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作者：Dyer, Travis; Lang, Mark; Stice-Lawrence, Lorien
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Southern California
摘要：We document marked trends in 10-K disclosure over the period 1996-2013, with increases in length, boilerplate, stickiness, and redundancy and decreases in specificity, readability, and the relative amount of hard information. We use Latent Dirichlet Allocation (LDA) to examine specific topics and find that new FASB and SEC requirements explain most of the increase in length and that 3 of the 150 topics fair value, internal controls, and risk factor disclosures account for virtually all of the ...
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作者：Bradley, Daniel; Gokkaya, Sinan; Liu, Xi; Xie, Fei
作者单位：State University System of Florida; University of South Florida; University System of Ohio; Ohio University; University System of Ohio; Miami University; University of Delaware
摘要：We examine whether analysts' prior industry experience influences their ability to serve as effective external firm monitors. Our analyses of firms' financial disclosure quality, executive compensation and CEO turnover decisions portray a consistent picture that related pre-analyst industry experience is of critical importance for analysts to play an effective monitoring role. Coverage by analysts with such experience is associated with reduced earnings management, lower probability of committ...
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作者：Aobdia, Daniel; Shroff, Nemit
作者单位：Northwestern University; Massachusetts Institute of Technology (MIT)
摘要：We examine whether auditor regulatory oversight affects the value of financial statement audits. Using the PCAOB international inspection program as a setting to generate within country variation in regulatory oversight, we find that non-U.S. auditors inspected by the PCAOB gain 4% to 6% market share from competing auditors after PCAOB inspection reports are made public. When inspection findings reveal that an auditor has many engagement-level deficiencies, market share gains following inspect...
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作者：Ge, Weili; Koester, Allison; McVay, Sarah
作者单位：University of Washington; University of Washington Seattle; Georgetown University
摘要：We quantify measurable benefits and costs of exempting firms from auditor oversight of internal control effectiveness disclosures. We measure the benefit of exemption as an aggregate $388 million in audit fee savings from 2007-2014. The costs stem from internal control misreporting: an aggregate $719 million of lower operating performance due to non-remediation and a $935 million delay in aggregate market value decline due to the failure to disclose ineffective internal controls. The audit fee...
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作者：Bonsall, Samuel B.; Leone, Andrew J.; Miller, Brian P.; Rennekamp, Kristina
作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Miami; Indiana University System; Indiana University Bloomington; Cornell University
摘要：We propose a new measure of readability, the Bog Index, which captures the plain English attributes of disclosure (e.g., active voice, fewer hidden verbs, etc.). We validate this measure using a series of controlled experiments and an archival-based regulatory intervention to prospectus filing readability. We also demonstrate the importance of understanding the underlying drivers of quantity-based measures of readability. In particular, we caution researchers that a vast amount of the variatio...
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作者：Christensen, Hans B.; Floyd, Eric; Liu, Lisa Yao; Maffett, Mark
作者单位：University of Chicago
摘要：We examine the real effects of mandatory social-responsibility disclosures, which require SEC-registered mine owners to include their mine-safety records in their financial reports. These safety records are already publicly available elsewhere, which allows us to isolate and estimate the incremental real effects of including this information in financial reports. Comparing mines owned by SEC-registered issuers with mines that are not, we document that including safety records in financial repo...
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作者：Holthausen, Robert W.; Kothari, S. P.; Core, John E.; Hanlon, Michelle; Guay, Wayne; Wu, Joanna
作者单位：University of Pennsylvania; Massachusetts Institute of Technology (MIT); University of Rochester
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作者：Miller, Gregory S.
作者单位：University of Michigan System; University of Michigan
摘要：Dyer et al. (2017) examines trends in 10-K textual disclosure from 1996-2013. Using a set of variables from prior textual research, they show a decrease in characteristics generally considered desirable and an increase in attributes considered undesirable. The trend is driven by disclosures to comply with new regulatory reporting standards. The study takes a high-level approach allowing an overview perspective. However, that approach also means readers should take caution in reaching strong co...
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作者：Andries, Kathleen; Gallemore, John; Jacob, Martin
作者单位：WHU - Otto Beisheim School of Management; University of Chicago
摘要：We examine how the corporate tax system, through its treatment of loan losses, affects bank financial reporting. Exploiting cross-country and intertemporal variation in income tax rates and loan loss provision deductibility, we find that loan loss provisions are increasing in the tax rate for countries that permit general provision tax deductibility. When general provisions are deductible, a 1 percentage point rate increase leads to a provision increase of 4.9% of the sample average. This effe...
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作者：Cohen, Lauren
作者单位：Harvard University; National Bureau of Economic Research
