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作者：Casas-Arce, Pablo; Lourenco, Sofia M.; Martinez-Jerez, F. Asis
作者单位：Arizona State University; Arizona State University-Tempe; Universidade de Lisboa; University of Notre Dame
摘要：This paper presents the results from a field experiment that examines the effects of nonfinancial performance feedback on the behavior of professionals working for an insurance repair company. We vary the frequency (weekly and monthly) and the level of detail of the feedback that the 800 professionals receive. Contrary to what we would expect if these professionals conformed to the model of the Bayesian decision maker, more (and more frequent) information does not always help improve performan...
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作者：Hobson, Jessen L.; Mayew, William J.; Peecher, Mark E.; Venkatachalam, Mohan
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Duke University
摘要：We experimentally study the deception detection capabilities of experienced auditors, using CEO narratives from earnings conference calls as case materials. We randomly assign narratives of fraud and nonfraud companies to auditors as well as the presence versus absence of an instruction explaining that cognitive dissonance in speech is helpful for detecting deception. We predict this instruction will weaken auditors' learned tendency to overlook fraud cues. We find that auditors' deception jud...
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作者：Kisser, Michael; Kiff, John; Soto, Mauricio
作者单位：Norwegian School of Economics (NHH); International Monetary Fund
摘要：We use historical particularities of pension funding law to investigate whether managers of U.S. corporate defined benefit pension plan sponsors strategically use regulatory freedom to lower the reported value of pension liabilities, and hence required cash contributions. For some years, pension plans were required to estimate two liabilities-one with mandated discount rates and mortality assumptions, and another where these could be chosen freely. Using a sample of 11,963 plans, we find that ...
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作者：Manchiraju, Hariom; Rajgopal, Shivaram
作者单位：Indian School of Business (ISB); Columbia University
摘要：In 2013, a new law required Indian firms, which satisfy certain profitability, net worth, and size thresholds, to spend at least 2% of their net income on corporate social responsibility (CSR). We exploit this regulatory change to isolate the shareholder value implications of CSR activities. Using an event study approach coupled with a regression discontinuity design, we find that the law, on average, caused a 4.1% drop in the stock price of firms forced to spend money on CSR. However, firms t...
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作者：Ham, Charles; Lang, Mark; Seybert, Nicholas; Wang, Sean
作者单位：Washington University (WUSTL); University of North Carolina; University of North Carolina Chapel Hill; University System of Maryland; University of Maryland College Park; Rice University
摘要：We investigate the effect of CFO narcissism, as measured by signature size, on financial reporting quality. Experimentally, we validate that narcissism predicts misreporting behavior, and that signature size predicts misreporting through its association with narcissism. Empirically, we examine notarized CFO signatures and find CFO narcissism is associated with more earnings management, less timely loss recognition, weaker internal control quality, and a higher probability of restatements. The ...
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作者：Hong, Hyun A.; Kim, Jeong-Bon; Welker, Michael
作者单位：University of California System; University of California Riverside; City University of Hong Kong; University of Waterloo; Queens University - Canada
摘要：This study investigates whether and how the deviation of cash flow rights (ownership) from voting rights (control), or simply the ownership-control wedge, influences the likelihood that extreme negative outliers occur in stock return distributions, which we refer to as stock price crash risk. We do so using a comprehensive panel data set of firms with a dual-class share structure from 20 countries around the world for the period of 1995-2007. We predict and find that opaque firms with a large ...
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作者：Christensen, Hans B.; Nikovaev, Valeri V.
作者单位：University of Chicago
摘要：We explore revealed preferences for the contractual treatment of changes to GAAP in a large sample of private credit agreements issued by publicly held U.S. firms. We document a significant time-trend toward excluding GAAP changes from the determination of covenant compliance over the period from 1994 to 2012. This trend is positively associated with proxies for standard setters' shift in focus toward relevance and international accounting harmonization. At the firm level, borrowers facing hig...
