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作者：Chen, Ciao-Wei; Collins, Daniel W.; Kravet, Todd D.; Mergenthaler, Richard D.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Iowa; University of Connecticut; University of Arizona
摘要：This study examines whether acquirers make better acquisition decisions when target firms' financial statements exhibit greater comparability with industry peer firms. We predict and find that acquirers make more profitable acquisition decisions when target firms' financial statements are more comparableas evidenced by higher merger announcement returns, higher acquisition synergies, and better future operating performance. We also find that post-acquisition goodwill impairments and post-acqui...
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作者：Darrough, Masako; Huang, Rong; Zur, Emanuel
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University System of Maryland; University of Maryland Baltimore
摘要：This paper examines how disclosures regarding internal controls, required by sections 302 and 404 of the Sarbanes-Oxley Act of 2002 (SOX), affect the market for corporate control. We hypothesize that acquirers with internal control weaknesses (ICWs) make suboptimal acquisition decisions based on poor-quality information generated by their ineffective controls over financial reporting. We expect that such acquirers will be more likely to misestimate the value of their targets or the potential s...
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作者：Bol, Jasmijn C.; Leiby, Justin
作者单位：Tulane University; University System of Georgia; University of Georgia
摘要：We examine how managers assess performance and promotion prospectsthat is, the ex ante likelihood of promotionand the conditions under which these assessments diverge. We argue that managers apply different cognitive schemas when they make different assessments. To the extent that a signal provides different information about future versus current contributions, assessed performance and promotion prospects are likely to diverge. In two experiments, we manipulate professionals' promotion eligib...
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作者：Mullis, Curtis E.; Hatfield, Richard C.
作者单位：University System of Georgia; Georgia State University; University of Alabama System; University of Alabama Tuscaloosa
摘要：Auditors must frequently multitask in order to complete their work efficiently. However, the potential impact of multitasking on auditors' judgment quality is poorly understood. Using Ego Depletion Theory and a laboratory experiment, we predict and find that auditors become less able to identify seeded errors after multitasking, and that this effect is most prominent in the identification of conceptual, rather than mechanical, errors. These negative consequences of multitasking are mitigated 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：Defond, Mark L.; Francis, Jere R.; Hallman, Nicholas J.
作者单位：University of Southern California; University of Missouri System; University of Missouri Columbia; University of Technology Sydney; University of Texas System; University of Texas Austin
摘要：We find that non-Big 4 audit offices with greater awareness of SEC enforcement are more likely to issue first-time going-concern reports to distressed clients; where SEC awareness is measured using (i) audit office proximity to SEC regional offices, and (ii) proximity to specific SEC enforcement actions against auditors. We also show that these non-Big 4 audit offices issue more going-concern opinions to clients who do not subsequently fail, indicating a conservative bias that reduces the info...
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作者：Files, Rebecca; Gurun, Umit G.
作者单位：University of Texas System; University of Texas Dallas
摘要：We investigate whether restatements announced by economically related firms influence the contract terms a borrower receives from lenders. A restatement by a major customer firm increases the loan spread of a borrower by 11 basis points, on average. The contagion effects of customer restatements are higher (45 basis points) when a borrower's switching costs are high. Restatements by peer firms in the same industry also increase a borrower's loan spread, and this increase occurs regardless of r...
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作者：Levy, Hagit; Shalev, Ron; Zur, Emanuel
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; University System of Maryland; University of Maryland Baltimore
摘要：In Gantler v. Stephens (2009), the Delaware Supreme Court makes explicit that corporate officers owe the same fiduciary duty to the firm and shareholders as do board members. The decision increased the risk of non-board-serving officers being added as named defendants to investor litigation but did not change the risk of corporate litigation. Analyzing the effect of the Gantler ruling on non-board-serving CFOs, we find a significant change in their behavior as well as in their firms' disclosur...
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作者：Blouin, Jennifer L.; Robinson, Leslie A.; Seidman, Jeri K.
作者单位：University of Pennsylvania; Dartmouth College; University of Virginia
摘要：Our study evaluates the role of coordination, at both the government and the firm level, on the transfer prices set by U.S. multinational corporations (MNCs) when income taxes and duties cannot be jointly minimized with a single transfer price. We find that either the presence of a coordinated income tax and customs enforcement regime or coordination between the income tax and customs functions alters transfer prices for these firms. Our analyses have implications for both firms and taxing aut...
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作者：Bereskin, Frederick L.; Hsu, Po-Hsuan; Rotenberg, Wendy
作者单位：University of Delaware; University of Hong Kong; University of Toronto
摘要：We examine the consequences of real earnings management from an innovation perspective and investigate the patent output of firms likely to be managing earnings through altering their R&D expenditures. We find that R&D cuts related to earnings management lead to fewer patents, less influential patent output, and lower innovative efficiency compared to other R&D cuts. Our results thus suggest that real earnings management may obstruct firms' technological progress and highlight the potential co...
