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作者：Nikolaev, Valeri V.
作者单位：University of Chicago
摘要：Liao (2015) argues that the monitoring by large outside shareholders (blockholders) exacerbates the conflict between debt and equity and in turn affects the choice and structure of debt financing. The study contends that private debt is more immune to the increase in debt-equity conflict. Consistent with this argument, companies with outside blockholders are inclined to issue private debt over public debt. Further, private debt exhibits less price protection but relies on more protective coven...
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作者：Bozanic, Zahn; Thevenot, Maya
作者单位：University System of Ohio; Ohio State University; State University System of Florida; Florida Atlantic University
摘要：We examine a routine and timely disclosure, earnings press releases, to determine the extent to which several novel qualitative elements of such disclosures are associated with changes in sell-side financial analysts' information environment. Using a comprehensive set of generalized autoregressive conditional heteroscedasticity, or GARCH-based proxies, we examine how disclosure readability's components, across-document textual similarity, and within-document lexical diversity alter analysts' i...
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作者：Holzhacker, Martin; Krishnan, Ranjani; Mahlendorf, Matthias D.
作者单位：Michigan State University; Frankfurt School Finance & Management
摘要：This study examines whether introduction of fixed-price regulation influences firms to increase the elasticity of their cost structures and to reduce the asymmetric behavior of cost in response to changes in volume. It also examines variations in the extent of such responses arising from differences in institutional constraints on the flexibility to make adjustments. We posit that introduction of fixed-price regulation results in cost pressures and a concomitant increase in the operating risk ...
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作者：Hsu, Audrey Wen-Hsin; Pourjalali, Hamid
作者单位：National Taiwan University; University of Hawaii System; University of Hawaii Manoa
摘要：Our study examines the effect of firms' adoption of International Accounting Standard No. 27 (IAS 27) consolidation rules on the stock market's ability to predict firm earnings as captured by the forward earnings response coefficient (FERC). IAS 27, effective in Taiwan for fiscal years beginning after January 1, 2005, defines consolidation criteria for voting entities based on whether the investing entity has effective control over financial and operating decisions. ARB 51, effective in Taiwan...
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作者：Neuman, Stevanie S.; Omer, Thomas C.; Thompson, Anne M.
作者单位：University of Missouri System; University of Missouri Columbia; University of Nebraska System; University of Nebraska Lincoln; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the determinants and consequences of tax service provider choice among not-for-profit (NFP) organizations. Understanding how clients choose among professional services firms for tax services is important both because of the economic significance of tax service revenues to public accounting firms and regulatory changes to the tax services market following the Sarbanes-Oxley Act. Because public accounting firms compete with law and consulting firms for tax clients, we investi...
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作者：Kinney, William R., Jr.
作者单位：University of Texas System; University of Texas Austin
摘要：The authors of this provocative study apply commonly used audit quality surrogate measures to a large and unique set of financial and other data on statutory audits of small private companies in Sweden. The paper has received unparalleled attention by the financial press and the PCAOB for its presumed support for regulatory intervention in standards for U.S. public company audits. In this Discussant Comment, I review the paper's content, analyze its predictive validity, and discuss its multipl...
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作者：Koonce, Lisa; Miller, Jeffrey; Winchel, Jennifer
作者单位：University of Texas System; University of Texas Austin; University of Notre Dame; University of Virginia
摘要：Prior research indicates that a firm's use of derivatives to manage business risks is viewed favorably by investors. However, these studies do not consider a potentially key factor in this setting-namely, the typical behavior (or norms) regarding derivatives by other firms in the industry or the firm itself. In this paper, we report the results of multiple experiments that test whether norms are influential in affecting investors' evaluations of firms' derivatives choices. Our results show tha...
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作者：Drake, Michael S.; Roulstone, Darren T.; Thornock, Jacob R.
作者单位：Brigham Young University; University System of Ohio; Ohio State University; University of Washington; University of Washington Seattle
摘要：Using a novel data set that tracks all web traffic on the SEC's EDGAR servers from 2008 to 2011, we examine the determinants and capital market consequences of investor information acquisition of SEC filings. The average user employs the database very few times per quarter and most users target specific filing types such as periodic accounting reports; a small subset of users employ EDGAR almost daily and access many filings. EDGAR activity is positively related with corporate events (particul...
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作者：Hribar, Paul; Yehuda, Nir
作者单位：University of Iowa; University of Texas System; University of Texas Dallas
摘要：This paper employs the firm life-cycle concept to extend our understanding of the mispricing of accrual and cash flow information by the stock market. We find that accruals and free cash flows are strongly (negatively) correlated in the maturity and decline stages of a firm's life cycle but not in the growth stage, suggesting that they capture unique information in the growth stage of the firm's life cycle but more correlated information in the later stages. Consistent with this finding, we sh...
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作者：Hand, John R. M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
