5期

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 ...
• 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...
• Relative Performance Evaluation and Competitive Aggressiveness AI翻译
  作者：Feichter, Christoph; Moers, Frank; Timmermans, Oscar
  作者单位：Vienna University of Economics & Business; Maastricht University; University of London; London School Economics & Political Science
  摘要：We examine the relation between incentive plans based on relative performance and competitive aggressiveness. Using data on executive incentive-compensation contracts in large U.S. firms, we find a positive association between competitive aggressiveness and peer group overlap-that is, the extent to which two firms select each other as peers in these incentive plans. Our findings indicate that managers of such firms take more frequent as well as more complex competitive actions, relative to man...
• Limited Attention: Implications for Financial Reporting AI翻译
  作者：Lu, Jinzhi
  作者单位：City University of Hong Kong
  摘要：I develop a theory to study the consequences of providing more detailed information to rationally inattentive investors. I first consider a simple data-provision problem and show that adding more data or detail in financial statements can make it more difficult for investors to extract information. Consequently, investors who have limited information-processing capacity may prefer less detailed information. I also show that when investors' decisions are complements, providing details in additi...
• The Roles of Data Providers and Analysts in the Production, Dissemination, and Pricing of Street Earnings AI翻译
  作者：Bochkay, Khrystyna; Markov, Stan; Subasi, Musa; Weisbrod, Eric
  作者单位：University of Miami; University of Texas System; University of Texas Dallas; University System of Maryland; University of Maryland College Park; University of Kansas
  摘要：In September 2009, Thomson Reuters (TR) discontinued its practice of relying on analysts to determine the treatment of unexpected charges and gains in favor of their immediate exclusion from GAAP earnings. Adopting a difference-in-differences approach, we show that this plausibly exogenous change in TR's methodology resulted in street earnings that are more predictive of future performance; and timelier, more accurate, and less dispersed analyst forecasts of future earnings, consistent with TR...
• Audit Implications of Non-GAAP Reporting AI翻译
  作者：Hallman, Nicholas J.; Schmidt, Jaime J.; Thompson, Anne M.
  作者单位：University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：We investigate whether non-GAAP reporting affects the audit process and thereby the quality of the related financial statements. First, we provide evidence that auditors in numerous countries, including the United States and the United Kingdom, rely to varying degrees on non-GAAP profit before tax as a benchmark for determining quantitative materiality. Then, using Premium Listed companies on the London Stock Exchange, we document that U.K. auditor reliance on non-GAAP materiality benchmarks o...
• Do Borrowers Intentionally Avoid Covenant Violations? A Reexamination of the Debt Covenant Hypothesis AI翻译
  作者：Bordeman, Adam; Demerjian, Peter
  作者单位：California State University System; California Polytechnic State University San Luis Obispo; University System of Georgia; Georgia State University
  摘要：In this study, we replicate and extend the Dichev and Skinner [DS: 2002] study on the debt covenant hypothesis (DCH). We start by replicating DS and find results consistent with theirs. We then extend their work by changing three aspects of the research design: histogram bin width, calculation of slack, and statistical test of discontinuity. We find that the inference from DS is generally robust to varying these choices, although sensitive to different bin widths, during their sample period. W...