作者：Fischer, PE; Verrecchia, RE
作者单位：University of Pennsylvania; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We suggest that transparent bias in management disclosures may result from managers processing information in a heuristic, as distinct from Bayesian, fashion when they face imperfect or head-to-head competition. We predict that transparent bias in disclosures is positively related to the extent of head-to-head competition. In addition, when disclosure is discretionary, we show that managers who exhibit viable, heuristic behavior are less likely to disclose than managers who exhibit Bayesian be...
作者：Anderson, RC; Mansi, SA; Reeb, DM
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; American University; Virginia Polytechnic Institute & State University
摘要：Creditor reliance on accounting-based debt covenants suggests that debtors are potentially concerned with board of director characteristics that influence the integrity of financial accounting reports. In a sample of S&P 500 firms, we find that the cost of debt is inversely related to board independence and board size. We also find that fully independent audit committees are associated with a significantly lower cost of debt financing. Similarly, yield spreads are also negatively related to au...
