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作者：Khurana, IK; Raman, KK
作者单位：University of Missouri System; University of Missouri Columbia; University of North Texas System; University of North Texas Denton
摘要：To date, the discussion of the Lev and Thiagarajan 1993 fundamentals in the prior literature has been exclusively in the context of the stock market. Our study is the first to examine the value-relevance of these fundamentals for default risk. By focusing on the market for new bond issues, we examine the value-relevance of the fundamental score using expected rather than realized returns. Also, by focusing on the bond market we provide a different perspective than that brought by prior studies...
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作者：Petroni, KR
作者单位：Michigan State University
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作者：Kim, JB; Chung, R; Firth, M
作者单位：Hong Kong Polytechnic University
摘要：In this paper, we investigate whether, and how, audit effectiveness differentiation between Big 6 and non-Big 6 auditors is influenced by a conflict or convergence of reporting incentives faced by corporate managers and external auditors. In so doing, we incorporate into our analysis the possibility that managers self-select both external auditors and discretionary accruals, using the two stage treatment effects model. Our results show that only when managers have incentives to prefer income-i...
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作者：Zhang, P
作者单位：University of Toronto
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作者：Roulstone, DT
作者单位：University of Chicago
摘要：This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid-ask spreads and depths and the adverse-selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privatel...
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作者：Hopkins, PE
作者单位：Stanford University; Indiana University System; Indiana University Bloomington
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作者：Ballas, A; Theoharakis, V
作者单位：Athens University of Economics & Business
摘要：The accounting research community has frequently been described as being both diverse and focused on local issues. At the same time, increasing pressure is being placed on researchers to publish in internationally highly regarded journals. Since faculty evaluations depend on journal rankings, such rankings need to take into account the diversity of the research community. Therefore, this study examines how contextual factors such as a researcher's location and research orientation may influenc...
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作者：Gul, FA; Chen, CJP; Tsui, JSL
作者单位：City University of Hong Kong; Hong Kong Polytechnic University
摘要：This paper examines the linkages between discretionary accruals (DAs), managerial share ownership, management compensation, and audit fees. It draws on the theory that managers of firms with high management ownership are likely to use DAs to communicate value-relevant information, while managers of firms with high accounting-based compensation are likely to use DAs opportunistically to manage earnings to improve their compensation. OLS regression results of 648 Australian firms show that (1) t...
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作者：Francis, J; Schipper, K; Vincent, L
作者单位：Duke University; Northwestern University
摘要：We analyze the ability of earnings and non-earnings performance metrics to explain the variability in annual stock returns for industries where we identify, ex ante, an allegedly preferred (for valuation purposes) summary performance metric. We identify three industries where earnings before interest, taxes, depreciation, and amortization (EBITDA) and cash from operations (CFO) are preferred, and three industries where specific non-GAAP performance metrics are preferred. As a benchmark, we als...
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作者：Rego, SO
作者单位：University of Iowa
摘要：This paper investigates whether economies of scale exist for tax planning. In particular, do larger, more profitable, multinational corporations avoid more taxes than other firms, resulting in lower effective tax rates? While the empirical results indicate that, ceteris paribus, larger corporations have higher effective tax rates, firms with greater pre-tax income have lower effective tax rates. The negative relation between effective tax rates (ETRs) and pretax income is consistent with firms...
