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作者：Klein, April
作者单位：New York University
摘要：Chen, Collins, Kravet, and Mergenthaler (CCKM, ) is an empirical investigation of whether, after controlling for other known determinants of an acquirer's abnormal stock returns and expected and realized synergies, financial statement comparability impacts the investment decisions surrounding the acquirer's purchase of another company. The primary result is that higher financial statement comparability, as measured by De Franco, Kothari, and Verdi (DKV, ), yields improvements on outcomes assoc...
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作者：Backof, Ann G.; Carpenter, Tina D.; Thayer, Jane
作者单位：University of Virginia; University System of Georgia; University of Georgia
摘要：The Public Company Accounting Oversight Board is concerned about auditors' tendency to ignore relevant information that is inconsistent with management's assumptions underlying complex estimates. We find that priming auditors to consider how management arrived at a particular assumption helps curb aggressive reporting by encouraging auditors to engage in low-level, concrete thinking regarding the direct evidence underlying the assumption. Low-level, concrete thinking enhances auditors' sensiti...
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作者：Mashruwala, Christina; Mashruwala, Shamin
作者单位：University of Alberta
摘要：Prior research documents that, in the presence of investor disagreement, short-sales constraints can lead to equity overvaluation. We examine whether conservative accounting practices reduce the susceptibility to such overpricing, as predicted by Miller (1980). Consistent with Miller's prediction, we find that when shorting constraints and disagreement are high, the degree of overvaluation decreases systematically with accounting conservatism. These findings suggest that financial reporting co...
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作者：Nam, Seunghan; Ronen, Joshua; Ronen, Tavy
作者单位：Rensselaer Polytechnic Institute; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：Information about an executive's decisions at his/her former employer can have a significant impact on the stock returns of his/her current employer, even after the job change occurs. In this article, we analyze transfers of information, which, we argue, reflect executive decision-making ability as executives change jobs. We examine information about restructurings and write-downs at the new employer emerging after the executive has left an employer that indicates the executive is of lower abi...
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作者：Bianchi, Pietro A.
作者单位：University of Miami
摘要：This study examines the effect of auditors' collaboration in joint audit engagements on knowledge transfer, auditor expertise, and audit outcomes. I employ a unique sample of Italian private companies whose financial statements are jointly audited by three individual auditors and use measures from the network literature to capture the intensity of interactions between these auditors. I find a positive association between several audit quality proxies and auditors' collaboration in multiple joi...
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作者：Christensen, Dane M.; Jones, Keith L.; Kenchington, David G.
作者单位：University of Oregon; University of Kansas; Arizona State University; Arizona State University-Tempe
摘要：We investigate whether attitudes toward gambling help explain the occurrence of intentional misreporting. Similar to gambling, some financial reporting choices involve taking deliberate, speculative risks. We predict that in places where gambling is more socially acceptable, managers will be more likely to take financial reporting risks that increase the likelihood the financial statements will need to be restated. To test this prediction, we exploit geographic variation in local gambling atti...
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作者：Dikolli, Shane S.; Diser, Viktoria; Hofmann, Christian; Pfeiffer, Thomas
作者单位：Duke University; University of Munich; University of Vienna
摘要：We model relative performance evaluation (RPE) when a Chief Executive Officer (CEO) has the power to opportunistically influence the design of RPE by choosing the weight on an index-based peer group or by customizing the selection of peers comprising a peer group. A powerful CEO compares the benefits of reducing common risk affecting his compensation with the benefits of receiving a higher bonus by economizing on expected peer-group performance. As a consequence, the Board of Directors (BoD) i...
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作者：Duan, Ying; Hotchkiss, Edith S.; Jiao, Yawen
作者单位：Simon Fraser University; Boston College
摘要：This article examines whether ties to portfolio firms' management via pension business relationships provide mutual funds with an informational advantage. Funds become related to portfolio companies when fund families serve as trustees for firms' employee pension plans. Selling by related funds is more likely to be motivated by an information advantage than their buying, because the latter is heavily influenced by the desire to secure pension inflows. We find that stocks with larger net sales ...
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作者：Chiu, Tzu-Ting; Guan, Yuyan; Kim, Jeong-Bon
作者单位：Norwegian School of Economics (NHH); City University of Hong Kong; University of Waterloo
摘要：This study examines the relation between narrative risk disclosures in mandatory reports and the pricing of credit risk. In particular, we investigate whether and how the Securities and Exchange Commission (SEC) mandate of risk factor disclosures (RFDs) affects credit default swap (CDS) spreads. Based on the theory of Duffie and Lando (2001), we predict and find that CDS spreads decrease significantly after RFDs are made available in 10-K/10-Q filings. These results suggest that RFDs improve i...
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作者：Patrick, Paige H.
作者单位：University of Washington; University of Washington Seattle
摘要：Many view large payments following mergers or acquisitions as excessive and evidence of rent extraction. Using additional disclosures required by the SEC since 2006, I hand-collect details of preexisting change in control (CIC) provisions in employment agreements and CIC benefits granted to target CEOs during mergers. I find that CIC benefits are renegotiated in approximately 50 percent of my sample. I then investigate whether renegotiation of CIC benefits tends to be opportunistic, or, instea...
