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作者：Stuber, Sarah B.; Hogan, Chris E.
作者单位：Texas A&M University System; Texas A&M University College Station; Michigan State University
摘要：Despite issuing extensive guidance related to the evaluation of accounting estimates, the PCAOB continues to identify deficiencies related to the audit of estimates through their inspections process. We examine whether PCAOB inspections lead to more accurate audited accounting estimates, defined as those that more closely match economic reality, by examining a significant estimate within the banking industry. We find that in contrast with the PCAOB's goal of more accurate and unbiased estimate...
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作者：Cascino, Stefano; Tamayo, Ane; Vetter, Felix
作者单位：University of London; London School Economics & Political Science; University of Mannheim
摘要：We exploit the staggered introduction of CPA Mobility provisions in the United States to study the effects of spatial licensing requirements on the labor market for accounting professionals. Specifically, we examine whether the removal of licensing-induced geographic barriers affects CPA wages and employment levels, as well as the pricing and quality of professional services. We find that, subsequent to the adoption of CPA Mobility provisions, wages of accounting professionals decrease, wherea...
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作者：Breuer, Matthias
作者单位：Columbia University
摘要：This paper examines the impact of mandatory reporting and auditing of firms' financial statements on industry-wide resource allocation. Using threshold-induced variation in the share of mandated firms in a given industry, I document that reporting mandates facilitate ownership dispersion in capital markets and spur competition in product markets. I, however, do not find that reporting mandates unambiguously improve the efficiency of industry-wide resource allocation. With respect to auditing m...
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作者：Chen, Jason V.; Gee, Kurt H.; Neilson, Jed J.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：The SEC prohibits the presentation of non-GAAP measures before corresponding GAAP measures; however, a large proportion of non-GAAP reporters present non-GAAP EPS before GAAP EPS in their earnings announcements. This noncompliance raises questions about whether firms use prominence to highlight higher or lower quality non-GAAP information. For firms reporting non-GAAP EPS between 2003 and 2016, prominent non-GAAP EPS is associated with higher quality non-GAAP reporting. Further tests reveal th...
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作者：Dechow, Patricia M.; Erhard, Ryan D.; Sloan, Richard G.; Soliman, Mark T.
作者单位：University of Southern California
摘要：Implied equity duration was originally developed to analyze the sensitivity of equity prices to discount rate changes. We demonstrate that implied equity duration is also useful for analyzing the sensitivity of equity prices to pandemic shutdowns. Pandemic shutdowns primarily impact short-term cash flows, thus they have a greater impact on low-duration equities. We show that implied equity duration has a strong positive relation to U.S. equity returns and analyst forecast revisions during the ...
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作者：Hail, Luzi; Muhn, Maximilian; Oesch, David
作者单位：University of Pennsylvania; University of Chicago; University of Zurich
摘要：We examine the relation between disclosure quality and information asymmetry among market participants following an exogenous shock to macroeconomic risk. In 2015, the Swiss National Bank abruptly announced that it would abandon the longstanding minimum euro-Swiss franc exchange rate. We find evidence suggesting that firms with more transparent disclosures regarding their foreign exchange risk exposure ex ante exhibit significantly lower information asymmetry ex post. The information gap in bi...
