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作者：Jung, Boochun; Lee, Woo-Jong; Weber, David P.
作者单位：University of Hawaii System; University of Hawaii Manoa; Hong Kong Polytechnic University; University of Connecticut
摘要：We examine whether accounting quality is associated with efficient investments in labor, a key factor of production that has been largely overlooked in prior studies. We find evidence that abnormal net hiring (measured as the absolute deviation from net hiring predicted by economic fundamentals) is negatively associated with accounting quality. These results are robust to a battery of sensitivity tests and controls for other relevant factors, including labor power and other contemporaneous inv...
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作者：Dai, Zhonglan; Jin, Li; Zhang, Weining
作者单位：University of Texas System; University of Texas Dallas; University of Oxford
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作者：Mohanram, Partha S.
作者单位：University of Toronto
摘要：The accruals anomaly, demonstrated by Sloan (1996), generated significant excess returns consistently for more than four decades until 2002 but has apparently weakened in the subsequent period. In this paper, I argue that one factor responsible for this decline is the increasing incidence of analysts' cash flow forecasts that provide markets with forecasts of future accruals. The negative relationship between accruals and future returns is significantly weaker in the presence of cash flow fore...
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作者：Causholli, Monika; Chambers, Dennis J.; Payne, Jeff L.
作者单位：University of Kentucky; University System of Georgia; Kennesaw State University
摘要：Prior to the Sarbanes-Oxley Act of 2002, audit partners experienced economic pressure to grow revenue from the sale of nonaudit services to their audit clients. To an auditor who is highly rewarded for revenue generation and growth, nonaudit services may represent a particularly strengthened economic bond with the client. Prior research shows that, in general, nonaudit service fees received in the current period do not impair audit quality. We examine a different setting. We propose that audit...
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作者：Evans, Mark E.; Hodder, Leslie; Hopkins, Patrick E.
作者单位：Indiana University System; Indiana University Bloomington
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作者：Ecker, Frank; Schipper, Katherine
作者单位：Duke University
摘要：We discuss three research design choices made by Mohanram (2014) and Radhakrishnan and Wu (2014) in their examinations of the link between cash flow forecasts and declines in returns to a trading strategy based on past realized accruals (the accruals anomaly). The first choice is the use of pooled estimation combined with an indicator for the incidence of a cash flow forecast; we argue that the over-time increase in cash flow forecast incidence acts as an implicit weighting scheme in pooled es...
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作者：Oler, Derek K.; Picconi, Marc P.
作者单位：Texas Tech University System; Texas Tech University; William & Mary
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作者：Kim, Jeong-Bon; Zhang, Liandong
作者单位：City University of Hong Kong
摘要：The recent financial crisis has stimulated a renewed interest in understanding the determinants of stock price crash risk (i.e., left tail risk). Recent research shows that opaque financial reports enable managers to hide and accumulate bad news for extended periods. When the accumulated bad news reaches a certain tipping point, it will be suddenly released to the market at once, resulting in an abrupt decline in stock price (i.e., a crash). This study extends this line of research by examinin...
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作者：Quadackers, Luc; Groot, Tom; Wright, Arnold
作者单位：Vrije Universiteit Amsterdam; Northeastern University
摘要：Although skepticism is widely viewed as essential to audit quality, there is a debate about what form is optimal. The two prevailing perspectives that have surfaced are neutrality and presumptive doubt. With neutrality, auditors neither believe nor disbelieve client management. With presumptive doubt, auditors assume some level of dishonesty by management, unless evidence indicates otherwise. The purpose of this study is to examine which of these perspectives is most descriptive of auditors' s...
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作者：Young, Joni J.
作者单位：University of New Mexico
摘要：The U.S.-based Financial Accounting Standards Board (FASB) emphasizes that accounting standard-setting is not and should not be regarded as a political process. Employing the case of accounting for stock compensation, I examine a recent debate in which FASB appears to have successfully established and maintained a boundary between a technical accounting process and politics. This case is interesting because an earlier, failed effort to expense stock compensation was described as highly politic...
