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作者：Albuquerque, Ana; Chen, Bingyi; Dong, Qi (Flora); Riedl, Edward J.
作者单位：Boston University; Suffolk University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This paper provides new evidence on whether and how boards solve costly ex post settling up to recover CEO cash compensation for unrealized gains that fail to materialize. Our analyses are motivated by the likely expanding role for ex post settling up as the risk of compensating executives for unrealized gains that may never materialize increases in a more intangibles-based economy, as well as by the conflicting evidence of prior research. We provide evidence consistent with ex post settling u...
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作者：Chu, Jenny; Dechow, Patricia M.; Hui, Kai Wai; Wang, Annika Yu
作者单位：University of Cambridge; University of Southern California; University of Hong Kong; University of Houston System; University of Houston
摘要：This paper investigates whether maintaining a reputation for consistently beating analysts' earnings expectations can motivate executives to move from within GAAP earnings management to outside of GAAP earnings manipulation. We analyze firms subject to SEC enforcement actions and find that these firms consistently beat analysts' quarterly earnings forecasts in the three years prior to the manipulation period and continue to do so by smaller beats during the manipulation period. We find that ma...
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作者：Malsch, Bertrand
作者单位：Queens University - Canada
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作者：Wangerin, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Before completing merger and acquisition (M&A) transactions, acquiring firms conduct due diligence. This process provides acquiring firms with a more informed assessment of the expected costs, benefits, and risks of an acquisition and offers one last opportunity to renegotiate or terminate an M&A transaction. However, acquiring firms must trade off the costs and benefits of performing additional due diligence versus completing the acquisition. Based on an analysis of the time to negotiate the ...
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作者：Kim, Jae B.; Nekrasov, Alexander; Shroff, Pervin K.; Simon, Andreas
作者单位：Lehigh University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Minnesota System; University of Minnesota Twin Cities; Pepperdine University
摘要：We examine whether financial analysts understand the valuation implications of unconditional accounting conservatism when forecasting target prices. While accounting conservatism affects reported earnings, conservatism per se does not have an effect on the present value of future cash flows. We examine whether analysts adjust for the effect of conservatism included in their earnings forecasts when using these forecasts to estimate target prices. We find that signed target price errors (actual ...
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作者：Curtis, Quinn D.; Donelson, Dain C.; Hopkins, Justin J.
作者单位：University of Virginia; University of Texas System; University of Texas Austin; University of Virginia
摘要：This study examines how frequently firms restate when they materially misstate their financial statements using stock option backdating as the setting. Stock option backdating provides a unique opportunity to study this issue because it is possible to estimate misstatements with publicly available information to a high level of confidence, and the extensive media coverage of backdating notified boards of directors of the significant risk of misstatement. After identifying firms that materially...
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作者：Lin, Steve; Riccardi, William N.; Wang, Changjiang
作者单位：State University System of Florida; Florida International University; State University of New York (SUNY) System; University at Albany, SUNY; University System of Ohio; University of Cincinnati
摘要：One of the primary objectives of both adoption of IFRS and convergence between IFRS and U.S. GAAP is to increase financial statement comparability. Using a unique setting in Germany, we compare the effectiveness of these two approaches in achieving this desired outcome. Our empirical tests show that both adoption and convergence lead to an increase in comparability after the new enforcement regulation in 2005. However, difference-in-differences tests show that adoption does not lead to a signi...
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作者：Hofmann, Christian; Rothenberg, Naomi R.
作者单位：University of Munich; University of Alberta
摘要：We study a principal's choice of whether to produce an imperfect forecast about a firm's outcome either before or after an agent's effort choice. The early forecast affects the agent's effort choice, which means the forecast can also be used to infer information about the effect of the agent's effort on outcome. The late forecast is more accurate because, by working hard, the agent also learns about productivity, implying that the late forecast has an additional performance measurement role. W...
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作者：Glover, Steven M.; Taylor, Mark H.; Wu, Yi-Jing
作者单位：Brigham Young University; State University System of Florida; University of South Florida; Texas Tech University System; Texas Tech University
摘要：Reported deficiencies continue to persist in audits of fair value measurements and other complex accounting estimates (hereafter, FVMs), despite improvements in auditor performance observed by regulators. The persistence of reported deficiencies in audits of FVMs suggests that factors underlying this trend may be more complicated and multidimensional than previously suggested by regulators and academic research, which has focused largely on auditors' unsatisfactory performance as the principal...
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作者：Bonsall, Samuel B.; Comprix, Joseph; Muller, Karl A., III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Syracuse University
摘要：Concerns are commonly raised that strong public unions extract generous pension benefits from state governments and are the cause of states' burdensome pension obligations. Prior research (Anzia and Moe 2015) finds evidence supporting such concerns. Consistent with incentives to minimize such perceptions, our findings suggest that state pension plans with stronger public unions select higher discount rates to improve reported funding levels. While riskier asset allocations are used to support ...
