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作者：Gao, Feng
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
摘要：This paper documents how firms exercise discretion in defining affiliates and reporting public float in response to Securities and Exchange Commission regulations. I find that firms with higher expected compliance costs under section 404 of the Sarbanes-Oxley Act of 2002 tend to classify more shares as affiliated and report lower public float. In contrast, firms issuing seasoned equity are less likely to underreport public float, possibly due to favorable regulatory treatment for large issuers...
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作者：Louis, Henock; Sun, Amy X.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Houston System; University of Houston
摘要：We examine acquiring managers' opportunistic reporting behavior around stock-for-stock acquisitions. Using the timing of merger announcements and completions to infer managerial intent, we show that acquirers with the most inflated earnings tend to announce mergers on Fridays, and that they manage earnings several quarters before the merger announcement date. Friday announcers exhibit a stronger negative association between pre-merger announcement abnormal accruals and post-merger announcement...
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作者：Sedatole, Karen L.; Swaney, Amy M.; Woods, Alexander
作者单位：Michigan State University; Central Michigan University; William & Mary
摘要：This study examines the implicit incentive effects of horizontal monitoring and team member dependence for individuals working in teams but facing explicit incentives based solely on measures of individual performance. We combine proprietary performance data with survey data for 133 internal auditors. We show that the social influences of relatively high levels of both horizontal monitoring and team member dependence provide implicit incentives that motivate individual performance, making the ...
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作者：Lau, Sie Ting; Shrestha, Keshab; Yu, Jing
作者单位：Nanyang Technological University; Monash University; Monash University Malaysia; University of Western Australia
摘要：Using firm-level data from 23 developed markets, we document a positive association between overall firm-level governance quality and the informativeness of earnings announcements measured by abnormal stock return variance. This finding is robust after controlling for the potential endogeneity of firm-level corporate governance. Further analyses reveal that firms with strong governance show little evidence of earnings management, appoint Big 4 auditing firms, and attract analyst following, imp...
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作者：Evans, Mark E.
作者单位：Wake Forest University
摘要：In this paper, I examine the relation between disclosure commitment and cost of equity capital using accelerated earnings announcement disclosures as a measure of commitment. In settings characterized by imperfect market competition, I find that firms which consistently disclose balance sheet detail in relatively timely earnings announcements have lower costs of capital compared to other firms. This result is statistically significant and economically meaningful, and is robust to various alter...
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作者：Francis, Jere R.; Huang, Shawn X.; Khurana, Inder K.
作者单位：University of Missouri System; University of Missouri Columbia; Arizona State University; Arizona State University-Tempe
摘要：This study investigates whether differences in accounting standards across countries create information costs that inhibit firms from investing in foreign markets. Using the frequency and dollar magnitude of cross-border mergers and acquisitions (M&As) from 32 countries over the period 1998-2004, we find that the aggregate volume of M&A activity across country pairs is larger for pairs of countries with similar Generally Accepted Accounting Principles (GAAP), and that this increased volume of ...
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作者：He, Wen; Shan, Yaowen
作者单位：University of New South Wales Sydney; University of Technology Sydney
摘要：This study investigates the time-series trend and determinants of matching between revenues and expenses in a sample of 42 countries. We find that the decline in matching documented by Dichev and Tang (2008) is not unique to the United States, but is a worldwide phenomenon. Our results show that matching is weaker in countries with (i) wider use of accrual accounting; (ii) a larger proportion of firms reporting significant special items; (iii) slower economic growth; (iv) more research and dev...
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作者：Jiang, John (Xuefeng); Petroni, Kathy R.; Wang, Isabel Yanyan
作者单位：Michigan State University
摘要：In 2007, Pink Sheets LLC assigned each Pink Sheets (R) company to a disclosure tier and on its website affixed a colorful graphic to its stock symbol signifying the company's public disclosure level. This unique innovation allows us to investigate the impact of increased salience of disclosure practices on liquidity. Using a difference-in-difference design, we find evidence that firms classified into the Current Information category experienced an increase in liquidity while firms classified i...
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作者：Pae, Suil; Song, Chang Joon; Yi, Andrew C.
作者单位：Sungkyunkwan University (SKKU); Hanyang University
摘要：This study provides evidence that managers' career concerns affect their earnings guidance decisions. We hypothesize that CEOs who are relatively more concerned about assessments of their abilities have stronger incentives to guide the market expectations of earnings downwards to increase the likelihood of meeting or beating the expectations. Consistent with this hypothesis, we find that (i) short-tenured CEOs, CEOs promoted from inside the firm, and nonfounder CEOs are more likely to provide ...
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作者：Harris, Erica E.; Neely, Daniel G.
作者单位：Rutgers University System; Rutgers University Camden; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：We find evidence indicating that donors use third-party rating information when they donate to U.S. nonprofit organizations (nonprofits). Specifically, using a sample of over 3,800 unique nonprofits rated by the three largest charity rating organizations in 2007, and over 12,000 unrated control nonprofits, we find that rated nonprofits have significantly higher direct donations than unrated charities. We also hypothesize and find that nonprofits with ratings from multiple rating organizations ...
