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作者：Vansant, Brian
作者单位：Auburn University System; Auburn University
摘要：This study examines the relationship between institutional pressures to provide social benefits and the discretionary accrual behavior of nonprofit firms. I examine this issue within the context of U.S. nonprofit hospitals, an economically significant and politically rich setting where firms face considerable institutional pressure to provide an important social benefit: charity care. I argue that institutional pressures on nonprofits to provide higher levels of social benefits imply that lowe...
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作者：Blaylock, Bradley S.
作者单位：Oklahoma State University System; Oklahoma State University - Stillwater
摘要：Two influential papers in the tax-avoidance literature (Desai and Dharmapala 2006; Desai, Dyck, and Zingales 2007) argue that aggressive forms of tax avoidance employ technologies that complement managerial rent extraction, and provide supporting evidence from firms in Russia. Several papers rely on this theory to motivate and interpret tests in a U.S. setting, but these tests are open to multiple interpretations. This paper investigates the extent to which shareholders of U.S. companies are a...
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作者：Gupta, Sanjay; Laux, Rick C.; Lynch, Daniel P.
作者单位：Michigan State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine whether firms decrease tax reserves to meet analysts' quarterly earnings forecasts in the period prior to FIN 48, and whether that behavior changed following FIN 48. We use analysts' forecasts of pretax and after-tax income to impute premanaged earnings, or earnings before any tax manipulation. Pre-FIN 48, we observe that firms reduce their tax reserves (i.e., increase income) when premanaged earnings are below analysts' forecasts. Specifically, 78 percent of firm-quarters that woul...
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作者：Bloomfield, Robert
作者单位：Cornell University
摘要：The stated goals of the SEC are to protect investors, maintain orderly markets and facilitate capital formation. These goals can be achieved with very light regulation if, as assumed by traditional economic theory, investors process information costlessly and protect themselves from informational disadvantages, and firms optimally balance the costs and benefits of committing to make their reports reliable. A growing body of research demonstrates that light regulation fails to achieve the SEC's...
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作者：Lisic, Ling Lei; Neal, Terry L.; Zhang, Ivy Xiying; Zhang, Yan
作者单位：George Mason University; University of Tennessee System; University of Tennessee Knoxville; University of Minnesota System; University of Minnesota Twin Cities; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：During the past decade, new regulations have been adopted to improve audit committee effectiveness. Prior research has generally provided evidence in support of these regulations and suggests that a more independent and expert audit committee is more effective. We posit that CEO power reduces or even eliminates the improvements in audit committee effectiveness resulting from independent and financially expert committee members. Thus, CEO power may result in an audit committee that appears effe...
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作者：Guo, Hui; Qiu, Buhui
作者单位：University System of Ohio; University of Cincinnati; Wuhan University; University of Sydney
摘要：Although many studies show that the presence of institutional investors facilitates the incorporation of accounting information into financial markets, the evidence of informed trading by institutions is rather limited in the extant literature. We address these inconsistent findings by proposing PC_NII, percentage changes in the number of a stock's institutional investors, as a novel informed trading measure. PC_NII is better able to detect informed trading than are changes in institutional ow...
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作者：Konstantinidi, Theodosia; Pope, Peter F.
作者单位：City St Georges, University of London; University of London; London School Economics & Political Science
摘要：Conventional measures of risk in earnings based on historical standard deviation require long time-series data and are inadequate when the distribution of earnings deviates from normality. We introduce a methodology based on current fundamentals and quantile regression to forecast risk reflected in the shape of the distribution of future earnings. We derive measures of dispersion, asymmetry, and tail risk in future earnings using quantile forecasts as inputs. Our analysis shows that a parsimon...
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作者：Menon, Krishnagopal; Williams, David D.
作者单位：Boston University; University System of Ohio; Ohio State University
摘要：While the debt-contracting literature has extensively examined financial covenants, there has been little attention paid to audit-related covenants. We focus on a covenant that restricts the borrower from receiving a going-concern audit report (GCAR covenant). We hypothesize that a debt agreement is more likely to include a GCAR covenant as the borrower's credit quality decreases and the length of the loan period increases, and that it is more likely to impose a covenant restricting the choice...
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作者：Moroney, Robyn; Trotman, Ken T.
作者单位：Monash University; University of New South Wales Sydney
摘要：With increased interest in voluntary sustainability reports from investors and other stakeholders, more companies are having these reports assured. The issue of what is considered material in these assurance engagements is important, and yet research on materiality has focused only on financial statement audits. This article reports the results of an experiment where auditors assess the materiality of audit differences in the same magnitude for both a financial audit and a sustainability (wate...
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作者：Bills, Kenneth L.; Swanquist, Quinn T.; Whited, Robert L.
作者单位：Colorado State University System; Colorado State University Fort Collins; University System of Georgia; Georgia State University; University of Massachusetts System; University of Massachusetts Amherst
摘要：This study provides evidence on how local office growth affects audit quality. We predict that significant recent growth will temporarily stress office resources, leading to a negative relation between office-level growth and audit quality. To test this prediction, we examine a sample of 17,062 firm-year observations from 2005 to 2010. Results indicate a consistent negative relation between changes in volume of audit work and audit quality. Specifically, clients of offices that experience incr...
