2007

最新文章

• Determinants of weaknesses in internal control over financial reporting AI翻译
  作者：Doyle, Jeffrey; Ge, Weill; McVay, Sarah
  作者单位：New York University; University of Washington; University of Washington Seattle; Utah System of Higher Education; Utah State University
  摘要：We examine determinants of weaknesses in internal control for 779 firms disclosing material weaknesses from August 2002 to 2005. We find that these firms tend to be smaller, younger, financiallv weaker, more complex, growing rapidly, or undergoing restructuring. Firms with more serious entity-wide control problems are smaller, younger and weaker financially, while firms with less severe, account-specific problems are healthy financially but have complex, diversified, and rapidly chariging oper...
• The sarbanes-Oxley act and firms' going-private decisions AI翻译
  作者：Engel, Ellen; Hayes, Rachel M.; Wang, Xue
  作者单位：University of Chicago; Utah System of Higher Education; University of Utah; Emory University
  摘要：We investigate going-private decisions in response to the passage of the Sarbancs-Oxley Act of 2002 (SOX). We study firms that go private from 1998 to May 2005 and find: (1) the quarterly frequency of going-private transactions has increased after the passage of SOX,, and (2) abnormal returns surrounding both the passage of SOX and the going-private announcement are significantly related to proxies for the costs and benefits of SOX and the net benefits of being a public firm. Our empirical evi...
• Performance-based compensation in member-owned firms: An examination of medical group practices AI翻译
  作者：Ittner, Christopher D.; Larcker, David F.; Pizzini, Mina
  作者单位：Stanford University; University of Pennsylvania; Southern Methodist University
  摘要：We examine the importance of agency considerations for the mix of salary and performance-based compensation in member-owned medical practices. Performance-based pay increases with the informativeness of clinical productivity measures, and declines with greater reimbursement from capitation contracts. Inexperienced physicians receive more compensation from salary, but compensation mix does not change as physicians near retirement. Larger practices and practices using outside management companie...
• How do accounting variables explain stock price movements? Theory and evidence AI翻译
  作者：Chen, Peter; Zhang, Guochang
  作者单位：Hong Kong University of Science & Technology
  摘要：This paper provides theory and evidence showing how accounting variables explain cross-sectional stock returns. Based on Zhang, G. [2000. Accounting information, capital investment decisions, and equity valuation: theory and empirical implications. Journal of Accounting Research 38, 271-295], who relates equity value to accounting measures of underlying operations, we derive returns as a function of earnings yield, equity capital investment, and changes in profitability, growth opportunities, ...
• A discussion of 'corporate disclosure by family firms' AI翻译
  作者：Hutton, Amy P.
  作者单位：Boston College
  摘要：Using a unique empirical setting, family firms in the S&P 500, Ali et al. [Ali, A., Chen, T.-Y., Radhakrishran, S., 2007. Corporate disclosures by family firms. Journal of Accounting and Economics, doi:10.1016/j.jacceco.2007.01.006] contribute to a growing body of research on the relation betv,een corporate governance and corporate disclosure quality. Using an indicator variable for sub-sample membership as an instrument for differing agency costs, the authors interpret their findings as consi...
• Does the stock market underreact to going concern opinions? Evidence from the US and Australia AI翻译
  作者：Ogneva, Maria; Subramanyam, K. R.
  作者单位：University of Southern California
  摘要：We examine 12-month returns following disclosure of first-time going concern (GC) opinions in the U.S. and Australia. We find no evidence of significant negative abnormal returns associated with GC opinions in Australia. In the U.S., negative abnormal returns subsequent to GC opinions are sensitive to choice of expected returns-notably, there are no significant negative abnormal returns when using factor models or after controlling for momentum. Overall, contrary to Taffler, Lu, Kausar's [2004...
• Fair-value pension accounting AI翻译
  作者：Hann, Rebecca N.; Heflin, Frank; Subramanayam, K. R.
  作者单位：University of Southern California; State University System of Florida; Florida State University
  摘要：We compare the value and credit relevance of financial statements under fair-value and smoothing (SFAS-87) models of pension accounting. While fair-value improves the credit relevance of the balance sheet, it does not improve its value relevance. Further, fair-value impairs both the value and credit relevance of the income statement and the combined financial statements unless transitory gains and losses (G&L) are separated from more persistent income components. Overall, our results suggest t...
• Factors related to internal control disclosure: A discussion of Ashbaugh, Collins, and Kinney (2007) and Doyle, Ge, and McVay (2007) AI翻译
  作者：Leone, Andrew J.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：Ashbaugh, Collins, and Kinney, henceforth ACK, and Doyle, Ge, and McVay, henceforth DGM, provide the first evidence relating firm characteristics to internal control deficiencies (ICDs) reported under new disclosure requirements. Both studies document that control risk factors associated with organizational complexity and significant organizational change, as well as relative investment in internal control systems, are related to disclosure of internal control. ACK also test whether factors as...
• Economic consequences of the Sarbanes-Oxley Act of 2002 AI翻译
  作者：Zhang, Ivy Xiying
  作者单位：University of Minnesota System; University of Minnesota Twin Cities
  摘要：This paper investigates the economic consequences of the Sarbanes-Oxley Act (SOX) by examining market reactions to related legislative events. Using concurrent stock returns of non-U.S.-traded foreign firms to estimate normal U.S. returns, 1 find that U.S. firms experienced a statistically significant negative cumulative abnormal return around key SOX events. I then examine the crosssectional variation of U.S. firms' returns around these events. Regression results are consistent with the non-a...
• Accounting conservatism and board of director characteristics: An empirical analysis AI翻译
  作者：Ahmed, Anwer S.; Duellman, Scott
  作者单位：State University of New York (SUNY) System; Binghamton University, SUNY; Texas A&M University System; Texas A&M University College Station
  摘要：Using three different measures of conservatism, we document that (i) the percentage of inside directors is negatively related to conservatism, and (ii) the percentage of outside directors' shareholdings is positively related to conservatism. Our results hold after controlling for industry, firm size, leverage, growth opportunities, institutional ownership, inside director ownership, and unobservable firm characteristics that are stable over time. Overall, the evidence is consistent with accoun...