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作者：Shivakumar, L
作者单位：University of London; London Business School
摘要：I examine earnings management around seasoned equity offerings and, consistent with Rangan (J. Financial Econ. 50 (1998) 101) and Teoh et al. (J. Financial Econ. 50(1998) 63), find evidence of earnings management around the offerings. However, in contrast to their conclusions, I show that investors infer earnings management and rationally undo its effects at equity offering announcements. The investor naivete conclusion of Teoh ct al. (J. Financial Econ. 50(1998) 63) and Rangan (J. Financial E...
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作者：Murphy, KJ
作者单位：University of Southern California
摘要：Research in incentives has focused on performance measures and pay-performance sensitivities but has largely ignored the performance standard, which generates important incentives whenever plan participants can influence the standard-setting process. Internally determined standards are directly affected by management actions in the current or prior year, while externally determined standards are less easily affected. I show that companies choose external standards when prior performance is a n...
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作者：Reynolds, JK; Francis, JR
作者单位：University of Missouri System; University of Missouri Columbia; Louisiana State University System; Louisiana State University
摘要：Large clients create an economic dependence that may cause auditors to compromise their independence and report favorably to retain valuable clients. Economic dependence is measured as a client's size relative to the size of the office that contracts for the audit and issues the audit report. We find no evidence economic dependence causes Big Five auditors to report more favorably for larger clients in their offices. However, larger clients also pose greater litigation risk, and we do find tha...
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作者：Banker, RD; Lee, SY; Potter, G; Srinivasan, D
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Texas System; University of Texas Dallas; Sungshin Women's University; Cornell University
摘要：Performance improvements subsequent to the implementation of a pay-for-performance plan can result because more productive employees self-select into the firm (selection effect) and because employees allocate effort to become more effective (effort effect). We analyze individual performance data for 3,776 sales employees of a retail firm to evaluate these alternative sources of continuing performance improvement. The incentive plan helps the firm attract and retain more productive sales employ...
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作者：Willenborg, M; McKeown, JC
作者单位：University of Connecticut; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study the relation between audit reports and the capital-raising activities of small business by studying the role of going-concern (GC) audit opinions in IPOs. After controlling for other effects, we find that the presence of a GC opinion is positively related to whether a stock delists (for deleterious reasons) within two years of IPO. We also find that GC IPOs suffer less first-day underpricing. Based on Rock (1986), this implies that firms with GCs have less ex ante uncertainty in the s...
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作者：Rock, S; Sedo, S; Willenborg, M
作者单位：University of Connecticut; University of Colorado System; University of Colorado Boulder; University of Michigan System; University of Michigan
摘要：This paper reexamines the determinants of the number of analysts following a firm using econometric models based on count distributions. We replicate Bhushan's (1989) analyst-following study to demonstrate the effects of using count-data econometrics, in lieu of OLS, in studying phenomena where the dependent variable ranges among nonnegative integers. In contrast with the original paper, our findings indicate the number of institutional investors is inversely related with analyst following. We...
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作者：Givoly, D; Hayn, C
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Irvine
摘要：This paper documents changes in the patterns of earnings, cash flows and accruals over the last four decades. In the absence of a generally accepted definition of conservatism, a number of measures of reporting conservatism are identified and examined. These measures rely on the accumulation of nonoperating accruals, the timeliness of earnings with respect to bad and good news, characteristics of the earnings distribution and the market-to-book ratio, The patterns are consistent with an increa...
