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作者：Schneider, Thomas E.
作者单位：University of Alberta
摘要：In order to provide evidence as to whether environmental performance significantly affects bond pricing, this paper explores a cross-section of firms in two industries where it is expected that ongoing environmental performance will play a role in future financial performance. I present evidence that a firm's environmental performance is a significant determinant of its bond prices. However, as bond quality increases, environmental performance fades as a determinant of bond pricing, and for hi...
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作者：Paterson, Jeffrey S.; Valencia, Adrian
作者单位：State University System of Florida; Florida State University; State University System of Florida; Florida Gulf Coast University
摘要：Our study investigates the relationship between auditor-provided nonaudit services (NAS) and financial restatements. We extend previous research by distinguishing recurring and nonrecurring NAS when examining the association between NAS and restatements. We make the distinction between recurring and nonrecurring engagements for each of the three types of NAS: tax, audit related, and other. Our results indicate that recurring tax services are the only NAS negatively associated with restatements...
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作者：Gong, James Jianxin; Van der Stede, Wim A.; Young, S. Mark
作者单位：California State University System; California State University Fullerton; University of London; London School Economics & Political Science; University of Southern California
摘要：We examine the application of real options within two contexts of motion picture investment decisions by studio executives. The first is whether to continue marketing a film following its initial release in theaters (an abandonment option). The second centers on the decision to produce a sequel to an original film (a growth option). Few accounting studies have examined the use of real options but they are of considerable importance to companies managing risk through their cost structure and ca...
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作者：Srinidhi, Bin; Gul, Ferdinand A.; Tsui, Judy
作者单位：City University of Hong Kong; Monash University; Monash University Malaysia; Hong Kong Polytechnic University
摘要：A spate of legislated quotas for female representation on corporate boards in European firms and significant voluntary increases in the number and proportion of female directors in U. S. firms indicate that board gender diversity has increasingly been recognized as a matter of importance worldwide. Although the proponents of gender diversity have argued that it results in greater transparency and makes corporate earnings more credible, there is little supporting empirical evidence. We fill thi...
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作者：Baik, Bok; Farber, David B.; Lee, Sam (Sunghan)
作者单位：Seoul National University (SNU); McGill University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：In this study, we examine the relation between chief executive officer (CEO) ability and management earnings forecasts. While Trueman (1986) theorizes that managers voluntarily issue earnings forecasts to signal their ability, there is scant empirical evidence on this issue. Consistent with Trueman's theory, we find that the likelihood and frequency of management earnings forecast issuance increase with CEO ability, as proxied by press citations, a measure generated from data envelope analysis...
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作者：Bailey, Wendy J.; Hecht, Gary; Towry, Kristy L.
作者单位：Northeastern University; University of Wisconsin System; University of Wisconsin Madison; Emory University
摘要：Firms often allow managers discretion when allocating bonuses so that they can incorporate relevant noncontractible information (i.e., information that reflects employee performance but cannot be included in formal contracts because it represents unforeseen circumstances, cannot be jointly verified, or requires interpretation or judgment) into employees' compensation. However, little is known about how managers use this discretion. We investigate the effect of discretion extent - the portion o...
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作者：Laux, Volker; Mittendorf, Brian
作者单位：University of Texas System; University of Texas Austin; University System of Ohio; Ohio State University
摘要：Recent concerns about executive actions and pay have shone a bright light on corporate governance practices and the role of boards in compensation design. In this vein, conventional wisdom vilifies boards with ties to executives and/or comprising insiders, citing them for rubber stamping executive pet projects and approving lavish pay. In this paper, we model the relationship between board dependence, pay, and project adoption and demonstrate that the connections among the three can be more su...
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作者：Gleason, Cristi A.; Mills, Lillian F.
作者单位：University of Iowa; University of Texas System; University of Texas Austin
摘要：We examine whether auditor-provided tax services (ATS) improve the quality of financial reporting via knowledge spillover. Concerns about auditor independence prompted regulators to restrict auditor-provided nonaudit services. Despite the general failure of researchers to document a decrease in financial reporting quality associated with nonaudit services, ATS declined after the Sarbanes-Oxley Act, even though many such services are still permissible with audit committee approval. We investiga...
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作者：Laux, Volker; Mittendorf, Brian
作者单位：University of Texas System; University of Texas Austin; University System of Ohio; Ohio State University
摘要：Recent concerns about executive actions and pay have shone a bright light on corporate governance practices and the role of boards in compensation design. In this vein, conventional wisdom vilifies boards with ties to executives and/or comprising insiders, citing them for rubber stamping executive pet projects and approving lavish pay. In this paper, we model the relationship between board dependence, pay, and project adoption and demonstrate that the connections among the three can be more su...
