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作者：Chhaochharia, Vidhi; Kumar, Alok; Niessen-Ruenzi, Alexandra
作者单位：University of Miami; University of Mannheim
摘要：This paper shows that local institutional investors are effective monitors of corporate behavior. Firms with high local ownership have better internal governance and are more profitable. These firms are also less likely to manage their earnings aggressively or backdate options and are less likely to be targets of class action lawsuits. Further, managers of such firms exhibit a lower propensity to engage in empire building and are less likely to lead the quiet life. Examining the local monitori...
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作者：Aggarwal, Rajesh K.; Evans, Mark E.; Nanda, Dhananjay
作者单位：University of Miami; University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We examine relations between board size, managerial incentives and enterprise performance in nonprofit organizations. We posit that a nonprofit's demand for directors increases in the number of programs it pursues, resulting in a positive association between program diversity and board size. Consequently, we predict that board size is inversely related to managerial pay-performance incentives and positively with overall organization performance. We find empirical evidence consistent with our h...
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作者：Sheng, Xuguang; Thevenot, Maya
作者单位：State University System of Florida; Florida Atlantic University; American University
摘要：Relying on the well-established theoretical result that uncertainty has a common and an idiosyncratic component, we propose a new measure of earnings forecast uncertainty as the sum of dispersion among analysts and the variance of mean forecast errors estimated by a GARCH model. The new measure is based on both common and private information available to analysts at the time they make their forecasts. Hence, it alleviates some of the limitations of other commonly used proxies for forecast unce...
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作者：Chakrabarty, Bidisha; Moulton, Pamela C.
作者单位：Cornell University; Saint Louis University
摘要：We identify a new channel - market makers' attention constraints - through which earnings announcements for one stock affect the liquidity of other stocks. When some stocks handled by a designated market maker have earnings announcements, liquidity is lower for non-announcement stocks handled by the same market maker, with the largest effects coming from earnings surprises and stocks with high earnings response coefficients. Half of the liquidity decline reflects attention constraints binding ...
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作者：Graham, John R.; Raedy, Jana S.; Shackelford, Douglas A.
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill
摘要：This paper comprehensively reviews the Accounting for Income Taxes (AFIT) literature. We begin by identifying four distinctive aspects of AFIT and briefly covering the rules surrounding AFIT. We then review the existing studies in detail and offer suggestions for future research. We emphasize the research questions that have been addressed (most of which relate to whether the tax accounts are used to manage earnings and whether the tax accounts are priced by equity market participants). We als...
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作者：Maffett, Mark
作者单位：University of Chicago
摘要：Using cross-country data on trading by international mutual funds, I find that firms with more opaque information environments, as captured by firm- and country-level measures of the availability of financial reporting information, experience more privately informed trading by institutional investors. The association between firm-level opacity and informed trading is most pronounced where country-level disclosure infrastructures are less developed and for those investors for whom the incentive...
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作者：Lennox, Clive; Li, Bing
作者单位：Nanyang Technological University; City University of Hong Kong
摘要：This study investigates the audit firm's decision to protect its partners' personal assets by becoming a limited liability partnership (LLP). We find that the likelihood of an audit firm switching from unlimited to limited liability is increasing in its size and exposure to litigation risk. We find no evidence that audit firms supply lower audit quality, lose market share, or charge lower audit fees after they become LLPs. However, the mix of public and private clients in audit firms' portfoli...
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作者：Kim, Yongtae; Li, Haidan; Li, Siqi
作者单位：Santa Clara University
摘要：This paper investigates the capital market consequences of the SEC's decision to eliminate the reconciliation requirement for cross-listed companies following International Financial Reporting Standards (IFRS). We find no evidence that the elimination has a negative impact on firms' market liquidity or probability of informed trading (PIN). We also find no evidence of a significant impact on cost of equity, analyst forecasts, institutional ownership, stock price efficiency and synchronicity. M...
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作者：Kadan, Ohad; Madureira, Leonardo; Wang, Rong; Zach, Tzachi
作者单位：University System of Ohio; Ohio State University; Washington University (WUSTL); University System of Ohio; Case Western Reserve University; Singapore Management University
摘要：Industry expertise is an important aspect of sell-side research. We explore this aspect using a novel dataset of industry recommendations, which are often issued by strategy analysts. We study sell-side analysts' ability to rank industries relative to each other (across-industry expertise), and how it relates to analysts' ability to rank firms in a particular industry (within-industry expertise). We find that analysts express more optimism towards industries with higher levels of investment, p...
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作者：Armstrong, Christopher S.; Balakrishnan, Karthik; Cohen, Daniel
作者单位：University of Texas System; University of Texas Dallas; University of Pennsylvania
摘要：We examine the relation between corporate governance and firms' information environments. We use the passage of state antitakeover laws in the U.S. as a source of exogenous variation in an important governance mechanism to identify changes in firms' information environments. We find that information asymmetry and private information gathering decreased and that financial statement informativeness increased following the passage of the antitakeover laws. Cross-sectional analyses indicate that t...
