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作者：Arnold, Markus C.; Gillenkirch, Robert M.; Hannan, R. Lynn
作者单位：University of Bern; University Osnabruck; Tulane University
摘要：This study investigates whether environmental risk affects the efficiency of negotiated transfer prices. We analyze a setting where the buyer faces environmental risk but the seller does not. From the risk-neutral firm's perspective, the transfer should be made in our setting because the expected value of the buyer's profit is greater than the certain opportunity cost of the seller from the transfer. We develop hypotheses to predict that, as environmental risk increases, it becomes more diffic...
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作者：Beatty, Anne; Cheng, Lin; Zach, Tzachi
作者单位：University System of Ohio; Ohio State University; University of Arizona
摘要：Using a large sample of debt contracts, we study the determinants of excluding nonrecurring items from covenant calculations. We investigate this choice across firms, across items, and through time. We find that nonrecurring items are more likely to be excluded when the agency costs of debt are higher and less likely to be excluded when they predict borrowers' performance. Our evidence further suggests that the interplay between agency costs and nonrecurring items' predictive ability affects t...
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作者：Spence, Crawford; Aleksanyan, Mark; Millo, Yuval; Imam, Shahed; Abhayawansa, Subhash
作者单位：University of London; King's College London; University of Glasgow; University of Warwick; University of Melbourne; Swinburne University of Technology
摘要：This paper explores the ways in which sell-side (SS) financial analysts seek to position themselves advantageously within the wider field of investment advice in spite of widespread skepticism over the value that their forecasts and recommendations add to investment decisions. The field of investment advice has been characterized in recent years by a number of regulatory and technological changes that have forced SS analysts to reconstitute the ways in which they influence the investment decis...
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作者：Garrett, Jace B.; Livingston, Jeffrey A.; Tayler, William B.; Cade, Nicole L.; McVay, Sarah E.
作者单位：Clemson University; Bentley University; Brigham Young University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Washington; University of Washington Seattle
摘要：Prior research finds that controls that induce cooperation among collaborators on a project increase trust, and that this increased trust increases subsequent cooperation among collaborators. We extend this work by investigating how controls influence cooperative behavior in two settings. The first is an interactive setting where people work together and can benefit from each other's work. The second is a non-interactive setting where people do not work together directly but where behavior can...
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作者：Marshall, Nathan T.; Schroeder, Joseph H.; Yohn, Teri Lombardi
作者单位：University of Colorado System; University of Colorado Boulder; Indiana University System; Indiana University Bloomington; Northwestern University
摘要：There has been a substantial increase, since 2004, in the number of firms that announce annual earnings before audit completion as opposed to after audit completion. In this study, we argue that earnings announced before audit completion are associated with lower financial reporting quality and investor perceptions that earnings are more likely to be overstated. Consistent with this expectation, we document that the market places more (less) weight on good (bad) earnings news for earnings anno...
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作者：Lynch, Daniel; Romney, Miles; Stomberg, Bridget; Wangerin, Daniel; Robinson, John R.
作者单位：University of Wisconsin System; University of Wisconsin Madison; State University System of Florida; Florida State University; Indiana University System; Indiana University Bloomington; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Under U.S. GAAP, firms recognize assets acquired in business combinations at fair value. Similarly, in taxable asset acquisitions firms adjust the tax basis of assets to fair value. Managers can increase the present value of future tax savings by allocating a greater portion of the purchase price to shorter-lived assets than to goodwill or indefinite-lived intangibles. However, this tax planning strategy imposes a financial reporting cost because it reduces book income following the acquisitio...
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作者：Wu, Joanna Shuang; Zhang, Ivy Xiying
作者单位：University of Rochester; University of California System; University of California Riverside
摘要：We study whether mandatory adoption of International Financial Reporting Standards (IFRS) is associated with changes in the sensitivity of CEO turnover to accounting earnings and how the impact of IFRS adoption varies with country-level institutions and firm-level incentives. We find that CEO turnover responds more to a firm's accounting performance after adoption. This increase in turnover-to-earnings sensitivity is concentrated in countries with stronger enforcement of financial reporting an...
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作者：Li, Kevin; Mohanram, Partha
作者单位：University of California System; University of California Riverside; University of Toronto
摘要：Using cross-sectional forecasts, we combine fundamental analysis strategies based on quality, such as the FSCORE from Piotroski (2000) and the GSCORE from Mohanram (2005), with strategies based on value, such as the V/P ratio from Frankel and Lee (1998) and the PEG ratio. While all four strategies generate significant hedge returns, combining quality-driven and value-driven approaches substantially improves the efficacy of fundamental analysis. Our parsimonious two-dimensional approach can be ...
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作者：Arnold, Markus C.; Tafkov, Ivo D.
作者单位：University of Bern; University System of Georgia; Georgia State University
摘要：This study investigates whether task interdependence in teams alters the effectiveness of managerial discretion in motivating team performance. Teams are particularly useful when employees' tasks are interdependent-that is, when the degree to which the increase in team performance resulting from a team member's effort depends on the effort and skills of the other team members. The reason is that the more interdependent tasks are, the more employees need to coordinate their actions and help one...
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作者：Kim, Chansog (Francis); Wang, Ke; Zhang, Liandong
作者单位：State University of New York (SUNY) System; Stony Brook University; University of Alberta; Singapore Management University
摘要：This study shows that less readable 10-K reports are associated with higher stock price crash risk. The results are consistent with the argument that managers can successfully hide adverse information by writing complex financial reports, which leads to stock price crashes when the hidden bad news accumulates and reaches a tipping point. Cross-sectional analyses show that the effect of financial reporting complexity on crash risk is more pronounced for firms with persistent negative earnings n...
