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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：Elliott, W. Brooke
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Bloomfield, Hodge, Hopkins and Rennekamp (2015) provide evidence that the disaggregation and location of financial statements items (i.e., coordinated presentation) jointly influence credit analysts' profit margin projections and justifications for a credit downgrade decision. The study provides insights as to the effect of multiple presentation attributes on sophisticated user behavior. In this discussion, I position the paper in the earnings presentation effects literature and broadly discus...
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作者：Lambert, Richard A.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：This paper makes two contributions to the literature. First, we extend results on the impact of asymmetric information on cost of capital to a multi-asset environment. Second, we develop a transformation of the impact that allows equilibrium conditions to be expressed in closed form. Using these closed-form expressions, we derive a variety of comparative static results about the behavior of cost of capital. Our results are relevant to a large empirical literature that examines the relation bet...
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作者：Bova, Francesco; Dou, Yiwei; Hope, Ole-Kristian
作者单位：University of Toronto; New York University
摘要：Evidence suggests that managers have an incentive to keep information opaque with the market when negotiating with employees who can extract above-market rents from the firm. We argue that employee ownership should mitigate this incentive to extract above-market rents and, in turn, alleviate the firm's need to keep information opaque. Consistent with our expectations and using a number of proxies for disclosure, we find that firms whose nonmanager employees have strong bargaining power provide...
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作者：Williams, Paul F.; Ravenscroft, Sue P.
作者单位：North Carolina State University; University of Strathclyde; Iowa State University
摘要：Decision usefulness has served as the stated rationale for selecting accounting standards for over 40 years. Its authority, however, was not gained through explicit theory development or argumentation, but was instead born full grown (Staubus 1999, 163) as a conceptual takeover in the dead of night (338). The lack of an extended period of argumentation and debate meant decision usefulness's conceptual weaknesses were remarked upon but allowed to remain unresolved. We evaluate whether decision ...
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作者：Labro, Eva
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：In this discussion, I use Holzhacker, Krishnan, and Mahlendorf, hereafter HKM, as a point of departure from which to discuss the current state of the two research areas to which they contribute. I will present some big-picture thoughts on research opportunities in their source literatures-the literature on financial management in health care and the literature on cost stickiness-and speculate as to where these literatures might go in the future.
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作者：Louis, Henock; Urcan, Oktay
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of London; London Business School
摘要：Dividend payments are generally costly to shareholders. One principal reason for such payments is that they force managers to raise funds in the external capital markets to finance new projects, which presumably reduces their incentives to engage in empire-building activities. We posit that, because accounting conservatism can also mitigate managers' incentives to engage in value-destroying projects, it could reduce the need for dividend payments and the associated costs. Accordingly, we find ...
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作者：Kim, Yongtae; Li, Haidan; Li, Siqi
作者单位：Santa Clara University
摘要：This study examines whether CEO equity incentives have an impact on audit pricing. Prior studies investigate whether CEO equity incentives motivate executives to manage earnings for personal financial gains. Our focus is on whether auditors perceive CEO equity incentives to be associated with greater earnings manipulation risk and incorporate such risk in their pricing decisions. We find that CEO equity portfolio vega is positively related to audit fees after controlling for other determinants...
