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作者：Donelson, Dain C.; Mcinnis, John; Mergenthaler, Richard D.
作者单位：University of Texas System; University of Texas Austin; University of Iowa
摘要：Despite debate on the desirability of rules-based standards, no studies provide evidence on why accounting standards take on rules-based characteristics. We identify and test five theories from prior research (litigation risk, constraining opportunism, complexity, transaction frequency, and age) that could explain why some U.S. accounting standards contain rules-based characteristics. Litigation risk and complexity are most consistently related to cross-sectional and time-series variation in r...
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作者：Friedman, Henry L.; Heinle, Mirko S.
作者单位：University of California System; University of California Los Angeles; University of Pennsylvania
摘要：This study examines the costs and benefits of uniform accounting regulation in the presence of heterogeneous firms that can lobby the regulator. A commitment to uniform regulation reduces economic distortions caused by lobbying by creating a free-rider problem between lobbying firms at the cost of forcing the same treatment on heterogeneous firms. Resolving this tradeoff, an institutional commitment to uniformity is socially desirable when firms are sufficiently homogeneous or the costs of lob...
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作者：Khan, Urooj; Ozel, N. Bucra
作者单位：Columbia University; University of Texas System; University of Texas Dallas
摘要：To extend and monitor loans, banks collect detailed and proprietary information about the financial prospects of their customers, many of whom are local businesses and households. Therefore, banks' loan portfolios contain potentially useful information about local economic conditions. We investigate the association between information in loan portfolios and local economic conditions. Using a sample of U.S. commercial banks from 1990:Q1 to 2013:Q4, we document that information in loan portfolio...
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作者：Brown, Stephen V.; Knechel, W. Robert
作者单位：State University System of Florida; University of Florida
摘要：We examine auditor switching conditional on the compatibility of clients and their auditors using a unique text-based measure of similarity of financial disclosures. We find clustering of clients within an audit firm based on this measure. We find that clients with the lowest similarity scores are significantly more likely (9.4%-10.6%) to switch auditors, and will change to an audit firm to which they are more similar. Regarding the effect on audit quality, we find that discretionary accruals ...
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作者：Brown, Anna Bergman
作者单位：Utah System of Higher Education; Utah State University
摘要：Institutional differences between countries result in additional information risks between borrowers and lenders in cross-border private loans. This study examines the effect of these information risks on the structure of optimal debt contracts in international (cross-border) versus domestic private debt markets. Using mandatory IFRS adoption as an indicator for institutional changes that reduced differences between countries, I compare attributes of international versus domestic loans before ...
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作者：Bushman, Robert M.; Hendricks, Bradley E.; Williams, Christopher D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：This paper investigates whether greater competition increases or decreases individual bank and banking system risk. Using a new text-based measure of competition, and an instrumental variables analysis that exploits exogenous variation in bank deregulation, we provide robust evidence that greater competition increases both individual bank risk and a bank's contribution to system-wide risk. Specifically, we find that higher competition is associated with lower underwriting standards, less timel...
