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作者：Hashim, Noor A.; Strong, Norman C.
作者单位：Lancaster University; University of Manchester; Alliance Manchester Business School
摘要：The literature on the usefulness of analysts' cash flow forecasts is unsettled, with Call et al. (2009), Mohanram (2014), and Radhakrishnan and Wu (2014) providing evidence in favor of their usefulness, and Givoly et al. (2009), Bilinski (2014), and Ecker and Schipper (2014) questioning this. Target prices provide a good setting to test the usefulness of cash flow forecasts because they are an ultimate output of an analyst's valuation process to which cash flow forecasts are an input. Moreover...
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作者：Jenkins, J. Gregory; Negangard, Eric M.; Oler, Mitchell J.
作者单位：Auburn University System; Auburn University; University of Virginia; University of Wyoming
摘要：Increasing financial statement complexity along with an intense focus on audit quality has created challenges for today's auditors. As a result, audit firms are increasingly relying on various specialists to help them perform their audits. To better understand why and how audit firms are using forensic specialists on their audits, we conduct an exploratory survey of experienced audit and forensic professionals. Our results suggest auditors are largely relying on forensic specialists to provide...
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作者：Dou, Yiwei; Hope, Ole-Kristian; Thomas, Wayne B.; Zou, Youli
作者单位：New York University; University of Toronto; BI Norwegian Business School; University of Oklahoma System; University of Oklahoma - Norman; George Washington University
摘要：Recent theoretical and empirical studies suggest that blockholders (shareholders with ownership5 percent) exert governance through the threat of exit. Blockholders have strong incentives to gather private information and sell their shares when managers are perceived to underperform. To prevent blockholders from selling their shares and the firm from suffering a stock price decline, managers align their actions with the interests of shareholders. As a result of the greater manager-shareholder a...
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作者：Choi, Ahrum; Choi, Jong-Hag; Sohn, Byungcherl Charlie
作者单位：Hong Kong Baptist University; Seoul National University (SNU); University of Macau
摘要：This study investigates whether and how a firm's real earnings management (REM) is influenced by the strength of a country's legal regime and the presence of a Big 4 auditor. In a cross-country examination using data from 22 countries, we find that REM increases in countries with stronger legal regimes as firms switch from accrual-based earnings management (AEM) to REM. The presence of a Big 4 auditor reduces REM (as well as AEM) and attenuates the positive relation between legal regime streng...
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作者：Homburg, Carsten; Mueller, Christian; Nasev, Julia
作者单位：University of Cologne; University of Munich
摘要：We build and test a Bayesian model that shows how investors revise their earnings persistence expectations after dividend announcements. When dividend changes confirm preceding earnings changes, our model predicts inverse u-shaped investor revisions conditional on the prior expectations for noisy dividend signals. As the dividend signal becomes more informative, our model predicts that investor revisions will become more skewed converging to a monotonically decreasing relation for perfectly in...
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作者：Gleason, Cristi A.; Mills, Lillian F.; Nessa, Michelle L.
作者单位：University of Iowa; University of Texas System; University of Texas Austin; Michigan State University
摘要：This paper examines whether the increased accounting guidance and reporting requirements of FIN 48 impact the adequacy and accuracy of tax reserves and the effect of auditor-provided tax services on tax reserves. While we do not find FIN 48 affected the adequacy or accuracy of tax reserves on average, FIN 48 eliminated the differences in the tax reserve adequacy of firms with and without auditor-provided tax services that existed prior to its adoption. We also find evidence of less premature r...
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作者：Sabac, Florin; Yoo, Junwook
作者单位：University of Alberta; Marshall University
摘要：In multi-task environments, the efficiency of aggregating managerial performance information and the degree of customization/standardization are closely related. Aggregation without information loss (i.e., statistically sufficient) requires at least as many measures as there are effective tasks (which arise through a task aggregation process analogous to that applied to homogeneous activities in activity-based costing) and can be used uniformly for evaluation across similar jobs. Aggregation w...
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作者：Sunder, Jayanthi; Sunder, Shyam V.; Zhang, Jingjing
作者单位：University of Arizona; McGill University
摘要：We study the role of borrowers' balance sheet conservatism (i.e., conservatism in asset values) in debt contract design. We find that borrowing costs are decreasing in the degree of balance sheet conservatism, and this effect is stronger for firms with lower credit quality. This is consistent with balance sheet conservatism reducing lenders' uncertainty about the liquidation value of assets, thus facilitating the ex ante screening of borrowers. We predict that better ex ante screening also red...
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作者：Goretzki, Lukas; Strauss, Erik; Wiegmann, Leona
作者单位：University of Innsbruck; WHU - Otto Beisheim School of Management
摘要：This study sheds light on how self-developed local accounting and control systems (so-called vernacular accounting systems; VAS) can influence knowledge integration in development processes of enabling global accounting and control systems. We focus on accounting and control systems as devices that enable local actors to build on codified knowledge to create new knowledge that can facilitate local problem solving. We argue that local actors would evaluate a proposed global system as enabling o...
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作者：Pawlewicz, Robert
作者单位：University System of Georgia; Georgia State University
摘要：This paper examines the effect of regulations (i.e., the Sarbanes-Oxley Act and Regulation G) on both the timing of earnings announcements and their relative informational role. I find that after the regulation of earnings announcements was instituted, firms began issuing less timely earnings announcements, and those announcements have become more important for shareholders. Ceteris paribus, after the regulations, firms have disclosed their fiscal year-end announcements more than four days lat...
