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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：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：Bennett, G. Bradley; Hatfield, Richard C.; Stefaniak, Chad
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of Alabama System; University of Alabama Tuscaloosa; Central Michigan University
摘要：This study compares auditors' and chief financial officer (CFO)s' prenegotiation judgments and considers the potential differential impact the end of the audit (deadline pressure) has on each party. General negotiation literature suggests that individuals change their behaviors as deadline pressure increases (i.e., when there is less time in which to conduct a negotiation) in order to increase the probability of reaching an agreement. In an audit context, the end-of-engagement deadline is ofte...
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作者：Schneider, Georg T.; Scholze, Andreas
作者单位：University of Graz; University Osnabruck
摘要：We investigate the interaction of mandatory disclosure and the gathering of decision-relevant information in a setting in which a competitor may enter the market. Gathering detailed information allows for an efficient allocation of resources, but eventually attracts competition by revealing beneficial information to competitors. In contrast, refraining from generating detailed information implies inefficient decisions, but eventually prevents competitors from entering the market. Our results s...
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作者：Wahlen, James M.
作者单位：Indiana University System; Indiana University Bloomington
摘要：While norms are commonly used in accounting and in accounting research, norms themselves, and their consequences, have not yet received much scholarly examination in accounting. The Koonce, Miller, and Winchel (KMW) study is intriguing because it conducts three experiments to examine whether investors react differently when a firm uses derivatives to mitigate risk when that use conforms with or deviates from expected behavior given past industry-or firm-specific norms. The KMW study makes a us...
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作者：Bertomeu, Jeremy
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Should incentive contracts expose the agent to market-wide shocks? Counterintuitively, I show that market risk cannot be filtered out from the compensation and managed independently by the agent. Under plausible risk preferences, the principal should offer a contract in which performance pay increases following a favorable market shock. In the aggregate, however, the effect of market risk on individual contracts diversifies away and the agency problem does not directly affect the cost of capit...
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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：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...
