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作者：Doogar, Rajib; Rowe, Stephen P.; Sivadasan, Padmakumar
作者单位：University of Washington; University of Washington Bothell; Tulane University
摘要：We present the first large-sample empirical evidence on U.S. auditors' responses to changes in entity-level audit risk during 2006-2007, the period leading-up to the financial crisis of 2008-2009. Treating fiscal year 2005 engagements as a precrisis benchmark, we find that audit attention during fiscal year 2006 and 2007 bank audit engagements shifted in line with the shifting audit risks. One implication of these findings is that auditors were able to recognize and respond to financial statem...
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作者：Choi, Bobae; Jung, Kooyul; Lee, Doowon
作者单位：University of Newcastle; Ulsan National Institute of Science & Technology (UNIST)
摘要：This paper investigates information leakage from analyst reports prior to their public release. Previous studies document abnormal trading by institutions or short selling before announcement of recommendation changes. Such pre-release abnormal trading is interpreted as evidence of information leakage from analyst reports. However, if sophisticated investors obtain information similar to what analysts have from other sources, abnormal pre-release trading patterns would be observed even if ther...
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作者：Chue, Timothy K.
作者单位：Hong Kong Polytechnic University
摘要：We use a variance decomposition approach to examine why aggregate valuation ratios differ across countries. In a cross-section of 22 developed countries from 1980 to 2009, we find that 50 percent of all cross-country differences in the aggregate price-to-book ratio (P/B) can be explained by cross-country differences in expected future five-year profitability. In the second half of our sample period, this percentage exceeds that of the first half, rising to almost 64 percent. Although internati...
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作者：Bloomfield, Robert; Hodge, Frank; Hopkins, Patrick; Rennekamp, Kristina
作者单位：Cornell University; University of Washington; University of Washington Seattle; Indiana University System; Indiana University Bloomington
摘要：We present 60 experienced credit analysts with financial information for two firms: one that mainly outsources production and one that does not. We find that analysts are better able to identify firm characteristics that make an outsourcer more creditworthy when those characteristics are presented in the same general section of a financial report; either on the face of the financial statements or in the footnotes. Such coordinated presentation reduces the cognitive load necessary for integrati...
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作者：Bedard, Jean; Courteau, Lucie
作者单位：Laval University; Free University of Bozen-Bolzano
摘要：Even though there is a worldwide consensus as to the necessity of an audit of annual financial statements for public companies, there is divergence of views as to the review of interim financial statements. While some jurisdictions make it mandatory (e.g., Australia, France, United States), others allow the review without requiring it (e.g., Canada, United Kingdom). Using a sample of companies listed in Canada, we examine the costs associated with these reviews and the benefits they generate i...
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作者：Purda, Lynnette; Skillicorn, David
作者单位：Queens University - Canada
摘要：We develop a data-generated tool for distinguishing between fraudulent and truthful reports based on the language used in the management discussion and analysis section of annual and interim reports. Using this method, we are able to assign a probability of truth to each report which is then shown to be an effective indicator of fraud. Our work goes beyond the development of a tool alone, however, by conducting an extensive comparison of our probability-of-truth measure with eight alternative ...
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作者：Filzen, Joshua J.; Peterson, Kyle
作者单位：Nevada System of Higher Education (NSHE); University of Nevada Reno; University of Oregon
摘要：We examine whether firms with greater financial statement complexity are more likely to meet or beat analysts' earnings expectations. We proxy for financial statement complexity using the firm's industry and year adjusted accounting policy disclosure length. Firms with more complex financial statements are more likely to just beat expectations than just miss expectations. Firms with complex financial statements appear to use expectations management to beat expectations, but do not use earnings...
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作者：Hung, Mingyi; Wong, T. J.; Zhang, Fang
作者单位：Hong Kong University of Science & Technology; Chinese University of Hong Kong; Hong Kong Baptist University
摘要：This paper compares the value of political ties and market credibility in China by examining the consequence of corporate scandals. We categorize Chinese corporate scandals by whether the scandal is primarily associated with the destruction of (i) the firm's political networks (political scandals), (ii) the firm's market credibility (market scandals), or (iii) both (mixed scandals). Consistent with our hypothesis that scandals signaling the destruction of political ties are associated with gre...
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作者：Winchel, Jennifer
作者单位：University of Virginia
摘要：This study experimentally tests the hypothesis that investor reaction to favorable investment ratings is influenced by attributes of analysts' supporting arguments. Specifically, I argue that argument ambiguity and the mix of positive and negative argumentation interact to influence how investors process and, in turn, react to information contained in analysts' arguments. When positive arguments are unambiguous, I predict and find that investors react to the content of the arguments because th...
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作者：Higgins, Danielle; Omer, Thomas C.; Phillips, John D.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Nebraska System; University of Nebraska Lincoln; University of Connecticut
摘要：We examine the relation between a firm's business and tax-planning strategies. To identify firms' business strategies, we use a comprehensive measure of business strategy based on the theoretical framework of Miles and Snow (1978, 2003). Specifically, we first investigate whether a firm's business strategy is associated with its level of tax avoidance. Next, we investigate the association between the firm's business strategy and the extent to which it avoids tax in an aggressive manner. We fin...
