2-3期

最新文章

• Does PCAOB inspection access improve audit quality? An examination of foreign firms listed in the United States AI翻译
  作者：Lamoreaux, Phillip T.
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：To gain insight into the impact of the Public Company Accounting Oversight Board's (PCAOB) auditor inspection program, I examine the association between the PCAOB's access to inspect auditors of foreign SEC registrants and audit quality. Although the PCAOB is mandated to inspect all auditors of SEC registrants, certain foreign governments prohibit PCAOB inspections of their domestic auditors, providing variation in PCAOB inspection access that is not available when studying a sample of US comp...
• Discussion of: Rank and file employees and the discovery of misreporting: The role of stock options AI翻译
  作者：Sloan, Richard G.
  作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley
  摘要：Call, Kedia and Rajgopal (2016) provide intriguing evidence concerning the apparent role of employee stock options in inducing rank and file employees to be complicit in corporate misconduct. They conclude that granting options to rank and file employees provides incentives for them to facilitate misreporting and discourages them from whistleblowing. In this discussion, I argue that the evidence is largely circumstantial and puzzling in several respects. I conclude that while Call et al. have ...
• Financial statement comparability and expected crash risk AI翻译
  作者：Kim, Jeong-Bon; Li, Leye; Lu, Louise Yi; Yu, Yangxin
  作者单位：University of Waterloo; University of New South Wales Sydney; Australian National University; City University of Hong Kong
  摘要：This study examines the impact of financial statement comparability on ex ante crash risk. Using the comparability measures of De Franco et al. (2011), we find that expected crash risk decreases with financial statement comparability, and this negative relation is more pronounced in an environment where managers are more prone to withhold bad news. We also provide evidence that comparability can mitigate the asymmetric market reaction to bad versus good news disclosures. Our results suggest th...
• Using unstructured and qualitative disclosures to explain accruals AI翻译
  作者：Frankel, Richard; Jennings, Jared; Lee, Joshua
  作者单位：Washington University (WUSTL); University System of Georgia; University of Georgia
  摘要：We examine the usefulness of support vector regressions (SVRs) in assessing the content of unstructured, qualitative disclosures by relating MD&A-based SVR-accrual estimates (MD&A accruals) to actual accruals. We find that MD&A accruals explain a statistically and economically significant portion of firm-level accruals and identify more persistent accruals. We find that the explanatory power of MDEM accruals is higher for more readable 10-Ks, thereby providing evidence for the construct validi...
• Discussion of using unstructured and qualitative disclosures to explain accruals AI翻译
  作者：Hoberg, Gerard
  作者单位：University of Southern California
• The usefulness of historical accounting reports AI翻译
  作者：Drake, Michael S.; Roulstone, Darren T.; Thornock, Jacob R.
  作者单位：Brigham Young University; University System of Ohio; Ohio State University; University of Washington; University of Washington Seattle
  摘要：In this study we investigate the usefulness of historical accounting reports (10-Ks and 10-Qs) by examining four settings where we expect investors to acquire historical reports in order to obtain qualitative and quantitative information that contextualizes and conditions information released in the current period. Using a novel dataset that tracks user requests for accounting reports stored in the SEC EDGAR database, we find that requests for historic reports during the fiscal year are positi...
• The effect of capital gains taxes on the initial pricing and underpricing of IPOs AI翻译
  作者：Li, Oliver Zhen; Lin, Yupeng; Robinson, John R.
  作者单位：National University of Singapore; City University of Hong Kong; Texas A&M University System; Texas A&M University College Station
  摘要：We investigate the extent to which capitalization of expected capital gains taxes and the lock-in effect induced by the capital gains tax rate differential simultaneously impact the pricing and underpricing of initial public offerings (IPOs). Using a large sample of IPOs from 1987 to 2010, we estimate regressions of offer prices and first-day underpricing on tax rates. Supporting tax capitalization, IPO offer prices decrease in long-term capital gains taxes. Supporting lock-in, IPO underpricin...
• Is the risk of product market predation a cost of disclosure? AI翻译
  作者：Bernard, Darren
  作者单位：University of London; London Business School
  摘要：Competitors engage in product market predation when they lower prices or increase expenditures on nonprice competition with the goal of forcing a rival to exit. This study provides evidence that financially constrained firms avoid financial statement disclosure to mitigate predation risk. The empirical tests examine German private firms, most of which failed to comply with financial statement public disclosure requirements until an enforcement change increased noncompliance costs. The evidence...