2010

最新文章

• Implications for GAAP from an analysis of positive research in accounting AI翻译
  作者：Kothari, S. P.; Ramanna, Karthik; Skinner, Douglas J.
  作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of Chicago
  摘要：Based on extant literature, we review the positive theory of GAAP. The theory predicts that GAAP's principal focus is on control (performance measurement and stewardship) and that verifiability and conservatism are critical features of a GAAP shaped by market forces. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to financial reporting more generally. We conclude ...
• Earnings quality research: Advances, challenges and future research AI翻译
  作者：DeFond, Mark L.
  作者单位：University of Southern California
  摘要：This discussion makes several observations regarding the earnings quality research reviewed in Dechow, Ge and Schrand (2010) (DGS). I discuss some of the factors that led to the large growth in the earnings quality literature over the past two decades, and note a few of the important contributions from this literature. I also present what I view as several major challenges the literature faces as well as some avenues for future research. In addition, I discuss the difficulties in evaluating su...
• Accounting anomalies and fundamental analysis: A review of recent research advances AI翻译
  作者：Richardson, Scott; Tuna, Irem; Wysocki, Peter
  作者单位：University of Miami; University of London; London Business School
  摘要：We survey recent research in accounting anomalies and fundamental analysis. We use forecasting of future earnings and returns as our organizing framework and suggest a roadmap for research aiming to document the forecasting benefits of accounting information. We combine this with opinions from the academic and practitioner communities to critically evaluate key clusters of papers about accounting anomalies and fundamental analysis disseminated over the last decade. Finally, we provide a new an...
• On the relationship between analyst reports and corporate disclosures: Exploring the roles of information discovery and interpretation AI翻译
  作者：Chen, Xia; Cheng, Qiang; Lo, Kin
  作者单位：University of British Columbia; University of Wisconsin System; University of Wisconsin Madison
  摘要：We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information discovery (interpretation) dominates in the week before (after) firms announce their earnings. In addition, we find that the interpretation role increases in importance with the difficulty of financial ac...
• Corporate compensation policies and audit fees AI翻译
  作者：Wysocki, Peter
  作者单位：University of Miami
  摘要：Recent accounting research has started to investigate the links between corporate compensation and auditor compensation. Engel et al. (2010) take a first step to connect these previously distinct literatures by investigating the association between audit committee pay and audit fees. I discuss the findings of this study and then present complementary empirical evidence on the association between CEO compensation and audit fees. My descriptive empirical evidence Suggests economically large co-v...
• The financial reporting environment: Review of the recent literature AI翻译
  作者：Beyer, Anne; Cohen, Daniel A.; Lys, Thomas Z.; Walther, Beverly R.
  作者单位：Northwestern University; Stanford University; University of Texas System; University of Texas Dallas
  摘要：The corporate information environment develops endogenously as a consequence of information asymmetries and agency problems between investors, entrepreneurs, and managers. We review current research on the three main decisions that shape the corporate information environment in capital market settings: (1) managers' voluntary disclosure decisions, (2) disclosures mandated by regulators, and (3) reporting decisions by analysts. We conclude that, in the last ten years, research has generated sev...
• Sarbanes-Oxley and corporate risk-taking AI翻译
  作者：Bargeron, Leonce L.; Lehn, Kenneth M.; Zutter, Chad J.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
  摘要：We empirically examine whether risk-taking by publicly traded US companies declined significantly after adoption of the Sarbanes-Oxley Act of 2002 (SOX). Several provisions of SOX are likely to discourage risk-taking, including an expanded role for independent directors, an increase in director and officer liability, and rules related to internal controls. We find several Measures of risk-taking decline significantly for US versus non-US firms after SOX. The magnitudes of the declines are rela...
• Discussion of: Acquisition profitability and timely loss recognition by J. Francis and X. Martin AI翻译
  作者：Roychowdhury, Sugata
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：Francis and Martin (2009) test whether accounting conservatism induces managers to make better acquisition decisions. This discussion highlights three main issues. First, the hypothesized links between conservatism and future investments are potentially incomplete. In particular, the possibility that conservatism can have dysfunctional outcomes if acquisition decisions are based on anticipated earnings effects is ignored. Second, the evidence is insufficient to infer a causal relation between ...
• Book-tax conformity, earnings persistence and the association between earnings and future cash flows AI翻译
  作者：Atwood, T. J.; Drake, Michael S.; Myers, Linda A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; State University System of Florida; Florida State University; University System of Ohio; Ohio State University
  摘要：Calls for eliminating differences between accounting earnings and taxable income in the US have been debated extensively. Proponents of increased book-tax conformity argue that tax compliance will increase and earnings quality will improve. Opponents argue that earnings quality will decline. We examine whether the level of required book-tax conformity affects earnings persistence and the association between earnings and future cash flows. We develop a comprehensive book-tax conformity measure ...
• Auditing the auditors: Evidence on the recent reforms to the external monitoring of audit firms AI翻译
  作者：Lennox, Clive; Pittman, Jeffrey
  作者单位：Nanyang Technological University; Memorial University Newfoundland
  摘要：This paper analyzes audit firm Supervision since the Public Company Accounting Oversight Board (PCAOB) began conducting inspections. First, we find that audit clients do not perceive that the PCAOB's inspection reports are Valuable for signaling audit quality. Second, we document that the information content of peer review reports fell after they became narrower in scope with the initiation of PCAOB inspections. Third, we isolate that the signaling role of peer review reports mainly stems from...