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作者：Srivastava, Anup
作者单位：Northwestern University
摘要：The properties of earnings have changed dramatically over the past 40 years. Prior studies interpret this trend as a decline in earnings quality but disagree on whether it results from changes in the real economy or changes in accounting standards. I find that each new cohort of listed firms exhibits lower earnings quality than its predecessors, mainly because of higher intangible intensity. I conclude that the trend of decline in earnings quality is due more to changes in the sample of firms ...
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作者：Vashishtha, Rahul
作者单位：Duke University
摘要：This study uses covenant violations to provide evidence on how firms make disclosure decisions in the presence of enhanced bank monitoring. Using a regression discontinuity design, I find that firms reduce disclosure following covenant violations. A series of analyses suggest that part of this decline in disclosure reflects a delegation of monitoring to banks by shareholders who consequently demand less disclosure. (C) 2014 Elsevier B.V. All rights reserved.
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作者：Badolato, Patrick G.; Donelson, Dain C.; Ege, Matthew
作者单位：University of Texas System; University of Texas Austin; State University System of Florida; University of Florida
摘要：Regulatory pressure to increase both audit committee financial expertise and board independence has resulted in lower status for audit committees relative to management. This status differential is relevant because expertise and relative status are important determinants of each party's ability to influence outcomes, particularly when parties face conflicting goals. We find that audit committees with both financial expertise and high relative status are associated with lower levels of earnings...
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作者：Hayes, Rachel M.
作者单位：Utah System of Higher Education; University of Utah
摘要：Badolato et al. (2014) (BDE) examine the effectiveness of audit committee financial expertise. They find that financial expertise does not deter irregularities unless the audit committee also has high status. I review prior research on financial expertise to place the current study in the literature and for guidance in assessing the paper's assumptions and empirical specifications. BDE's conclusions run counter to many of the prior findings and to broad patterns in the data. I discuss how empi...
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作者：Schrand, Catherine
作者单位：University of Pennsylvania
摘要：Accounting researchers should not view CHT's analysis as the solution to our collective problem of being able to measure conditional conservatism. CHT provide evidence about earnings asymmetric timeliness and an accruals-based measure of asymmetric timeliness that is useful for evaluating construct validity. In some cases, CHT's evidence will translate directly to another researcher's setting. In other cases, CHT provide useful guidance for researchers to follow in conducting their own constru...
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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...
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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...
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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...
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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...
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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...
