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作者：Iliev, Peter; Miller, Darius P.; Roth, Lukas
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Southern Methodist University; University of Alberta
摘要：We study the economic consequences of a recent Securities and Exchange Commission securities regulation change that grants foreign firms trading on the U.S. over-the-counter (OTC) market an automatic exemption from the reporting requirements of the 1934 Securities Act. We document that the number of voluntary (sponsored) OTC cross-listings did not increase following the regulation change, suggesting that it did not achieve its intended purpose of increasing voluntary OTC cross-listings through...
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作者：Griffin, Jeremy B.
作者单位：University of Notre Dame
摘要：Financial accounting standards increasingly require fair value measurements. I experimentally examine how uncertainty affects auditors' adjustment decisions when evaluating fair values. I manipulate two types of uncertainty, input subjectivity and outcome imprecision, and one reporting choice, supplemental disclosure. I find that auditors are most likely to require adjustments when fair values contain both more input subjectivity and more outcome imprecision, but that this likelihood diminishe...
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作者：Gkougkousi, Xanthi
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作者：Cadman, Brian; Carrizosa, Richard; Faurel, Lucile
作者单位：Utah System of Higher Education; University of Utah
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作者：Tan, Hun-Tong; Wang, Elaine Ying; Zhou, Bo
作者单位：Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst; Shanghai University of Finance & Economics
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作者：Deng, Mingcherng; Lu, Tong; Simunic, Dan A.; Ye, Minlei
作者单位：University of Houston System; University of Houston; University of British Columbia; University of Toronto
摘要：Conventional wisdom holds that joint audits would improve audit quality by enhancing audit evidence precision because Two heads are better than one. Our paper challenges this wisdom. We show that joint audits by one big firm and one small firm may impair audit quality, because, in that situation, joint audits induce a free-riding problem between audit firms and reduce audit evidence precision. We further derive a set of empirically testable predictions comparing audit evidence precision and au...
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作者：Rebello, Michael; Wei, Kelsey D.
作者单位：University of Texas System; University of Texas Dallas
摘要：We examine proprietary research produced by buy-side analysts working for a large fund management company. We find that the buy-side research has investment value for a one-year horizon, and the analysts producing this research exhibit differential ability that tends to persist over time. The buy-side research strongly influences trades made by the company's funds, especially when it coveys information that is independent of the fund managers' own information, when it is produced by buy-side a...
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作者：Houston, Joel F.; Jiang, Liangliang; Lin, Chen; Ma, Yue
作者单位：State University System of Florida; University of Florida; Lingnan University; University of Hong Kong; City University of Hong Kong
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作者：Lo, Alvis K.
作者单位：Boston College
摘要：I examine whether declines in banks' financial health affect their borrowers' disclosures. Prior studies indicate that, in relationship lending, banks and borrowers rely on private communication, rather than public disclosures, to resolve information asymmetries. When banking relationships are threatened, borrowers must turn to new funding sources, inducing them to reconsider their disclosure policies. This paper predicts that borrowers, whose banking relationships are threatened by declining ...
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作者：Soltes, Eugene
作者单位：Harvard University
