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作者：Brown, Jennifer L.; Drake, Katharine D.; Martin, Melissa A.
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Academic and anecdotal evidence indicates that incentive systems often provide short-term payouts without regard for long-term consequences. New detailed disclosures mandated by FIN No. 48, Accounting for Uncertainty in Income Taxes, enable us to use a tax setting to investigate whether boards adjust performance-based pay for uncertainty. We find managers' bonus payouts are positively associated with tax performance; however, bonus payouts are lower when measures of ex ante tax uncertainty are...
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作者：Harris, Ling L.; Hobson, Jessen L.; Jackson, Kevin E.
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study investigates whether an individual's status as a current or a prospective investor affects the investor's susceptibility to earnings fixation and proposes a mechanism to reduce earnings fixation. Our experimental results suggest that current investors are more susceptible to earnings fixation than prospective investors, and that current investors can reduce earnings fixation by explicitly forecasting future earnings as part of their evaluation process. We provide theory-consistent e...
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作者：Ferri, Fabrizio; Oesch, David
作者单位：Columbia University; University of Zurich
摘要：The literature on shareholder voting has mostly focused on the influence of proxy advisors on shareholder votes. We exploit a unique empirical setting enabling us to provide a direct estimate of management's influence. Analyzing shareholder votes on the frequency of future say on pay (SOP) votes, we find that a management recommendation for a particular frequency is associated with a 26 percent increase in voting support for that frequency. Additional tests suggest that the documented associat...
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作者：Ryan, Stephen G.
作者单位：New York University
摘要：I discuss Desai, Rajgopal, and Yu (2016) with the goal of helping readers think carefully about which implications of the study are likely to generalize to future economic downturns and which are likely to be specific to the facts and circumstances of the recent financial crisis, given that the crisis was driven by the expectation and then the realization of a single market variable, national house price depreciation.
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作者：Faccio, Mara
作者单位：Purdue University System; Purdue University
摘要：Kim and Zhang (2015) study the relation between corporate political connections and tax aggressiveness. In this discussion, I identify and evaluate three main limitations of their paper: the measurement of political connections, the empirical design, and the possible reasons behind the documented results. I build on these small shortcomings to provide suggestions for further contributions in this area of research.
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作者：Christensen, Brant E.; Glover, Steven M.; Omer, Thomas C.; Shelley, Marjorie K.
作者单位：University of Missouri System; University of Missouri Columbia; Brigham Young University; University of Nebraska System; University of Nebraska Lincoln
摘要：Projects seeking to define, measure, and evaluate audit quality are on the agendas of auditing standards setters as well as audit firms. The Public Company Accounting Oversight Board (PCAOB) currently provides information regarding audit quality through the release of inspection reports, and the Board intends to establish and report audit quality indicators. To provide additional perspective on audit quality, we obtain auditors' and investors' views, definitions, and indicators of audit qualit...
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作者：Callen, Jeffrey L.; Chen, Feng; Dou, Yiwei; Xin, Baohua
作者单位：University of Toronto; University of Missouri System; University of Missouri Columbia; New York University
摘要：This study examines the relation between performance covenants in private debt contracting and conservative accounting under adverse selection. We find that under severe adverse selection (i.e., high information asymmetry), accounting conservatism and performance covenants act as complements to signal that the borrower is unlikely to appropriate wealth from the lender. No such relation obtains in a low information asymmetry regime. We further show that in the high information asymmetry regime,...
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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...
