最新文章

• Moving the Conceptual Framework Forward: Accounting for Uncertainty AI翻译
  作者：Barker, Richard; Penman, Stephen
  作者单位：University of Oxford; Columbia University
  摘要：To meet the objectives of financial reporting in the IASB's Conceptual Framework, the balance-sheet approach embraced by the Framework is necessary but not sufficient. Critical, but largely overlooked, is the role of uncertainty, which we argue defines the role of accrual accounting as a distinctive source of information for investors when investment outcomes are uncertain. This role is in some sense paradoxical: on the one hand, uncertainty undermines both the balance sheet (because uncertain...
• R&D Investments and Tax Incentives: The Role of Intra-Firm Cross-Border Collaboration AI翻译
  作者：Huang, Jing; Krull, Linda; Ziedonis, Rosemarie
  作者单位：Virginia Polytechnic Institute & State University; University of Oregon; Boston University
  摘要：U.S. multinational corporations increasingly use intra-firm, cross-border research collaboration to disperse R&D across different countries. This paper investigates the implications of such collaboration on the abilities of firms to garner benefits from R&D tax incentives. We find that the association between R&D intensity and tax incentives is three to five times larger when firms have extensive cross-border collaboration connected to a country. We also find that the effect is stronger when l...
• The Economic Effects of Special Purpose Entities on Corporate Tax Avoidance AI翻译
  作者：Demere, Paul; Donohoe, Michael P.; Lisowsky, Petro
  作者单位：University System of Georgia; University of Georgia; University of Illinois System; University of Illinois Urbana-Champaign; Boston University
  摘要：This study provides the first large-sample evidence on the economic tax effects of special purpose entities (SPEs). These increasingly common organizational structures facilitate corporate tax savings by enabling sponsor firms to increase tax-advantaged activities and/or enhance their tax efficiency (i.e., relative tax savings of a given activity). Using path analysis, we find that SPEs facilitate greater tax avoidance such that an economically large amount of cash tax savings from research an...
• Does Other Comprehensive Income Volatility Influence Credit Risk and the Cost of Debt? AI翻译
  作者：Bao, May Xiaoyan; Billett, Matthew T.; Smith, David B.; Unlu, Emre
  作者单位：University System Of New Hampshire; University of New Hampshire; Indiana University System; Indiana University Bloomington; University of Nebraska System; University of Nebraska Lincoln
  摘要：We examine the usefulness of other comprehensive income (OCI) to debt investors in nonfinancial companies. Motivated by Merton's (1974) real options framework, we construct a measure of incremental OCI volatility, designed to capture the effect of OCI on overall firm asset volatility, which is a primary driver of credit risk in Merton's (1974) model. We find that the volatility of incremental OCI influences the likelihood of default, credit ratings, and the cost of debt. Overall, our evidence ...
• The Use and Characteristics of Foreign Component Auditors in US Multinational Audits: Insights from FormAPDisclosures AI翻译
  作者：Burke, Jenna J.; Hoitash, Rani; Hoitash, Udi
  作者单位：University of Colorado System; University of Colorado Denver; Bentley University; Northeastern University
  摘要：This paper investigates the common, yet previously opaque, practice of using foreign audit firms (component auditors) to conduct portions of audit work for U.S. public companies. U.S. regulators have expressed concern for the transparency and quality of audits using component auditors. Employing data disclosed in the newly mandated PCAOB Form AP, we find that component auditor use is largely structural, determined by the size and complexity of clients' multinational operations. We do not find ...
• The Role of Auditor Narcissism in Auditor-Client Negotiations: Evidence from China AI翻译
  作者：Church, Bryan K.; Dai, Narisa Tianjing; Kuang, Xi (Jason); Liu Xuejiao
  作者单位：University System of Georgia; Georgia Institute of Technology; University of International Business & Economics
  摘要：This paper reports the results of three studies (archival, experimental, and qualitative) designed to examine the effects of auditor narcissism on auditor-client negotiations in China. We contend that narcissistic characteristics fuel auditors' competitiveness and embolden them to stand firm in negotiations, potentially lengthening the negotiation process but leading to more conservative negotiation outcomes. As predicted, our archival results suggest that auditor narcissism is positively asso...
• Executives' Legal Records and the Deterrent Effect of Corporate Governance AI翻译
  作者：Davidson, Robert H.; Dey, Aiyesha; Smith, Abbie
  作者单位：Virginia Polytechnic Institute & State University; Harvard University; University of Chicago
  摘要：We study whether the effectiveness of corporate governance mechanisms varies depending on the characteristics of the executives subject to these mechanisms, namely their psychological type, as proxied by their history of legal infractions. In particular, we examine insider trading, where we can compare the trading behavior of different types of executives in the same firm. We find that recordholder executives, that is, those with prior legal infractions, earn significantly higher profits from ...
• The Influence of Corporate Social Responsibility Measures on Investors' Judgments when Integrated in a Financial Report versus Presented in a Separate Report AI翻译
  作者：Bucaro, Anthony C.; Jackson, Kevin E.; Lill, Jeremy B.
  作者单位：University System of Ohio; Case Western Reserve University; University of Illinois System; University of Illinois Urbana-Champaign; University of Kansas
  摘要：This study examines the effect on investors' judgments of corporate social responsibility (CSR) measures when integrated with financial information in a single report versus when presented in a separate CSR report. Advocates for integrated reports argue that CSR information will be perceived as more relevant and have a greater impact on users when observed in an integrated report. However, we provide experimental evidence that CSR measures have greater influence on investors' judgments when in...
• Are Audit Firms' Compensation Policies Associated with Audit Quality? AI翻译
  作者：Ernstberger, Juergen; Koch, Christopher; Schreiber, Eva Maria; Trompeter, Greg
  作者单位：Technical University of Munich; Johannes Gutenberg University of Mainz; State University System of Florida; University of Central Florida
  摘要：We examine how compensation policies of audit firms are associated with audit quality. Specifically, we investigate the effects of the ratio of variable to fixed compensation and the size of the basis for profit sharing (i.e., whether partners share profits in a small or in a large profit pool). For our analyses, we use detailed mandatory disclosure of the compensation policies in German audit firms. We document that compensation policies vary considerably across audit firms. We find that prof...
• The Forewarning Effect of Critical Audit Matter Disclosures Involving Measurement Uncertainty AI翻译
  作者：Kachelmeier, Steven J.; Rimkus, Dan; Schmidt, Jaime J.; Valentine, Kristen
  作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
  摘要：We present experimental evidence suggesting that critical audit matter (CAM) disclosures in the auditor's report involving areas of high measurement uncertainty forewarn users of misstatement risk. Specifically, in our first study with MBA students, financial analysts, and attorneys, we find that CAMs (i) lower premisstatement assessments of confidence in the financial statement area disclosed as a CAM, and (ii) lower assessments of auditor responsibility for a subsequently revealed misstateme...