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作者：Lawrence, Alastair; Sloan, Richard; Sun, Yuan
作者单位：University of California System; University of California Berkeley; Boston University
摘要：A large body of accounting research finds that various contracting incentives lead managers to engage in conservative accounting practices. We extend existing research by modeling the impact of extant accounting rules on conservative accounting. Accounting rules typically require assets to be written down when their fair values drop sufficiently below their book values. We document evidence of the resulting non-discretionary conservatism and show that it appears to explain some of the results ...
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作者：Piotroski, Joseph D.
作者单位：Stanford University
摘要：The conference paper by Gerakos, Lang and Maffett (2013) provides reliable, descriptive evidence on the post-IPO performance of firms listing on the London Stock Exchange's Alternative Investment Market (AIM). Their findings are consistent with both a failure of private sector regulation and incorrect market expectations about AIM's investor protections. In this discussion of Gerakos et al. (2013), I highlight the strengths and limitations of their conference paper, summarize how various regul...
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作者：Ryan, Stephen G.; Keeley, Jessica H.
作者单位：New York University
摘要：Beck and Narayanamoorthy (this issue) argue and provide evidence that SEC pressure culminating in the issuance of SAB 102 in July 2001: (1) caused banks to record allowances for loan losses that were more associated with historical loan charge-offs and less associated with current non-accrual loans; (2) primarily affected large and strong banks; and (3) caused allowances for loan losses to be more (less) informative of future loan charge-offs for strong (weak) banks. We argue and provide evide...
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作者：Larcker, David F.; McCall, Allan L.; Ormazabal, Gaizka
作者单位：Stanford University; Stanford University; University of Navarra; IESE Business School
摘要：This paper examines the economic consequences associated with the board of director's choice of whether to adhere to proxy advisory firm policies in the design of stock option repricing programs. Proxy advisors provide research and voting recommendations to institutional investors on issues subject to a shareholder vote. Since many institutional investors follow the recommendations of proxy advisors in their voting, proxy advisor policies are an important consideration for corporate boards in ...
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作者：Costello, Anna M.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Using a sample of long-term supply contracts collected from SEC filings, I show that hold-up concerns and information asymmetry are important determinants of contract design. Asymmetric information between buyers and suppliers leads to shorter term contracts. However, when longer duration contracts facilitate the exchange of relationship specific assets, the parties substitute short-term contracts with financial covenants in order to reduce moral hazard. Covenant restrictions are more prevalen...
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作者：Chuk, Elizabeth; Matsumoto, Dawn; Miller, Gregory S.
作者单位：University of Southern California; University of Washington; University of Washington Seattle; University of Michigan System; University of Michigan
摘要：This paper examines the characteristics of management forecasts available on Thomson First Call's Company Issued Guidance (CIG) database relative to a sample of forecasts hand-collected through a search of company press releases. Due to the significantly lower cost of using CIG (relative to hand-collecting data), academics have increasingly relied on this database as a source of management forecasts. However, it is important for researchers to consider the properties of this database (such as ...
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作者：Ecker, Frank; Francis, Jennifer; Olsson, Per; Schipper, Katherine
作者单位：Duke University
摘要：We examine how the criteria for choosing estimation samples affect the ability to detect discretionary accruals, using several variants of the Jones (1991) model. Researchers commonly estimate accruals models in cross-section, and define the estimation sample as all firms in the same industry. We examine whether firm size performs at least as well as industry membership as the criterion for selecting estimation samples. For U.S. data, we find estimation samples based on similarity in lagged as...
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作者：Cheng, Mei; Dhaliwal, Dan; Zhang, Yuan
作者单位：University of Arizona; Korea University; University of Texas System; University of Texas Dallas
摘要：We provide more direct evidence on the causal relation between the quality of financial reporting and investment efficiency. We examine the investment behavior of a sample of firms that disclosed internal control weaknesses under the Sarbanes-Oxley Act. We find that prior to the disclosure, these firms under-invest (over-invest) when they are financially constrained (unconstrained). More importantly, we find that after the disclosure, these firms' investment efficiency improves significantly. ...
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作者：Denis, David J.; Xu, Jin
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Purdue University System; Purdue University
摘要：The use of equity incentives is significantly greater in countries with stronger insider trading restrictions, and these higher incentives are associated with higher total pay. These findings are robust to alternative definitions of insider trading restrictions and enforcement, and to panel regressions with country fixed effects. We also find significant increases in top executive pay and the use of equity-based incentives in the period immediately following the initial enforcement of insider ...
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作者：Allen, Abigail; Ramanna, Karthik
作者单位：Harvard University
摘要：We investigate the effect of standard setters in standard setting. We examine how certain professional and political characteristics of FASB members and SEC commissioners predict the accounting reliability and relevance of proposed standards. Notably, we find FASB members with backgrounds in financial services are more likely to propose standards that decrease reliability and increase relevance, partly due to their tendency to propose fair-value methods. We find opposite results for FASB membe...
