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• Are auditors rewarded for low audit quality? The case of auditor lenience in the insurance industry AI翻译
  作者：Ege, Matthew S.; Stuber, Sarah B.
  作者单位：Texas A&M University System; Texas A&M University College Station
  摘要：Using unique disclosures from the insurance industry, we identify instances where auditors plausibly allow clients to opportunistically utilize discretion in accounting estimates to manipulate losses to reported profits (i.e., auditor lenience). Auditing standards and SEC guidance state that auditors should consider whether a misstatement shifts a loss to a profit as a qualitative factor when evaluating the materiality of misstatements. We find that audit office lenience is positively associat...
• Does tax enforcement deter managers' self-dealing? AI翻译
  作者：Yost, Benjamin P.; Shu, Susan
  作者单位：Boston College
  摘要：This study examines the effect of corporate tax enforcement on managerial self-dealing, with a focus on manipulated gifts of insider stock. Prior work suggests that managers employ a variety of manipulative techniques to maximize their personal tax benefits from donating corporate stock, such as strategically timing gifts based on private information and fraudulently backdating gifts to the date with the highest price. Building on prior literature suggesting that the tax authority can discipli...
• Small innovators: No risk, No return AI翻译
  作者：Stoffman, Noah; Woeppel, Michael; Yavuz, M. Deniz
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Purdue University System; Purdue University
  摘要：We show that small innovators (i.e., small firms with recent patent grants) earn higher future returns than small non-innovators. However, we find no such innovation premium among large firms. The higher returns are driven by risk, not underreaction to an-nouncements of recent patent grants. We find that being small and innovative interacts with financial constraints to explain the higher returns. These interactions are more important in the presence of greater information asymmetry. The highe...
• Financial shocks to lenders and the composition of financial AI翻译
  作者：Christensen, Hans B.; Macciocchi, Daniele; Morris, Arthur; Nikolaev, Valeri V.
  作者单位：University of Chicago; University of Miami; Hong Kong University of Science & Technology
  摘要：We provide evidence that financial shocks to lenders influence the composition of financial covenants in debt contracts. Using two distinct measures of lender-specific shocks-defaults in a lender's corporate loan portfolio that occur outside the borrower's region and industry, and non-corporate loan delinquencies-we show that lenders respond to financial shocks by increasing the number and strictness of performance-based but not of capital-based covenants in debt contracts. We examine two poss...
• Internal governance and outside directors' connections to non-director executives AI翻译
  作者：Hoitash, Udi; Mkrtchyan, Anahit
  作者单位：Northeastern University; University of Calgary
  摘要：The monitoring effectiveness of outside directors is curtailed by information asymmetry between boards and management. Connections between outside directors and executives who do not serve on the board (internal ties) may help overcome this challenge by facilitating information sharing between the connected parties. Internal ties can also empower connected executives to withstand pressure from CEOs to take actions that might endanger their reputation in the long term. Alternatively, internal t...