1期

最新文章

• Investment bank monitoring and bonding of security analysts' research AI翻译
  作者：Altinkilic, Oya; Balashov, Vadim S.; Hansen, Robert S.
  作者单位：University System of Maryland; University of Maryland College Park; Rutgers University System; Rutgers University Camden; Tulane University
  摘要：We assess investment banks' influence over the agreement between their analysts' research behavior and their clients' interests, in the post-reform era. Competing banks discipline their analysts with worse career outcomes for producing biased reports, issuing shirking reports, and for involvement in the earnings guidance game, showing meaningful monitoring of their analysts. Highly reputable banks provide more monitoring discipline of their analysts and bonding of their moral hazard than other...
• Does short-selling threat discipline managers in mergers and acquisitions decisions? AI翻译
  作者：Chang, Eric C.; Lin, Tse-Chun; Ma, Xiaorong
  作者单位：University of Hong Kong; Shanghai Jiao Tong University; University of Macau
  摘要：We explore the governance effect of short-selling threat on mergers and acquisitions (M&A). We use equity lending supply (LS) to proxy for the threat, as short sellers incentives to scrutinize a firm depend on the availability of borrowing shares. Our results show that acquirers with higher LS have higher announcement returns. The effect is stronger when acquirers are more likely to be targets of subsequent hostile takeovers and when their managers wealth is more linked to stock prices. We con...
• Linked balance sheet presentation AI翻译
  作者：Koonce, Lisa; Leitter, Zheng; White, Brian J.
  作者单位：University of Texas System; University of Texas Austin; Nanyang Technological University
  摘要：Certain financial statement items are closely related, such as items in hedging relationships. In this paper, we develop theory and conduct two experiments to investigate three different balance sheet presentation formats for related financial statement items. We posit that a linked presentation format rarely used in practice allows financial statement users to better distinguish among firms with different economics. Neither net presentation nor separate presentation of related balance sheet i...
• The geographic decentralization of audit firms and audit quality AI翻译
  作者：Beck, Matthew J.; Gunn, Joshua L.; Hallman, Nicholas
  作者单位：University of Kansas; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Texas System; University of Texas Austin
  摘要：Audit firms are organized as collections of geographically decentralized offices. Decentralization allows for increased proximity between offices and clients, improving the efficiency of auditors' interactions with client personnel. Yet decentralization also decreases the proximity between offices within each firm, potentially impeding auditors' interactions with each other. We show that decreased proximity between offices reduces inter-office audit quality spillovers and that this effect is d...
• Firm value and market liquidity around the adoption of common accounting standards AI翻译
  作者：Gao, Pingyang; Jiang, Xu; Zhang, Gaoqing
  作者单位：University of Chicago; Duke University; University of Minnesota System; University of Minnesota Twin Cities
  摘要：The adoption of common accounting standards generates both a precision effect and a network effect. When firms use common standards, investors can leverage their knowledge about the standards to process more financial reports. Embedding both effects into the economic framework of Baiman and Verrecchia (1995, 1996), we study the adoption's effects on reporting precision, firm value, and liquidity of both the switcher and the early adopter. The model helps address the identification challenge an...
• Voluntary and mandatory disclosures: Do managers view them as substitutes? AI翻译
  作者：Noh, Suzie; So, Eric C.; Weber, Joseph P.
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：We examine the relation between firms' voluntary guidance and mandatory 8K filings. We find a negative relation between guidance and 8Ks, which strengthens following the 2004 expansion of mandatory 8K requirements, consistent with firms using the disclosures as substitutes. Increases in 8Ks coincide with declines in firms' profits, but this negative relation weakens after the 2004 regulation, consistent with firms broadening the scope of information conveyed through 8Ks. Together, our findings...
• The labor market for directors and externalities in corporate governance: Evidence from the international labor market AI翻译
  作者：Lel, Ugur; Miller, Darius
  作者单位：University System of Georgia; University of Georgia; Southern Methodist University
  摘要：We find that the directorial labor market's ability to align the incentives of managers and shareholders depends on investor protection in a country. For example, following a shareholder unfriendly signal in common law countries, directors lose 2.64 times more outside board seats and are 57% more likely to be turned over at their own firm than in civil law countries. Further, outside director appointments are value relevant only strong investor protection countries. Our findings suggest that t...
• The effect of voluntary clawback adoption on non-GAAP reporting AI翻译
  作者：Kyung, Hangsoo; Lee, Hakyin; Marquardt, Carol
  作者单位：Chinese University of Hong Kong; City University of New York (CUNY) System; Baruch College (CUNY)
  摘要：We examine the effect of voluntary adoption of clawback provisions on non-GAAP earnings disclosures. Prior literature documents that voluntary clawback adoption improves financial reporting quality by increasing the costs of misstating GAAP earnings. However, managers may respond to perceptions of reduced discretion over GAAP reporting by increasing their reliance on non-GAAP earnings disclosures. Using a propensity score matched sample, we find that non-GAAP earnings disclosure frequency incr...
• Corporate culture and analyst catering AI翻译
  作者：Pacelli, Joseph
  作者单位：Indiana University System; Indiana University Bloomington; IU Kelley School of Business
  摘要：This study examines the relation between financial institutions' corporate culture and the quality of analysts' research services. Using data collected from the Financial Industry Regulatory Authority, I measure the weakness of financial institutions' corporate culture based on violations observed in securities activities unrelated to equity research. I find evidence demonstrating an association between weak corporate culture and analysts' providing research products catered to institutional c...
• Macroeconomic effects of corporate tax policy AI翻译
  作者：Shevlin, Terry; Shivakumar, Lakshmanan; Urcan, Oktay
  作者单位：University of California System; University of California Irvine; University of London; London Business School; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：Prior studies on the relation between corporate taxes and future macroeconomic growth present contradictory evidence. We argue this mixed evidence is at least partly due to the use of statutory corporate tax rates which ignore the complexity of tax exemptions, tax deductions, tax enforcement and firms' tax planning. We propose an alternative tax rate measure that aggregates cash effective tax rates of listed firms, which reflect not only statutory tax rates, but also other features of the tax ...