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作者：Elliott, W. Brooke; Hobson, Jessen L.; White, Brian J.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Texas System; University of Texas Austin
摘要：An enduring issue in financial reporting is whether and how salient summary measures of firm performance (earnings metrics) affect market price efficiency. In laboratory markets, we test the effects of salient earnings metrics, which vary in how they combine persistent and transitory elements, on investor information search, beliefs about value, offers to trade, and market price efficiency. We find that including transitory elements in salient earnings metrics causes traders to search unnecess...
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作者：Libby, R.; Hunton, J. E.; Tan, H-T.; Seybert, N.
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作者：Libby, Robert; Rennekamp, Kristina
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作者：Bell, Timothy B.; Causholli, Monika; Knechel, W. Robert
作者单位：State University System of Florida; University of North Florida; University of Kentucky; State University System of Florida; University of Florida
摘要：We use data from internal assessments of audit quality in a Big 4 firm to investigate the impact of audit firm tenure and auditor-provided non-audit services (NAS) on audit quality. We find that first-year audits receive lower assessments of audit quality and that quality improves shortly thereafter and then declines as tenure becomes very long. Partitioning our sample between SEC registrants and private clients, we find that the decline in audit quality in the long tenure range is attributabl...
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作者：Li, Edward Xuejun; Ramesh, K.; Shen, Min; Wu, Joanna Shuang
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Rice University; University of Rochester
摘要：Analysts often update their recommendations following corporate news. Questions have been raised regarding analysts' ability to generate new information beyond recent corporate events. Employing a comprehensive database on corporate news, we show that only a small minority, or 27.9%, of all recommendation revisions directionally confirm the information in the preceding corporate events and even these confirming revisions facilitate the information discovery of corporate events and thus cannot ...
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作者：Fang, Vivian W.; Maffett, Mark; Zhang, Bohui
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Chicago; University of New South Wales Sydney
摘要：This paper investigates whether foreign institutional investors affect the global convergence of financial reporting practices. Using several measures of reporting convergence, we show that U.S. institutional ownership is positively associated with subsequent changes in emerging market firms' accounting comparability to their U.S. industry peers. We identify this association using an instrumental variable approach that exploits exogenous variation in U.S. institutional investment generated by ...
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作者：Miller, Gregory S.; Skinner, Douglas J.
作者单位：University of Michigan System; University of Michigan; University of Chicago
摘要：Recent changes in technology and the media are causing significant changes in how capital markets assimilate and respond to information. We identify important themes in the disclosure literature and use this as a framework to discuss the conference papers that appear in this volume. These papers examine how managers' disclosure practices are being affected by changes in technology, the media, and capital markets. While this work makes important progress, we discuss how continuing technological...
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作者：Li, Yinghua; Zhang, Liandong
作者单位：Arizona State University; Arizona State University-Tempe; City University of Hong Kong
摘要：Using a natural experiment (Regulation SHO), we show that short selling pressure and consequent stock price behavior have a causal effect on managers' voluntary disclosure choices. Specifically, we find that managers respond to a positive exogenous shock to short selling pressure and price sensitivity to bad news by reducing the precision of bad news forecasts. This finding on management forecasts appears to be generalizable to other corporate disclosures. In particular, we find that, in respo...
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作者：Griffith, Emily E.; Hammersley, Jacqueline S.; Kadous, Kathryn; Young, Donald
作者单位：University of Wisconsin System; University of Wisconsin Madison; University System of Georgia; University of Georgia; Emory University; University System of Georgia; Georgia Institute of Technology
摘要：Auditors experience significant problems auditing complex accounting estimates, and this increasingly puts financial reporting quality at risk. Based on analyses of the specific errors that auditors commit, we propose that auditors need to be able to think more broadly and incorporate information from a variety of sources in order to improve audit quality for these important accounts. We experimentally demonstrate that a deliberative mindset intervention improves auditors' ability to identify ...
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作者：Law, Kelvin K. F.; Mills, Lillian F.
作者单位：Tilburg University; University of Texas System; University of Texas Austin
摘要：Using a new measure of financial constraints based on firms' qualitative disclosures, we find that financially constrained firmsfirms that use more negative words in their annual reportspursue more aggressive tax planning strategies as evidenced by: (1) higher current and future unrecognized tax benefits, (2) lower short- and long-run current and future effective tax rates, (3) increase in tax haven usage for their material operations, and (4) higher proposed audit adjustments from the Interna...
