-
作者：Bova, Francesco
作者单位：University of Toronto
摘要：Evidence suggests that the negotiated wage for a unionized employee group is an increasing function of the firm's prior profitability. As a result, managers may have an incentive to strategically signal a negative outlook to their unionized workers in order to improve the firm's bargaining position. I assess the strategy of missing mean consensus analysts' earnings estimates as a way for managers to signal a negative outlook to their unionized employees. I find that unionized firms are more li...
-
作者：Hannan, R. Lynn; Towry, Kristy L.; Zhang, Yue (May)
作者单位：Tulane University; Emory University; Northeastern University - China
摘要：This study investigates experimentally how mutual monitoring affects effort when employees are compensated via rank-order tournaments. Theory and anecdotal evidence suggest that mutual monitoring may either decrease effort by facilitating collusion or increase effort by stimulating competition. In our first experiment, we find that mutual monitoring increases effort, because participants do not attempt to collude but rather behave competitively. This result leads us to expand our theory and de...
-
作者：Shi, Charles; Pukthuanthong, Kuntara; Walker, Thomas
作者单位：National University of Singapore; California State University System; San Diego State University; Concordia University - Canada
摘要：This study examines whether IPO disclosure requirements mandated by countries' securities laws are associated with variation in IPO underpricing in international IPO markets. Our empirical analysis uses a unique sample of 6,025 IPOs from 34 countries over the period from 1995 to 2002. We show for the first time that the stringency of disclosure requirements for IPO prospectuses is negatively associated with the extent of IPO underpricing, after controlling for various country- and firm-level d...
-
作者：Call, Andrew C.; Chen, Shuping; Tong, Yen H.
作者单位：University System of Georgia; University of Georgia; University of Texas System; University of Texas Austin; Nanyang Technological University
摘要：We examine the sophistication of analysts' cash flow forecasts to better understand what accrual adjustments, if any, analysts make when forecasting cash flows. As a preliminary step, we first demonstrate that prior empirical tests used to evaluate the sophistication of analysts' cash flow forecasts are not diagnostic. We then present three sets of evidence to triangulate our conclusion that analysts' cash flow forecasts incorporate meaningful accrual adjustments. First, we review a stratified...
-
作者：Francis, Jere R.; Michas, Paul N.; Seavey, Scott E.
作者单位：University of Missouri System; University of Missouri Columbia; University of Arizona; University of Nebraska System; University of Nebraska Lincoln
摘要：Audit regulators around the world have expressed concern over market dominance by Big 4 accounting firms and the potential adverse effect it may have on the quality of audited financial statements. We use cross-country variation in the audit market structure of 42 countries to examine two separate aspects of Big 4 dominance: (1) Big 4 market concentration as a group relative to nonBig 4 auditors; and (2) concentration within the Big 4 group in which one or more of the Big 4 firms is dominant r...
-
作者：Baik, Bok; Chae, Joon; Choi, Sunhwa; Farber, David B.
作者单位：Seoul National University (SNU); Lancaster University; McGill University
-
作者：Jung, Boochun; Soderstrom, Naomi; Yang, Yanhua Sunny
作者单位：University of Hawaii System; University of Hawaii Manoa; University of Colorado System; University of Colorado Boulder; University of Melbourne; University of Connecticut
-
作者：Caskey, Judson; Hanlon, Michelle
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Recent studies and some policy experts have posited that dividends indicate higher-quality earnings. In this study, we test this conjecture by comparing the dividend policies of firms accused of accounting fraud to those of firms not accused of accounting fraud. Specifically, we examine whether alleged fraud firms are as likely to be dividend payers as non-fraud firms, and whether managers of dividend-paying fraud firms increase dividends at the same rate as managers of non-fraud firms. Our da...
-
作者：Goh, Beng Wee; Krishnan, Jayanthi; Li, Dan
作者单位：Singapore Management University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Tsinghua University
-
作者：Brochet, Francois; Jagolinzer, Alan D.; Riedl, Edward J.
作者单位：Harvard University; University of Colorado System; University of Colorado Boulder; Boston University
摘要：This study examines whether mandatory adoption of International Financial Reporting Standards (IFRS) leads to capital market benefits through enhanced financial statement comparability. U.K. domestic standards are considered very similar to IFRS, suggesting any capital market benefits observed for U.K.-domiciled firms are more likely attributable to improvements in comparability (i.e., better precision of across-firm information) than to changes in information quality specific to the firm (i.e...
