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作者：Hodge, Frank D.; Rajgopal, Shiva; Shevlin, Terry
作者单位：University of Washington; University of Washington Seattle
摘要：We conduct a field survey to investigate whether current mid-level and future entry-level managers (collectively managers) subjectively value stock options and restricted stock consistent with economic theory. We find that managers, on average, subjectively value stock options at greater than their Black-Scholes value and greater than fair-value-equivalent restricted stock. This result contrasts with conventional economic wisdom that risk-averse employees discount the Black-Scholes value of an...
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作者：Bens, Daniel A.; Johnston, Rick
作者单位：University of Arizona; University System of Ohio; Ohio State University
摘要：This paper provides the first large sample empirical evidence on the extent to which restructuring charges are associated with earnings management. Furthermore, the study examines whether this association changed following action by the Financial Accounting Standards Board (FASB) and the Securities and Exchange Commission (SEC) to curtail suspected restructuring-related earnings management. We examine restructuring charges recorded between 1989 and 1992, a period when restructurings were virtu...
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作者：Goh, Beng Wee
作者单位：Singapore Management University
摘要：This study examines whether the effectiveness of the audit committee and the board of directors is associated with firms' timeliness in the remediation of material weaknesses (MWs) in internal control. The sample comprises accelerated filers that disclosed at least one MW from July 2003 to December 2004 under section 302 of the Sarbanes-Oxley Act (SOX). Using logistic regression analyses, I find that firms with larger audit committees, audit committees with greater nonaccounting financial expe...
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作者：Gendron, Yves
作者单位：Laval University
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作者：Beasley, Mark S.; Carcello, Joseph V.; Hermanson, Dana R.; Neal, Terry L.
作者单位：North Carolina State University; University of Tennessee System; University of Tennessee Knoxville; University System of Georgia; Kennesaw State University
摘要：Relatively few studies have examined the audit committee oversight process - the activities that link audit committee inputs and financial reporting outcomes. To study this process, we conducted extensive interviews with 42 U.S. public company audit committee members. We explore six audit committee process areas, offer insights into the state of audit committee processes in the post-Sarbanes-Oxley Act (SOX) environment, and consider our results in light of agency theory and institutional theor...
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作者：Ohlson, James A.; Aier, Jagadison K.
作者单位：New York University; George Mason University
摘要：This paper revisits the whys and hows of cash flows analysis. In a context of equity valuation, we consider three aspects. First, we consider why there is demand for an analysis of cash flows that complements generally accepted accounting principles' (GAAP's) income statement. The issues here pertain to the ambiguity inherent in accruals, primarily due to current and past nonrecurring items, and how one assesses the quality of earnings. Second, we suggest how an analysis of cash flows should b...
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作者：Demski, Joel S.; Lin, Haijin; Sappington, David E. M.
作者单位：State University System of Florida; University of Florida; University of Houston System; University of Houston
摘要：Generally accepted accounting principles (GAAP) mandate a variety of departures from historical cost valuation. We consider a simple model that produces corresponding variety, depending on prevailing regulatory objectives and economic conditions. The model entails entrepreneurial investment in an asset followed by private information about asset value that cannot be communicated. A lemons problem arises in the asset resale market, creating a role for mandated disclosure in the form of audited ...
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作者：Das, Somnath; Shroff, Pervin K.; Zhang, Haiwen
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Minnesota System; University of Minnesota Twin Cities; University System of Ohio; Ohio State University
摘要：This paper investigates whether the pattern of quarterly earnings changes can provide an indication of earnings management. We identify firms for which the sign of (seasonal) earnings changes observed in interim quarters reverses in the fourth quarter. We hypothesize that a firm performing poorly in interim quarters may attempt to increase earnings of the fourth quarter to achieve a desired annual earnings target, while a firm performing well in interim quarters may attempt to decrease earning...
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作者：Li, Chan
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：This paper investigates whether client importance affects auditor independence within the local offices of audit firms. Client importance is measured as the proportion of audit fees, nonaudit service fees, or total fees that a distressed, public client contributes to the total public client revenue earned by the individual audit offices. Auditor independence is measured as the auditor's propensity to issue a going-concern opinion. The paper focuses on changes in the relation between fee ratios...
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作者：Copley, Paul A.; Douthett, Edward B., Jr.
作者单位：James Madison University; George Mason University
摘要：The initial public offering (IPO) market is characterized by large, periodic swings in new issue volume, commonly referred to as hot and cold markets. We compare IPO assurance fees over these cycles controlling for factors that are potentially associated with hot IPO markets. We find that average assurance fees are lower during hot market periods and that fee coefficients associated with certain client- and IPO-specific attributes are lower during hot markets. Our results are consistent with t...
