2022

最新文章

• Facilitating Tacit Collusion Through Voluntary Disclosure: Evidence from Common Ownership AI翻译
  作者：Pawliczek, Andrea; Skinner, A. Nicole; Zechman, Sarah L. C.
  作者单位：University of Colorado System; University of Colorado Boulder; University System of Georgia; University of Georgia
  摘要：We examine whether voluntary disclosure is associated with incentives for firms to collude. Public disclosure can facilitate collusion by aiding with coordination and monitoring for defections. Using common ownership (investors holding stock in competing firms) to identify reduced incentives to compete, we find a positive association between public disclosure and these incentives. We also find that common ownership is positively associated with measures of disclosure that are likely to facilit...
• The Relationship Between Non-GAAP Earnings and Aggressive Estimates in Reported GAAP Numbers AI翻译
  作者：Guggenmos, Ryan D.; Rennekamp, Kristina; Rupar, Kathy; Wang, Sean
  作者单位：Cornell University; University System of Georgia; Georgia Institute of Technology; Southern Methodist University
  摘要：This study uses a controlled experiment to examine the trade-off between managers' use of non-GAAP and GAAP earnings to satisfy market expectations and how this relationship can be moderated by both formal and informal regulatory attention to non-GAAP earnings. Our key takeaway is that allowing financial reporting discretion in an alternative disclosure channel, that is, non-GAAP earnings, can reduce firms' opportunistic GAAP reporting. However, statements by regulators about increased attenti...
• The Costs of Waiving Audit Adjustments AI翻译
  作者：Choudhary, Preeti; Merkley, Kenneth; Schipper, Katherine
  作者单位：University of Arizona; Indiana University System; Indiana University Bloomington; Duke University
  摘要：We analyze the disposition of auditor-proposed adjustments to financial statements. Our analyses address concerns, expressed by regulators and others, that auditors and their clients fixate on quantitative thresholds and overlook qualitative factors in assessing the materiality of discovered misstatements. Using a large sample of Public Company Accounting Oversight Board (PCAOB)-inspected audits, we examine the frequency with which management records versus waives auditor-proposed adjustments ...
• Measuring Risk Information AI翻译
  作者：Smith, Kevin C.; So, Eric C.
  作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
  摘要：We develop a measure of how information events impact investors' expectations of risk. The measure is broadly applicable and simple to implement. We derive it from an option-pricing model, where investors anticipate an announcement that simultaneously conveys information on the announcer's expected future cash flows and risk profile. We empirically implement the measure using firms' earnings announcements, showing that it closely aligns with our model's predictions and offers strong forecastin...
• Assessing Human Information Processing in Lending Decisions: A Machine Learning Approach AI翻译
  作者：Liu, Miao
  作者单位：Boston College
  摘要：Effective financial reporting requires efficient information processing. This paper studies factors that determine efficient information processing. I exploit a unique small business lending setting where I am able to observe the entire codified demographic and accounting information set that loan officers use to make decisions. I decompose the loan officers' decisions into a part driven by codified hard information and a part driven by uncodified soft information. I show that a machine learni...
• Asset-Level Transparency and the (E)valuation of Asset-Backed Securities AI翻译
  作者：Neilson, Jed J.; Ryan, Stephen G.; Wang, K. Philip; Xie, Biqin
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; New York University; State University System of Florida; University of Florida
  摘要：As of November 2016, SEC Regulation (Reg) AB II requires issuers of certain types of asset-backed securities (ABS) to disclose the credit-risk attributes of each asset in the underlying pool, a substantial expansion of prior disclosure requirements. We examine how ABS issuers' asset-level disclosures under Reg AB II affect the (e)valuation of ABS by investors and credit rating agencies. Using difference-in-differences models that compare affected and unaffected types of ABS, we find that these...
• The Economic Consequences of Financial Audit Regulation in the Charitable Sector AI翻译
  作者：Duguay, Raphael
  作者单位：Yale University
  摘要：I provide evidence on the effects of financial audit mandates in the charitable sector, in particular their influence on donor behavior. My empirical strategy relies on variation in size-based exemption thresholds across states and differences in size driven by the nature of charities' activities. Consistent with audit mandates reducing donors' reliance on charity reputation, I find audit mandates are associated with a lower concentration of donations on the largest, most well-known charities....
• Delays in Banks' Loan Loss Provisioning and Economic Downturns: Evidence from the US Housing Market AI翻译
  作者：Kim, Sehwa
  作者单位：Columbia University
  摘要：I study whether banks' loan loss provisioning contributes to economic downturns, by examining the U.S. housing market. Specifically, I examine the aggregate effects of banks' delayed loan loss recognition (DLR) on house prices during the Great Recession and the channels through which these potential effects arose. I construct ZIP-code-level exposure to banks' DLR before the crisis and compare high- and low-exposure ZIP codes during the crisis to examine the aggregate effects of banks' DLR on t...
• Auditors Under Fire: The Association Between Audit Errors and the Career Setbacks of Individual Auditors AI翻译
  作者：Chen, Kevin C. W.; Chen, Tai-yuan; Han, Weifang; Yuan, Hongqi
  作者单位：Hong Kong University of Science & Technology; Shanghai University of Finance & Economics; Fudan University
  摘要：This paper examines whether and how individual auditors are disciplined for audit errors. Taking advantage of the long history of auditor identity data from China, we find that signing auditors with client restatements are likely to lose the privilege of signing the audit reports of public clients. However, auditors can avoid this consequence by issuing a modified audit opinion to warn of the potential misstatement. We show that auditors are more likely to bedisciplined when their firms operat...
• How Do Disclosure Repetition and Interactivity Influence Investors' Judgments? AI翻译
  作者：Brown, Nerissa C.; Gale, Brian T.; Grant, Stephanie M.
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Washington; University of Washington Seattle
  摘要：Recent regulatory amendments aimed at modernizing disclosures and enhancing their usefulness focus on repetition and interactivity within firms' disclosure filings. We use two experiments to provide evidence on the effects of disclosure repetition (repeating of information in the filing) and disclosure interactivity (user involvement in directing the form or content of the information displayed) on investors' information processing and investment judgments. Results show that repetition increas...