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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：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：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：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...
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作者：Badertscher, Brad A.; Collins, Daniel W.; Lys, Thomas Z.
作者单位：University of Notre Dame; University of Iowa; Northwestern University
摘要：Using a sample of restatement firms and a meet-or-beat model to classify firms as making discretionary accounting choices for opportunistic meet-or-beat (OP-MB) reasons, we show that originally reported earnings and accrual components are less predictive of future cash flows relative to the restated numbers. We find the opposite is true for firms classified as making discretionary accounting choices for non-OP-MB reasons. We consider a number of competing explanations for these latter results....
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作者：Ramalingegowda, Santhosh; Yu, Yong
作者单位：University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
摘要：Recent research suggesting that shareholders demand conservative financial reporting raises the question: Which shareholders demand conservatism? We find that higher ownership by institutions that are likely to monitor managers is associated with more conservative financial reporting. This positive association is more pronounced among firms with more growth options and higher information asymmetry, where direct monitoring is more difficult and the potential governance benefits of conservatism ...
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作者：Battalio, Robert H.; Lerman, Alina; Livnat, Joshua; Mendenhall, Richard R.
作者单位：Yale University; New York University; University of Notre Dame
摘要：We show that the vast majority of investors ignore value-relevant accruals information when it is first released, but that investors who initiate trades of at least 5,000 shares tend to transact in the proper direction. These investors trade on accruals information only when the previously-announced earnings signal is non-negative. Unconditionally, those investors initiating the smallest trades appear to respond to accruals in the wrong direction, but further investigation suggests this behavi...
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作者：Armstrong, Christopher S.; Blouin, Jennifer L.; Larcker, David F.
作者单位：Stanford University; University of Pennsylvania
摘要：We use a proprietary data set with detailed executive compensation information to examine the relationship between the incentives of the tax director and GAAP and cash effective tax rates, the book-tax gap, and measures of tax aggressiveness. We find that the incentive compensation of the tax director exhibits a strong negative relationship with the GAAP effective tax rate, but little relationship with the other tax attributes. We interpret these results as indicating that tax directors are pr...
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作者：Jayaraman, Sudarshan
作者单位：Washington University (WUSTL)
摘要：I use the first-time enforcement of insider trading laws in sixteen countries as a shock to enforcement and examine its influence on timely loss recognition (TLR). Consistent with greater enforcement increasing the usefulness of accounting information in contracts and thereby the demand for higher quality reporting, insider trading enforcement is associated with a significant increase in TLR. No such increase is detected in neighboring non-enforcing countries. In addition to documenting how sh...
