-
作者：Goldie, Bradley A.; Li, Lei; Masli, Adi
作者单位：University of Miami; University of Kansas
摘要：We study the influence of perceived auditor quality on investment decisions by bond mutual fund investors. Audits of bond mutual funds require significant auditor expertise. Fund managers estimate daily the fair market values of holdings that are often opaque and illiquid. Managers can use their discretion to manipulate their fund's performance results. While it is known that investment flows into funds that report good past performance, little evidence exists about whether investors' confiden...
-
作者：Bova, Francesco; Yang, Liyan
作者单位：University of Toronto; Peking University
摘要：We develop a mixed-duopoly model in which a private firm competes against a state-owned enterprise (SOE) who cares about social welfare and is privately informed about market demand. When the SOE's social concerns are sufficiently important and when the market competitiveness is sufficiently low, the SOE commits to fully disclose its private information. Otherwise, the SOE commits to withhold its private information. When the disclosure equilibrium prevails, the private firm can be more profit...
-
作者：Chang, Hsihui; Chen, Jengfang; Hsu, Shu-Wei; Mashruwala, Raj
作者单位：Drexel University; Macquarie University; Tunghai University; University of Calgary
摘要：Recent work in the supply chain literature suggests that the variance in orders placed with suppliers will be larger than that of sales to buyers. This distortion in demand information increases as it is passed along the supply chain from customers to upstream suppliers and has been referred to as the bullwhip effect. In this paper, we argue that the bullwhip effect reduces the ability of order backlog to predict future sales and earnings for upstream suppliers. Results obtained from our empir...
-
作者：Chen, Feng; Hope, Ole-Kristian; Li, Qingyuan; Wang, Xin
作者单位：University of Toronto; BI Norwegian Business School; Wuhan University; University of Hong Kong
摘要：We examine whether international equity mutual fund managers shift their portfolios toward stocks with higher financial reporting quality (FRQ) during periods of high political uncertainty. Our study is motivated by two primary factors. First, prior research shows evidence of fund managers' flight to quality (e.g., to less risky securities) during periods of uncertainty. Second, recent theoretical research concludes that stocks with higher FRQ are assessed as less sensitive to systematic risk ...
-
作者：Johnson, Nicole Bastian; Loeffler, Clemens; Pfeiffer, Thomas
作者单位：University of Oregon; Vienna University of Economics & Business; University of Vienna
摘要：We investigate a transfer pricing problem between two divisions within a decentralized firm. An upstream division produces an intermediate good that is used by another division within the firm and is also sold in an external market, where the firm competes with a rival selling a differentiated substitute product. Assuming that headquarters has imperfect information about the upstream division's private information and that communication is restricted, we identify conditions under which the fir...
-
作者：Parsons, John E.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：My discussion of Reichelstein and Sahoo (2018) is organized into three parts. First, what is the context for this work? That is, what are the energy and climate stakes? Second, what does the paper do? I will re-work the equation defining the components of long-run marginal cost to better reflect what is actually estimated and to better highlight some important choices about how the different components are modeled. Third, and most importantly, how do the results inform business decisions and p...
-
作者：Pownall, Grace; Wieczynska, Maria
作者单位：Emory University; Arizona State University; Arizona State University-Tempe
摘要：In this paper, we evaluate the common assumption that European Union (EU) firms began using international financial reporting standards (IFRS) in 2005 when the EU formally adopted IFRS. Although the incidence of firms using local (or some other) GAAP declined between 2005 and 2012, it is still non-trivial. By 2012 the incidence of non-IFRS financial statements was still in excess of 17 percent (87 percent of which were fully consolidated). We estimate a model of the non-adoption of IFRS as a f...
-
作者：Zhang, Joseph H.
-
作者：Ahrens, Thomas
作者单位：United Arab Emirates University
摘要：How do management control practices structure other organizational practices? This paper proposes a theory of practice hierarchies. The key idea is that organizations possess constitutive rules that define their character. They are enacted by the practices at the top of the hierarchy. These anchor practices contain objectives and established ways of doing things that control, or structure, subsidiary practices. They do so by defining key social relationships in the organization, often ones tha...
-
作者：Khurana, Inder K.; Pereira, Raynolde; Zhang, Eliza (Xia)
作者单位：University of Missouri System; University of Missouri Columbia; University of Washington; University of Washington Tacoma
摘要：This study examines whether and when real earnings smoothing influences firm-specific stock price crash risk. Using a sample of U.S. public firms for the years 1993 through 2014, we find real earnings smoothing to be positively associated with firm-specific stock price crash risk. This finding is consistent with the view that real earnings smoothing helps managers withhold bad news, keep poor-performing projects, conceal resource diversion, and engage in ineffective risk management, which incr...
