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作者：Guedhami, Omrane; Pittman, Jeffrey A.; Saffar, Walid
作者单位：Memorial University Newfoundland; University of South Carolina System; University of South Carolina Columbia; American University of Beirut
摘要：We rely on a unique dataset of 176 privatizations from 32 countries to extend recent research on the link between the political economy and accounting transparency by examining the importance of shareholders' proportionate holdings to auditor choice. Consistent with our predictions on shareholders' diverging interests in high-quality financial reporting that manifests in auditor choice, we report strong, robust evidence that privatized firms worldwide become less (more) likely to appoint a Big...
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作者：Fischer, Paul E.; Gramlich, Jeffrey D.; Miller, Brian P.; White, Hal D.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Maine System; University of Southern Maine; Copenhagen Business School; Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University of Michigan System; University of Michigan
摘要：This paper provides evidence that uncontested director elections provide informative polls of investor perceptions regarding board performance. We find that higher (lower) vote approval is associated with lower (higher) stock price reactions to subsequent announcements of management turnovers. In addition, firms with low vote approval are more likely to experience CEO turnover, greater board turnover, lower CEO compensation, fewer and better-received acquisitions, and more and better-received ...
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作者：Mohanram, Partha; Rajgopal, Shiva
作者单位：University of Washington; University of Washington Seattle; Columbia University
摘要：Several recent papers assume that private information (PIN), proposed by Easley et al. [2002. Is information risk a determinant of asset returns? journal of Finance 57, 2185-2221; 2004. Factoring information into returns. Working Paper, Cornell University], is a determinant of stock returns. We replicate Easley et al. (2002) and show that while PIN does predict future returns in the sample they analyze, the effect is not robust to alternative specifications and time periods. There is no eviden...
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作者：Zhang, Haiwen
作者单位：University System of Ohio; Ohio State University
摘要：I examine the effect of the accounting standard for derivative instruments (SFAS No. 133) on corporate risk-management behavior. I classify a derivative user as an effective hedger (EH firm) if its risk exposures decreased after the initiation of the derivatives program, and as an ineffective hedger/speculator (IS firm) otherwise. I find that volatility of cash flows and risk exposures related to interest rate, foreign exchange rate, and commodity price decrease significantly for IS firms but ...
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作者：Kolasinski, Adam C.
作者单位：University of Washington; University of Washington Seattle
摘要：Cheng and Neamtiu examine whether credit rating agencies exploit market power to sell a substandard product. Their evidence is suggestive, but plausible alternative hypotheses could explain their results. Johnston, Markov and Ramnath provide first evidence on the bond and firm characteristics that determine the quantity of sell-side debt analyst coverage that a corporate bond receives. They also find that debt analysts anticipate credit rating changes and add information to markets incremental...
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作者：Wu, Joanna Shuang; Zang, Amy Y.
作者单位：University of Rochester
摘要：We investigate the effects of mergers on the career outcomes of financial analysts. We hypothesize and find that analysts with good earnings forecast performance experience higher turnover during mergers, target analysts are more likely to turnover and the existence of a competing analyst in a merger counter party also increases analyst turnover. We analyze the promotion of analysts to research executive positions and find that analysts with greater experience and especially experienced stars ...
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作者：Hui, Kai Wai; Matsunaga, Steve; Morse, Dale
作者单位：University of Oregon; Hong Kong University of Science & Technology
摘要：We investigate the empirical relation between a firm's accounting conservatism and management's issuance of quantitative earnings forecasts. Using three measures of conservatism from prior literature, along with two aggregate measures, we find a negative association between conservatism and the frequency, specificity, and timeliness of management forecasts. The results are robust to estimating the regression in changes, using firm fixed-effects, and using a two-stage instrumental variables app...
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作者：Armstrong, Christopher S.; Larcker, David F.
作者单位：Stanford University; University of Pennsylvania
摘要：Bernile and Jarrell provide extensive analysis regarding the impact of backdating the stock option exercise price on stock returns for a sample of firms identified by the Wall Street Journal. Dhaliwal, Erickson, and Heitzman investigate whether executives backdate the exercise date to obtain favorable tax consequences. This discussion comment focuses on several fundamental issues that confront researchers examining the backdating scandal and other related decisions. Specifically, we discuss th...
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作者：Cheng, Mei; Neamtiu, Monica
作者单位：University of Arizona
摘要：In recent years, credit rating agencies have faced increased regulatory pressure and investor criticism for their ratings' lack of timeliness. This study investigates whether and how rating agencies respond to such pressure and criticism. We find that the rating agencies not only improve rating timeliness, but also increase rating accuracy and reduce rating volatility. Our findings support the criticism that, in the past, rating agencies did not avail themselves of the best rating methodologie...
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作者：Dhaliwal, Dan; Erickson, Merle; Heitzman, Shane
作者单位：University of Rochester; University of Arizona; University of Chicago
摘要：We investigate the backdating of stock option exercises. Before SOX, we find evidence that some exercises were backdated to days with low stock prices. Consistent with a tax-based incentive, these suspect exercises are more likely when the personal tax savings from backdating are higher. However, suspect CEO exercises generate average (median) estimated tax savings of $96,000 ($7,000). These savings appear modest relative to the costs insiders and firms face. We find that the likelihood of a s...
