2期

最新文章

• Private Information Production, Public Disclosure, and the Cost of Capital: Theory and Implications AI翻译
  作者：Zhang, Guochang
  作者单位：Hong Kong University of Science & Technology
  摘要：Both private information production by market traders and public disclosure by firms contribute to dissemination of financial information in the capital market. However, the motives and economic consequences of the two are quite different. In general, private information production is intended by investors to increase their trading profit, which has the effect of widening the information gap between informed and uninformed investors and increasing the firm's cost of capital. On the other hand,...
• The Directional Effects of Discussion on Auditors' Moral Reasoning AI翻译
  作者：Thorne, Linda; Hartwick, Jon
  作者单位：York University - Canada; McGill University
  摘要：Auditors' professional judgements are typically made following a discussion of contentious issues with other auditors (Gibbins and Mason 1988). These discussions may be with others at various levels in the hierarchy of the audit firm, with informal discussion with peers often taking place prior to formal discussions with audit supervisors (see, e.g., Solomon 1987). This study uses an experiment, involving 286 public accountants, to consider how discussion with peers may influence auditors' sub...
• Reconciling Value Estimates from the Discounted Cash Flow Model and the Residual Income Model AI翻译
  作者：Lundholm, Russell; O'Keefe, Terry
  作者单位：University of Michigan System; University of Michigan; University of Oregon; University of Queensland
  摘要：This paper examines why practitioners and researchers get different estimates of equity value when they use a discounted cash flow (CF) model versus a residual income (RI) model. Both models are derived from the same underlying assumption - that price is the present value of expected future net dividends discounted at the cost of equity capital - but in practice and in research they frequently yield different estimates. We argue that the research literature devoted to comparing the accuracy of...
• The Separation Theorem, Investor Myopia, and Market Prices: A Discussion of Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value? AI翻译
  作者：Cready, William M.
  作者单位：Louisiana State University System; Louisiana State University
• The Impact of Internal Auditor Compensation and Role on External Auditors' Planning Judgments and Decisions AI翻译
  作者：Dezoort, F. Todd; Houston, Richard W.; Peters, Michael F.
  作者单位：University of Alabama System; University of Alabama Tuscaloosa
  摘要：This paper reports the results of an experiment that investigates how external audit planning is affected when internal auditors have incentives and the opportunity to bias their evaluations. Specifically, we draw on attribution theory to examine how internal auditor eligibility for incentive compensation and participation in consulting (i.e., two factors that provide incentives to bias audit evaluations) affect external audit planning. In addition, we examine the effects of incentive compensa...
• Do Institutional Investors Prefer Near-Term Earnings over Long-Run Value? AI翻译
  作者：Bushee, Brian J.
  作者单位：University of Pennsylvania
  摘要：This paper examines whether institutional investors exhibit preferences for near-term earnings over long-run value and whether such preferences have implications for firms' stock prices. First, I find that the level of ownership by institutions with short investment horizons (e.g., transient institutions) and by institutions held to stringent fiduciary standards (e.g., banks) is positively (negatively) associated with the amount of firm value in expected near-term (long-term) earnings. This ev...