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作者：Fang, Vivian W.; Huang, Allen H.; Wang, Wenyu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Hong Kong University of Science & Technology; Indiana University System; Indiana University Bloomington
摘要：Errors and bias are both inherent features of accounting. In theory, while errors discourage bias by lowering the value relevance of accounting, they can also facilitate bias by providing camouflage. Consistent with theory, we find a hump-shaped relation between a firm's propensity to engage in intentional misstatement and the prevalence of unintentional misstatements in the firm's industry for the whole economy and a majority of the industries. The result is robust to using firms' number of i...
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作者：Laux, Volker
作者单位：University of Texas System; University of Texas Austin
摘要：This manuscript proposes a theory of why and when organizations support their employees with resources, time, and freedom beyond what seems economically optimal. The idea is that support plays an information-generating role in that it renders output more informative about employees' abilities. This effect reduces the need to gather additional information about ability via costly monitoring and commits the firm to make replacement/promotion decisions that are more sensitive to performance. Cons...
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作者：Chaplinsky, Susan; Hanley, Kathleen Weiss; Moon, S. Katie
作者单位：University of Virginia; Lehigh University; University of Colorado System; University of Colorado Boulder
摘要：We examine the effects of Title I of the Jumpstart Our Business Startups Act for a sample of 312 emerging growth companies (EGCs) that filed for an initial public offering (IPO) from April 5, 2012 through April 30, 2015. We find no reduction in the direct costs of issuance, accounting, legal, or underwriting fees for EGC IPOs. Underpricing, an indirect cost of issuance that increases an issuer's cost of capital, is significantly higher for EGCs compared to other IPOs. More importantly, greater...
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作者：Ertan, Aytekin; Loumioti, Maria; Wittenberg-Moerman, Regina
作者单位：University of London; London Business School; University of Texas System; University of Texas Dallas; University of Southern California
摘要：We explore whether transparency in banks' securitization activities enhances loan quality. We take advantage of a novel disclosure initiative introduced by the European Central Bank, which requires, as of January 2013, banks that use their asset-backed securities as collateral for repo financing to report securitized loan characteristics and performance in a standardized format. We find that securitized loans originated under the transparency regime are of better quality with a lower default p...
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作者：Floyd, Eric J.; List, John A.
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作者：Chi, Sabrina; Huang, Shawn X.; Sanchez, Juan Manuel
作者单位：Texas Tech University System; Texas Tech University; Arizona State University; Arizona State University-Tempe
摘要：This paper examines the relation between CEO inside debt holdings (pension benefits and deferred compensation) and corporate tax sheltering. Because inside debt holdings are generally unsecured and unfunded liabilities of the firm, CEOs are exposed to risk similar to that faced by outside creditors. As such, theory (Jensen and Meckling [1976]) suggests that inside debt holdings negatively impact CEO risk-appetite. To the extent that corporate tax shelters are likely to result in high cash flow...
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作者：Lisowsky, Petro; Minnis, Michael; Sutherland, Andrew
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Chicago; Massachusetts Institute of Technology (MIT)
摘要：We use a proprietary data set of financial statements collected by banks to examine whether economic growth is related to the use of financial statement verification in debt financing. Exploiting the distinct economic growth and contraction patterns of the construction industry over the years 2002-2011, our estimates reveal that banks reduced their collection of unqualified audited financial statements from construction firms at nearly twice the rate of firms in other industries during the hou...
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作者：Kachelmeier, Steven J.; Van Landuyt, Ben W.
作者单位：University of Texas System; University of Texas Austin; University of Arizona
摘要：We design an incentivized experiment to test whether measurement uncertainty elevates the risk that social bonds between auditors and reporters compromise audit adjustments. Results indicate that, when audit evidence is characterized by some residual uncertainty, the adjustments our auditor-participants require are sensitive to whether auditors have an opportunity to form a modest but friendly social bond with reporters. In contrast, although auditors do not adjust fully even when misstatement...
