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作者：Zhang, Lijuan; Wilson, Mark
作者单位：Australian National University
摘要：Mashruwala and Mashruwala (2011) argue that inconsistent earlier findings regarding whether accruals quality (AQ) is priced in equity markets (Core, Guay, and Verdi 2008; Kim and Qi 2010) may be explained by seasonality in returns deriving from tax-loss selling. Finding no evidence of annual AQ premia for U.S. firms, Mashruwala and Mashruwala report that significant monthly premia concentrate in January, with the remainder of the year demonstrating negative or insignificant returns to AQ and a...
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作者：Johed, Gustav; Catasus, Bino
作者单位：Stockholm University
摘要：This paper examines how auditors prepare for the annual general meeting (AGM) and how they report their work to the shareholders there. Prior literature has suggestedbut not explicitly studiedthat the endpoint of an audit is a state of comfort between the auditor and the management and audit committee members, but also is potentially fragile. The fragility can arise from a failure to relay trust to the investor community, which may initiate or increase doubts about the financial report and/or ...
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作者：Falsetta, Diana; Kaplan, Steven E.
作者单位：University of Miami; Arizona State University; Arizona State University-Tempe
摘要：Hansen, Jackson, Schaefer, and Stewart (2018) examine the effects of three contextual features on tax professionals' billing decisions in a case involving issue-specific tax research. In this discussion, we present a tax fee model. In contrast to determining a bill, our model views tax fees in a more comprehensive perspective. We subsequently use this model to discuss the design choices and limitations of their study and to provide suggestions for future research.
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作者：Hamm, Sophia J. W.; Jung, Boochun; Lee, Woo-Jong
作者单位：University System of Ohio; Ohio State University; University of Hawaii System; University of Hawaii Manoa; Seoul National University (SNU)
摘要：We study labor unions, an important stakeholder group that has not been a focus of the earnings smoothing literature. We posit that managers strike a balance between sheltering resources from employees' profit sharing demands and catering to employees' aversion to downside risk by smoothing earnings. We then hypothesize that a strong labor union would intensify managerial incentives to smooth earnings. Consistent with our hypothesis, we find that union strength is positively associated with ea...
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作者：Schroeder, David; Yim, Andrew
作者单位：University of London; Birkbeck University London; City St Georges, University of London
摘要：Academics and practitioners have long recognized the importance of a firm's industry membership in explaining its financial performance. Yet, contrary to conventional wisdom, recent research shows that industry-specific profitability forecasting models are not better than economy-wide models. The objective of this paper is to further explore this result and to provide insights into when and why industry-specific profitability forecasting models are useful. We show that industry-specific foreca...
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作者：Bonacchi, Massimiliano; Cipollini, Fabrizio; Zarowin, Paul
作者单位：Free University of Bozen-Bolzano; University of Florence; New York University
摘要：We find evidence consistent with Italian nonlisted subsidiaries engaging in accrual and real earnings management, so that their listed parents can meet or beat benchmarks. Thus, the parent firm drives the earnings management of the subsidiaries. We identify parents that are more likely to have managed earnings as the ones that avoid a small loss or meet or beat analyst forecast by a few cents. Cross-sectional analysis reveals that Big 4 auditors mitigate accrual earnings management at the subs...
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作者：Deng, Saiying; Li, Yutao; Lobo, Gerald J.; Shao, Pei
作者单位：Southern Illinois University System; Southern Illinois University; University of Lethbridge; University of Houston System; University of Houston
摘要：We examine whether initial loan sales in the secondary loan market relate to borrowing firms' accounting conservatism. We find that borrowing firms exhibit a significant decline in accounting conservatism after the initial loan sales. We show that the decline in borrower conservatism is more pronounced for firms that borrow from lenders with lower monitoring incentives and for firms that have lower incentives to supply conservatism. The baseline results are robust to a battery of sensitivity t...
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作者：Zhang, Ivy Xiying; Zhangs, Yong
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Hong Kong Polytechnic University
摘要：We exploit the setting of first-time enforcement of insider trading laws to investigate the relationship between insider trading opportunities and insiders' supply of information. Insider trading opportunities motivate insiders to reduce their supply of information by concealing firm performance, thereby increasing their information advantage over outsiders, resulting in higher insider trading profits. Using data from 40 countries over the 1988-2004 period, we find that reporting opacity, as c...
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作者：Beck, Matthew J.; Francis, Jere R.; Gunn, Joshua L.
作者单位：Michigan State University; University of Missouri System; University of Missouri Columbia; University of Technology Sydney; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Prior research emphasizes the centrality of audit offices in understanding auditing practices, and documents significant interoffice variation in audit outcomes based on industry expertise and office size. Our study examines how two city-specific labor characteristics also affect audit offices and local audit markets: the city's average educational attainment, and the number of accountants in a city, which proxy for a city's human capital. Our argument draws on the urban economics literature a...
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作者：Cassell, Cory A.; Myers, Linda A.; Schmardebeck, Roy; Zhou, Jian
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Tennessee System; University of Tennessee Knoxville; University of Hawaii System
摘要：We investigate the relation between audit committee co-option and financial reporting quality, where audit committee co-option is measured as the proportion of audit committee members who joined the board after the appointment of the current Chief Executive Officer (CEO). Because CEOs are often actively involved in the director nomination and selection process, we expect that higher levels of audit committee co-option will be associated with less effective monitoring, as evidenced by more fina...
