2013

最新文章

• How should we think about earnings quality? A discussion of Earnings quality: Evidence from the field AI翻译
  作者：Nelson, Mark W.; Skinner, Douglas J.
  作者单位：Cornell University; University of Chicago
  摘要：Dichev, Graham, Harvey and Rajgopal (DGHR, in this issue) survey chief financial officers (CFOs) to elicit their views on earnings quality, broader trends in financial reporting, and the prevalence of earnings management. They provide some interesting insights on these issues. We discuss how CFOs' incentives in the financial reporting process are likely to affect what we can learn from them about earnings quality. We also discuss how DGHR's methodological choices regarding survey sample and qu...
• Understanding discretion in conservatism: An alternative viewpoint AI翻译
  作者：Roychowdhury, Sugata; Martin, Xiumin
  作者单位：Boston College; Washington University (WUSTL)
  摘要：Various studies have investigated variation in reporting conservatism with pre-specified contractual incentives. Lawrence et al. (forthcoming), hereafter LSS, propose a model to control for normal or non-discretionary conservatism while testing for variation in conservatism with contractual forces, which they characterize as discretionary variation. Our objective is to further the discussion on discretion in conservatism by relying on LSS and incorporating insights from related studies to shed...
• Tax avoidance and geographic earnings disclosure AI翻译
  作者：Hope, Ole-Kristian; Ma, Mark (Shuai); Thomas, Wayne B.
  作者单位：University of Toronto; University of Oklahoma System; University of Oklahoma - Norman
  摘要：This study tests the relation between corporate tax avoidance and disclosure of geographic earnings for U.S. multinational companies. We find that after the adoption of Statement of Financial Accounting Standards No. 131 in 1998, firms opting to discontinue disclosure of geographic earnings in their financial reports have lower worldwide effective tax rates. These results are consistent with managers perceiving that non-disclosure of geographic earnings helps mask tax avoidance behavior. Howev...
• Accounting restatements, governance and municipal debt financing AI翻译
  作者：Baber, William R.; Gore, Angela K.; Rich, Kevin T.; Zhang, Jean X.
  作者单位：Georgetown University; George Washington University; Marquette University; Virginia Commonwealth University
  摘要：We find that mean municipal debt costs are greater following financial restatement disclosures. Comparisons of the relative use of municipal debt, and of the use of unsecured versus secured debt, corroborate that financial restatements increase the cost of municipal debt financing. Additional analyses indicate that adverse consequences of restatements are mitigated by strong audit oversight and by provisions that encourage direct voter participation in the governance process. The evidence supp...
• Debt, equity, and capital investment AI翻译
  作者：Jackson, Scott B.; Keune, Timothy M.; Salzsieder, Leigh
  作者单位：University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Kansas City
  摘要：Theory suggests that debt financing, relative to equity financing, makes managers reluctant to part with assets. Our evidence supports this theoretical prediction, revealing that the reluctance to part with a debt financed asset causes two decision errors-(1) participants forego investments that increase firm value and (2) participants accept investments that decrease firm value. When the source of finance is equity, participants are less likely to make either of these costly decision errors. ...
• Individual investors and financial disclosure AI翻译
  作者：Lawrence, Alastair
  作者单位：University of California System; University of California Berkeley
  摘要：Using detailed data of individual investors, this study shows that, on average, individuals invest more in firms with clear and concise financial disclosures. The results indicate this relation is less pronounced for high frequency trading and financially-literate individuals. The study also shows that individuals' returns are increasing with clearer and more concise disclosures, implying such disclosures reduce individuals' relative information disadvantage. Together, the findings suggest imp...
• Creditor control rights, state of nature verification, and financial reporting conservatism AI翻译
  作者：Tan, Liang
  作者单位：George Washington University
  摘要：I examine the impact of state-contingent allocation of creditor control rights on financial reporting. Using a discontinuity analysis, I find that firms' financial reporting becomes more conservative immediately after covenant violations and this effect persists for at least eight quarters. The conservatism effect is more pronounced when creditors possess greater bargaining power, when firms' operations are more volatile, and when creditors put Chief Restructuring Officers in place. My finding...
• Did the SEC impact banks' loan loss reserve policies and their informativeness? AI翻译
  作者：Beck, Paul J.; Narayanamoorthy, Ganapathi S.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：During the late 1990s, the SEC alleged that banks were overstating loan loss allowances to establish cookie jar reserves. Their intervention in bank accounting culminated in 2001 with new guidance (SAB 102) designed to improve financial reporting quality. We show that banks' allowance estimation changed in response to the SEC's intervention. While allowance informativeness (as proxied by the ability to explain future losses) improved for Strong Banks, informativeness declined for Weak Banks wh...
• The separation of ownership and control and corporate tax avoidance AI翻译
  作者：Badertscher, Brad A.; Katz, Sharon P.; Rego, Sonja O.
  作者单位：University of Notre Dame; Columbia University; Indiana University System; IU Kelley School of Business; Indiana University Bloomington
  摘要：We examine whether variation in the separation of ownership and control influences the tax practices of private firms with different ownership structures. Fama and Jensen (1983) assert that when equity ownership and corporate decision-making are concentrated in just a small number of decision-makers, these owner-managers will likely be more risk averse and thus less willing to invest in risky projects. Because tax avoidance is a risky activity that can impose significant costs on a firm, we pr...
• A measurement approach to conservatism and earnings management AI翻译
  作者：Gao, Pingyang
  作者单位：University of Chicago
  摘要：This paper formalizes a two-step representation of accounting measurement and uses it to formalize a general rationale for conservatism as a measurement principle. A transaction's economic substance manifests itself in characteristics of the transaction, and an accounting rule is a mapping from transaction characteristics to an accounting report. Managers who have stakes in the accounting report are able to influence transaction characteristics. Such earnings management is ex post rational for...