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• Robert W. Holthausen, John E. Core, Michelle Hanlon, Wayne Guay, Joanna Wu, Mark Lang AI翻译
  作者：Holthausen, Robert W.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna; Lang, Mark
• Publisher's Note AI翻译
  作者：Wesselius, Tobias
• Do practitioner assessments agree with academic proxies for audit quality? Evidence from PCAOB and internal inspections AI翻译
  作者：Aobdia, Daniel
  作者单位：Northwestern University
  摘要：This study investigates the degree of concordance between fifteen measures of audit quality used in academia and two measures of audit process quality determined either by audit firms' internal inspections or by Public Company Accounting Oversight Board inspections of individual engagements. Using two confidential datasets of these assessments of audit process quality, I find that three of the measures of audit quality used by academics have significant associations with both measures of audit...
• Foreign competition for shares and the pricing of information asymmetry: Evidence from equity market liberalization AI翻译
  作者：Balakrishnan, Karthik; Vashishtha, Rahul; Verrecchia, Robert E.
  作者单位：University of London; London Business School; Duke University; University of Pennsylvania
  摘要：Using the equity market liberalization of 23 emerging market countries between 1996 and 2006, we examine how the degree of competition for a firm's shares affects the price of information asymmetry. We find evidence of a significant decline in the pricing of information asymmetry as countries remove regulatory restrictions on foreign ownership. Our study provides novel evidence on the link between the degree of competitiveness of equity markets and the price of information asymmetry. The work ...
• The effect of economic policy uncertainty on investor information asymmetry and management disclosures AI翻译
  作者：Nagar, Venky; Schoenfeld, Jordan; Wellman, Laura
  作者单位：University of Michigan System; University of Michigan; Georgetown University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Investor uncertainty about firm value drives investors' information collection and trading activities, as well as managers' disclosure choices. This study examines an important source of uncertainty that likely cannot be influenced by most managers and investors: uncertainty about government economic policy. We find that this uncertainty is associated with increased bid-ask spreads and decreased stock price reactions to earnings surprises. Managers respond to this uncertainty by increasing the...
• Complexity of financial reporting standards and accounting expertise AI翻译
  作者：Chychyla, Roman; Leone, Andrew J.; Minutti-Meza, Miguel
  作者单位：University of Miami; Northwestern University
  摘要：This study tests whether firms seek to mitigate the adverse effects of Financial Reporting Complexity (FRC) by investing in accounting expertise. We develop a measure of FRC based on the complexity of accounting standards that govern annual disclosures. We find that FRC is positively related to the accounting expertise on a firm's board of directors and audit committee. We also find that accounting expertise mitigates the relation between FRC and negative reporting outcomes. Collectively, this...
• Strategic reactions in corporate tax planning AI翻译
  作者：Armstrong, Christopher S.; Glaeser, Stephen; Kepler, John D.
  作者单位：University of Pennsylvania; University of North Carolina; University of North Carolina Chapel Hill; Stanford University
  摘要：We find that firms' tax planning exhibits strategic reactions: firms respond to changes in their industry-competitors' tax planning by changing their own tax planning in the same direction. We document evidence of these strategic reactions in two distinct research settings that entail an exogenous increase and decrease in competitors' tax planning. We also find evidence that strategic reactions stem from concerns about appearing more tax aggressive than industry competitors, some evidence that...
• Managing the narrative: Investor relations officers and corporate disclosure AI翻译
  作者：Brown, Lawrence D.; Call, Andrew C.; Clement, Michael B.; Sharp, Nathan Y.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
  摘要：Investor relations officers (IROs) play a central role in corporate communications with Wall Street. We survey 610 IROs at U.S. public companies and conduct 14 follow-up interviews to deepen our understanding of the role of IROs in corporate disclosure events. Three important themes emerge from our results: (i) the value, nature, and timing of private communication between IROs, analysts, and investors; (ii) the significant influence IROs have on corporate disclosures; and (iii) the degree of ...
• Is skin in the game a game changer? Evidence from mandatory changes of D&O insurance policies AI翻译
  作者：Lin, Chen; Officer, Micah S.; Schmid, Thomas; Zou, Hong
  作者单位：University of Hong Kong; Loyola Marymount University
  摘要：This paper examines the incentive effects of a mandatory personal deductible in liability insurance contracts for directors and officers (D&Os). Exploiting a novel German law that mandates personal deductibles for executives, we document positive returns for affected firms around the first announcement of the plan to impose a personal deductible. We also find evidence of long-run effects: affected firms decrease risk taking in operational activities and financial reporting, and improve the qua...
• Threat of entry and the use of discretion in banks' financial reporting AI翻译
  作者：Tomy, Rimmy E.
  作者单位：University of Chicago
  摘要：This paper studies managers' use of accounting discretion to deter entry. Using state-level changes in branching regulation under the Interstate Banking and Branching Efficiency Act, I find geographically-constrained community banks increased their loan loss provisions to appear less profitable when faced with the threat of entry by competitors. Additional tests rule out alternative explanations that firm economics or regulators drove the increase. I complement my analyses with survey-based ev...