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作者：Downar, Benedikt; Ernstberger, Juergen; Link, Benedikt
作者单位：Technical University of Munich
摘要：This paper examines the monitoring effect of disclosure frequency from a shareholder perspective. For our analyses, we use a setting in the European Union in which reporting frequency requirements differed across and within countries before being harmonized by a directive requiring the implementation of quarterly disclosure. We investigate how both cross-sectional differences in reporting frequency and their harmonization affect shareholders' ability to monitor managers. To gauge monitoring ef...
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作者：Henry, Erin
作者单位：University of Memphis
摘要：I investigate the information content of income tax expense using variance decomposition to separate stock returns into cash flow and discount rate news components. While prior literature has focused on linking tax expense with expected future cash flows, I argue that tax expense should also be informative about discount rates because of its ability to summarize fundamental economic performance. Consistent with my arguments, I find that tax expense surprises are correlated with both revisions ...
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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：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：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...
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作者：Lin, Kenny Z.; Mills, Lillian F.; Zhang, Fang; Li, Yongbo
作者单位：Lingnan University; University of Texas System; University of Texas Austin; Hong Kong Baptist University; Hong Kong University of Science & Technology
摘要：This paper examines whether ties to politicians by corporate boards of directors weaken the effectiveness of tax authorities in constraining tax avoidance in China. We use a unique data set to measure geographic time-variant tax enforcement, including the probability of income tax audit, the expertise of tax officers, and the consequences of underreporting tax liabilities. Based on a sample of 11,121 firm-years from 2003 to 2013, we find that the deterrent effect of the probability that a firm...
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作者：Wang, Cong; Xie, Fei; Xin, Xiangang
作者单位：The Chinese University of Hong Kong, Shenzhen; University of Delaware; City University of Hong Kong
摘要：We examine the relation between accounting conservatism and inside debt held by managers in the form of pension benefits and deferred compensation. We find that financial reporting is less conservative in firms whose CEOs hold more inside debt, particularly in firms with high default risk and agency costs of debt. This is consistent with our hypothesis that by aligning managerial incentives more closely with those of debtholders, inside debt reduces debtholders' expropriation concerns and thus...
