2013

最新文章

• Home Country Investor Protection, Ownership Structure and Cross-Listed Firms' Compliance with SOX-Mandated Internal Control Deficiency Disclosures AI翻译
  作者：Gong, Guojin; Ke, Bin; Yu, Yong
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Nanyang Technological University; University of Texas System; University of Texas Austin
  摘要：We examine whether home country investor protection and ownership structure affect cross-listed firms' compliance with SOX-mandated internal control deficiency (ICD) disclosures. We develop a proxy for the likelihood of cross-listed firms' ICD misreporting during the Section 302 reporting regime. For cross-listed firms domiciled in weak investor protection countries, we have three main findings. First, firms whose managers control their firms and have voting rights in excess of cash flow right...
• Do Political Connections Add Value to Audit Firms? Evidence from IPO Audits in China AI翻译
  作者：Yang, Zhifeng
  作者单位：City University of Hong Kong
• Valuation Model Use and the Price Target Performance of Sell-Side Equity Analysts AI翻译
  作者：Gleason, Cristi A.; Johnson, W. Bruce; Li, Haidan
  作者单位：University of Iowa; Santa Clara University
• The Conservatism Principle and the Asymmetric Timeliness of Earnings: An Event-Based Approach AI翻译
  作者：Shroff, Pervin K.; Venkataraman, Ramgopal; Zhang, Suning
  作者单位：University of Minnesota System; University of Minnesota Twin Cities; Southern Methodist University; George Mason University
  摘要：We test the asymmetric timeliness hypothesis by using information in extreme events as a measure of good/bad news. Our focus on extreme events is motivated by two arguments. First, the accounting concept of materiality in conjunction with litigation risk influences managers and auditors to make more conservative choices with respect to material events. Second, focusing on extreme shocks minimizes the probability that accounting slack may obscure the effect of asymmetric timeliness (Beaver and ...
• Auditor Fees and Fraud Firms AI翻译
  作者：Markelevich, Ariel; Rosner, Rebecca L.
  作者单位：Suffolk University; Long Island University; Long Island University Post
  摘要：The issue of whether auditor fees affect auditor independence has been extensively debated by regulators, investors, investment professionals, auditors, and researchers. The revised Securities and Exchange Commission (SEC) requirements that resulted from the implementation of the Sarbanes-Oxley Act (2002) limit nonaudit services (NAS) and mandate NAS fee disclosure. The SEC's requirements are based on the argument that auditor independence could be impairedand hence audit quality may be reduce...
• Discussion of Corporate Governance Reform and Executive Incentives: Implications for Investments and Risk Taking AI翻译
  作者：Selto, Frank H.; Cussatt, Marc
  作者单位：University of Colorado System; University of Colorado Boulder
  摘要：We discuss the strengths and weaknesses of the article by Cohen, Dey and Lys (CDL). Strengths include persuasive theoretical arguments for impacts of the Sarbanes Oxley Act (SOX) on corporate investment strategies and for several mechanisms through which firms influence changes in risky investments. CDL also provides intriguing opportunities for learning about impacts of external regulatory events and for enriching management accounting research and classroom discussions of management control....
• Extended Dividend, Cash Flow, and Residual Income Valuation Models: Accounting for Deviations from Ideal Conditions AI翻译
  作者：Heinrichs, Nicolas; Hess, Dieter; Homburg, Carsten; Lorenz, Michael; Sievers, Soenke
  作者单位：University of Cologne; University of Cologne
  摘要：Previous empirical studies derive the standard equity valuation models (i.e., DDM, RIM, and DCF model) while assuming that ideal conditions, such as infinite payoffs and clean surplus accounting, exist. Because these conditions are rarely met, we extend the standard models by following the fundamental principle of financial statement articulation. We then empirically test the extended models by employing two sets of forecasts: (1) the analyst forecasts provided by Value Line, and (2) the forec...
• Discussion of Do Political Connections Add Value to Audit Firms? Evidence from IPO Audits in China AI翻译
  作者：Gu, Zhaoyang
  作者单位：Chinese University of Hong Kong
• Accounting Quality, Stock Price Delay, and Future Stock Returns AI翻译
  作者：Callen, Jeffrey L.; Khan, Mozaffar; Lu, Hai
  作者单位：University of Toronto; University of Minnesota System; University of Minnesota Twin Cities
  摘要：In frictionless capital markets with complete information and rational investors, stock prices adjust to new information instantaneously and completely. However, a substantial body of research studies information imperfections such as asymmetric information and incomplete information. Information imperfections potentially hinder timely price discovery and are likely associated with delayed stock price adjustment to information. Our first research question therefore is whether the quality of ac...
• Earnings Non-Synchronicity and Voluntary Disclosure AI翻译
  作者：Gong, Guojin; Li, Laura Yue; Zhou, Ling
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Illinois System; University of Illinois Urbana-Champaign; University of New Mexico
  摘要：Earnings non-synchronicity reflects the extent to which firm-specific factors determine a firm's earnings. Prior research suggests that high earnings non-synchronicity impedes corporate outsiders' ability to process information. This study examines the impact of earnings non-synchronicity on managers' decisions to provide earnings forecasts. We propose that high earnings non-synchronicity motivates managers to issue earnings forecasts to reduce information asymmetry between managers and invest...