2014

最新文章

• Accounting misstatements following lawsuits against auditors AI翻译
  作者：Lennox, Clive; Li, Bing
  作者单位：Nanyang Technological University; City University of Hong Kong
  摘要：This study investigates whether an auditor's experience of litigation in the recent past affects subsequent financial reporting quality. At the audit firm level, we find accounting misstatements occur significantly less (more) often after audit firms are sued (not sued). At the audit office level, the negative association between past litigation and future misstatements is stronger for offices who were directly implicated in the litigation than for the non-accused offices of sued audit firms. ...
• Differences in the information environment prior to seasoned equity offerings under relaxed disclosure regulation AI翻译
  作者：Clinton, Sarah B.; White, Joshua T.; Woidtke, Tracie
  作者单位：University of Tennessee System; University of Tennessee Knoxville; University System of Georgia; University of Georgia; University of Tennessee System; University of Tennessee Knoxville
  摘要：The SEC promulgated the Securities Offering Reform (SOR) in 2005 to ease disclosure restrictions prior to seasoned equity offerings (SEOs). The SEC argued that SOR would improve the information environment, but critics claimed it would allow firms to hype their stock. This paper is the first to examine the information environment at the time of capital formation under SOR. We find more frequent and accurate management earnings forecasts, more 8-K filings, greater absolute market-adjusted retur...
• Linking industry concentration to proprietary costs and disclosure: Challenges and opportunities AI翻译
  作者：Lang, Mark; Sul, Edward
  作者单位：University of North Carolina; University of North Carolina Chapel Hill
  摘要：Despite a substantial literature linking industry concentration, proprietary costs and disclosure, existing evidence is mixed. We discuss three challenges to the literature: lack of strong theoretical predictions, difficulty in measuring relevant aspects of industry concentration and difficulty in identifying disclosures that are likely to carry significant proprietary costs. We link each of the issues to the findings in Ali et al. (2014) and identify potential opportunities for future researc...
• Does freezing a defined benefit pension plan affect firm risk? AI翻译
  作者：Choy, Helen; Lin, Juichia; Officer, Micah S.
  作者单位：Drexel University; National Taiwan University; Loyola Marymount University
  摘要：This paper examines the impact of a defined benefit (DB) pension plan freeze on the sponsoring firm's risk and risk-taking activities. Using a sample of firms declaring a hard freeze on their DB plans between 2002 and 2007, we observe an increase in total risk (proxied by the standard deviation of EBITDA and asset beta), equity risk (standard deviation of returns), and credit risk following a DB-plan freeze. The increase in credit risk is reflected in a decline in credit ratings and an increas...
• Thoughts on financial accounting and the banking industry AI翻译
  作者：Bushman, Robert M.
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
  摘要：I provide big picture comments on the review of the banking literature in accounting by Beatty and Liao (2014). Beatty and Liao (2014) does a service to the accounting field by providing an intelligent, well organized and accessible point of entry to banking research in accounting. I complement Beatty and Liao by presenting my observations on the role of financial accounting in banking, focusing my discussion on real effects of accounting policy choices on individual bank risk taking and codep...
• Have capital market anomalies attenuated in the recent era of high liquidity and trading activity? AI翻译
  作者：Chordia, Tarun; Subrahmanyam, Avanidhar; Tong, Qing
  作者单位：Emory University; University of California System; University of California Los Angeles; Singapore Management University
  摘要：We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in ano...
• The impact of issuer-pay on corporate bond rating properties: Evidence from Moody's and S&P's initial adoptions AI翻译
  作者：Bonsall, Samuel B.
  作者单位：University System of Ohio; Ohio State University
  摘要：This study examines whether and how the properties of corporate bond ratings change following Moody's and S&P's adoptions of the issuer-pay business model in the early 1970s. Regulators and debt market observers have criticized the issuer-pay model for creating an independence problem. However, the issuer-pay model allows for economic bonding between rating agencies and issuers through explicit contractual arrangements, which should improve the flow of nonpublic information. Using a difference...
• Issues raised by studying De Fond and Zhang: What should audit researchers do? AI翻译
  作者：Donovan, John; Frankel, Richard; Lee, Joshua; Martin, Xiumin; Seo, Hojun
  作者单位：Washington University (WUSTL); State University System of Florida; Florida State University
  摘要：We view audit-quality choice as one among many that managers make to maximize firm value. We question whether audit-quality differences among publicly traded companies are of significant interest to investors, clients, and auditors and ask for research on this topic. Relatedly, we ask for research on whether auditors and their clients show behavior consistent with regulated audit quality exceeding the audit quality level demanded absent regulation. We propose that researchers incorporate the c...
• Industry concentration and corporate disclosure policy AI翻译
  作者：Ali, Ashiq; Klasa, Sandy; Yeung, Eric
  作者单位：University of Texas System; University of Texas Dallas; University of Arizona; Cornell University
  摘要：This study examines the association between U.S. Census industry concentration measures and the informativeness of corporate disclosure policy. We find that in more concentrated industries firms' management earnings forecasts are less frequent and have shorter horizons, their disclosure ratings by analysts are lower, and they have more opaque information environments, as measured by the properties of analysts' earnings forecasts. Also, when these firms raise funds they prefer private placement...
• Accounting conservatism and managerial risk-taking: Corporate acquisitions AI翻译
  作者：Kravet, Todd D.
  作者单位：University of Texas System; University of Texas Dallas; University of Connecticut
  摘要：Watts (2003) and Ball and Shivakumar (2005) argue that accounting conservatism decreases managerial incentives to make negative net present value investments. I develop and test a new hypothesis that accounting conservatism is associated with managers making less risky investments. I find that under more conservative accounting managers make less risky acquisitions and that firms with accounting-based debt covenants drive this association. This result is consistent with conservative firms avoi...