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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：Simunic, Dan A.
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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...
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作者：Chen, Xia; Cheng, Qiang; Luo, Ting; Yue, Heng
作者单位：Singapore Management University; Tsinghua University
摘要：We examine how short sellers affect long-run management forecasts using a natural experiment (Regulation SHO) that relaxes short-selling constraints on a group of randomly selected firms (referred to as pilot firms). We find that compared to other firms, the pilot firms issue more long-run good news forecasts but do not change the frequency of long-run bad news forecasts. The increase in good news forecasts is greater when the pilot firms have higher-quality forecasts, greater uncertainty abou...
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作者：Johnson, Joseph A.; Theis, Jochen; Vitalis, Adam; Young, Donald
作者单位：State University System of Florida; University of Central Florida; University of Duisburg Essen; University of Waterloo; Indiana University System; Indiana University Bloomington
摘要：Recent accounting research indicates that capital markets price firms' greenhouse gas (GHG) emissions and that disclosed emissions levels are negatively associated with firms' market values. The departure point for this study is to investigate whether investors value firms differently based on the strategies firms use to mitigate GHG emissions. These strategies include making operational changes, which reduces emissions attributable to the firm, and purchasing offsets, which reduces emissions ...
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作者：Lee, Woo-Jong; Pittman, Jeffrey; Saffar, Walid
作者单位：Seoul National University (SNU); Memorial University Newfoundland; Hong Kong Polytechnic University
摘要：By analyzing a large panel of elections in 55 countries, we show that political uncertainty surrounding elections can affect asymmetric cost responses to activity changes (i.e., cost stickiness). In comparison to non-election years, we find that the asymmetry in cost behaviors is stronger during election years in regressions that control for other firm-level and country-level determinants. In another series of tests, we report strong, robust evidence supporting the predictions that the importa...
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作者：Larocque, Stephannie A.; Martin, Melissa A.; Walther, Beverly R.
作者单位：University of Notre Dame; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Northwestern University
摘要：We investigate the extent to which market participants use compensation payouts released in the DEF 14A proxy statement (DEF14A) to assess future firm performance by examining sell-side analysts' earnings forecasts. Consistent with prior work, we confirm that CEO compensation unexplained by current observable economic factors is positively associated with future firm performance. We find that both the likelihood that analysts revise their forecasts following release of the DEF14A and the magni...
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作者：Darrough, Masako; Huang, Rong; Zhao, Sha
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Fudan University; Oakland University
摘要：We examine whether a stock price spillover effect spreads through the method of listing or country of origin and whether this spillover effect changes when investor sentiment shifts. Using a sample of fraud allegations against Chinese companies that became public through Chinese reverse mergers (CRMs), we investigate whether firms that experienced negative spillover effects on their stock prices are those from the same country and/or with the same method of listing as the firms accused of frau...
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作者：Dal Maso, Lorenzo; Lobo, Gerald J.; Mazzi, Francesco; Paugam, Luc
作者单位：ESSEC Business School; University of Houston System; University of Houston; University of Florence; Hautes Etudes Commerciales (HEC) Paris
摘要：We examine whether the joint provision of corporate social responsibility (CSR) assurance services and financial audit by the same audit firm influences auditors' assessment of going-concern risk. We predict that the provision of CSR assurance and financial audit by the same audit firm creates CSR-related knowledge spillovers from the CSR assurance team to the financial audit engagement team, which helps in the auditor's assessment of going-concern risk. Using more than 28,000 firm-year observ...
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作者：Bamber, Matthew; Abraham, Santhosh
作者单位：York University - Canada
摘要：This paper draws on extensive fieldwork to explore the nature, scope, and implications of management preparations for the question and answer session (Q&A) that occurs during a firm's results presentation. Prior literature has associated the value of this encounter with investor-manager interactivity. As such, it is assumed that there are high levels of managerial authorship, ownership, and spontaneity as executives face questions from analysts. Following on, it is generally assumed that this ...
