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作者：Lennox, C
作者单位：Hong Kong University of Science & Technology
摘要：Executives are 'affiliated' if they previously worked for their companies' audit firms. I find most affiliations (71.3%) occur when auditors become employees of audit clients ('employment affiliations'), but affiliations also arise when companies hire executives' former CPA firms ('alma mater affiliations'). Affiliated companies are significantly more likely than unaffiliated companies to receive clean audit opinions-this finding holds for both employment and alma mater affiliations. Executive...
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作者：Christensen, PO; Feltham, GA; Sabac, F
作者单位：University of Southern Denmark; University of British Columbia; University of Alberta
摘要：This paper analyzes the impact of signal-to-noise-ratios and the autocorrelation of a performance measure on the principal's welfare in dynamic agencies with renegotiation. We consider the impact of changes in the persistent, transitory, and reversible components of accounting earnings on its usefulness in valuation versus contracting. Increasing the persistent components and reducing the reversible components are generally desirable for valuation, but not for contracting. Eliminating transito...
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作者：Francis, J; LaFond, R; Olsson, P; Schipper, K
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：We investigate whether investors price accruals quality, our proxy for the information risk associated with earnings. Measuring accruals quality (AQ) as the standard deviation of residuals from regressions relating current accruals to cash flows, we find that poorer AQ is associated with larger costs of debt and equity. This result is consistent across several alternative specifications of the AQ metric. We also distinguish between accruals quality driven by economic fundamentals (innate AQ) v...
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作者：Louis, H; Robinson, D
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Arizona State University; Arizona State University-Tempe
摘要：Prior studies suggest that managers use their reporting discretion to signal private information. However, because managers are often assumed to use their discretion to mislead investors, discretionary accruals might be regarded as opportunistic. We posit that combining the accrual signal with other signals may be an effective means of communicating private information. One such signal is stock splits. The stock split signal lends credibility to the accrual signal whereas the accrual signal re...
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作者：Bushee, BJ; Leuz, C
作者单位：University of Pennsylvania
摘要：This paper examines the economic consequences of a regulatory change mandating OTCBB firms to comply with reporting requirements tinder the 1934 Securities Exchange Act. This change substantially increases mandated disclosures for firms previously not filing with the SEC. We document that the imposition of disclosure requirements results in significant costs for smaller firms, forcing them off the OTCBB. SEC regulation also has significant benefits. Firms previously filing with the SEC experie...
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作者：Francis, J; Schipper, K; Vincent, L
作者单位：Duke University; Northwestern University
摘要：We contrast the informativeness of earnings and dividends for firms with dual class and single class ownership structures. Results of both across-sample tests (which explicitly control for factors influencing ownership structure and informativeness) and within-sample tests (which implicitly control for factors associated with ownership structure) show that earnings are generally less informative, and dividends are at least as (if not more) informative, for dual class firms. We interpret these ...
