-
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...
-
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...
-
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 ...
-
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...
-
作者：Wiedman, Christine I.
作者单位：University of Waterloo
-
作者：Cheng, Shijun; Indjejikian, Raffi J.
作者单位：University System of Maryland; University of Maryland College Park; University of Michigan System; University of Michigan
摘要：We study the relation between firms' internal governance mechanisms and the market for corporate control by examining how chief executive officer (CEO) compensation changed following the enactment of anti-take-over laws by various states in the 1980s. We find that CEOs are paid more after controlling for performance and their compensation is more sensitive to performance (both stock returns and accounting return on assets) following the enactment of these laws. We also find that the increased ...
-
作者：Baker, Terry A.; Collins, Denton L.; Reitenga, Austin L.
作者单位：Wake Forest University; Texas Tech University System; Texas Tech University; University of Alabama System; University of Alabama Tuscaloosa
摘要：This study examines discretionary accruals imbedded in quarterly earnings announcements that precede executive stock option grants. Prior empirical research indicates that managers attempt to increase the value of their option pay (by depressing the option's exercise price) through a variety of strategies including timing voluntary disclosures, influencing option grant dates, and managing accruals. This study extends the research by jointly examining managerial incentives and opportunities to ...
-
作者：Jamal, Karim
作者单位：University of Alberta
-
作者：Chin, Chen-Lung; Chi, Hsin-Yi
作者单位：National Chengchi University; National Chung Hsing University
摘要：This paper examines whether the likelihood of accounting restatements is associated with Big 4 industry auditor specialists, measured at both the partner level and the audit firm level. We focus on a sample of listed firms in Taiwan, where audit reports must be audited and signed by the two signing auditors as well as by an audit firm. Extending previous studies, we classify industry specialists into three groups: (a) auditors that are industry specialists at both the individual partner level ...
-
作者：Gassen, Joachim; Skaife, Hollis A.
作者单位：Humboldt University of Berlin; University of Wisconsin System; University of Wisconsin Madison
摘要：We investigate whether audit reforms affect the information role of audits in a country where the audit traditionally serves a statutory reporting function. Specifically, we investigate the audit market effects of audit reforms mandated by the German government in the Act on Control and Transparency of Enterprises (the Act). We test for differences in the types of audit reports issued, the information content of first-time going-concern audit opinions, and the demand for dominant audit supplie...
