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作者：Gao, Pingyang; Liang, Pierre Jinghong
作者单位：University of Chicago; Carnegie Mellon University
摘要：Faceless trading in a secondary stock market not only redistributes wealth among investors but also generates information that feeds back to real decisions. Using this observation we re-evaluate the leveling-the-playing-field rationale for disclosure to secondary stock markets. By partially preempting traders' information advantage established from information acquisition, disclosure reduces private incentives to acquire information, resulting in two opposite effects on firm value. On one hand...
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作者：Maas, Victor S.; Van Rinsum, Marcel
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：This paper investigates reporting honesty when managers have monetary incentives to overstate their performance. We argue that managers who report about their performance will take into account how their report affects their peers (i.e., other managers at the same hierarchical level). This effect depends on the design of the organization's control system, in particular, on the reward structure and the information policy regarding individual performance reports. The reward structure determines ...
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作者：Firth, Michael; Lin, Chen; Liu, Ping; Xuan, Yuhai
作者单位：Lingnan University; Chinese University of Hong Kong; University of Illinois System; University of Illinois Urbana-Champaign; Harvard University
摘要：This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms commission income derived from each mutual fund client as well as the share holdings of these mutual funds, we find that an analyst's recommendation on a stock relative to consensus is significantly higher if the stock is held by the mutual fund clients of the analyst's brokerage firm. The optimism in...
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作者：Minutti-Meza, Miguel
作者单位：University of Miami
摘要：This study examines whether auditor industry specialization, measured using the auditor's within-industry market share, improves audit quality and results in a fee premium. After matching clients of specialist and nonspecialist auditors on a number of dimensions, as well as only on industry and size, there is no evidence of differences in commonly used audit-quality proxies between these two groups of auditors. Moreover, there is no consistent evidence of a specialist fee premium. The matched ...
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作者：Wang, Elaine Ying; Tan, Hun-Tong
作者单位：University of Massachusetts System; University of Massachusetts Amherst; Nanyang Technological University
摘要：We conduct an experiment to examine the effects of guidance frequency (frequent vs. infrequent) and guidance goal (accuracy vs. meet/beat vs. truthful) on managers' operating decisions. We find that frequent guiders sacrifice total earnings for quarterly earnings predictability irrespective of their guidance goals. Furthermore, when guidance is infrequent, guiders with accuracy goals opt for quarterly earnings predictability over total earnings more often than do guiders with either meet/beat ...
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作者：Chen, Wei; Tan, Hun-Tong; Wang, Elaine Ying
作者单位：University of New South Wales Sydney; Nanyang Technological University; University of Massachusetts System; University of Massachusetts Amherst
摘要：We conduct two experiments with experienced accountants to investigate how fair value accounting affects managers real economic decisions. In experiment 1, we find that participants are more likely to make suboptimal decisions (e.g., forgo economically sound hedging opportunities) when both the economic and fair value accounting impact information is presented than when only the economic impact information is presented, or when both the economic and historical cost accounting impact informatio...
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作者：Bischof, Jannis; Daske, Holger
作者单位：University of Mannheim
摘要：We use the EU stress tests and the Eurozone sovereign debt crisis to study the consequences of supervisory disclosure of banks' sovereign risk exposures. We test the idea that a mandatory one-time disclosure induces an increase in voluntary disclosures about sovereign risk in the following periods and, through the shift in the voluntary disclosure equilibrium, increases the liquidity of banks' shares. First, we find that the timing and content of different mandatory disclosure events helps exp...
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作者：Lennox, Clive; Lisowsky, Petro; Pittman, Jeffrey
作者单位：Nanyang Technological University; University of Illinois System; University of Illinois Urbana-Champaign; Memorial University Newfoundland
摘要：There are competing arguments and mixed prior evidence on whether firms that are aggressive in their financial reporting exhibit more or less tax aggressiveness. Our research contributes to resolving this issue by examining the association between aggressive tax reporting and the incidence of alleged accounting fraud. Relying on several proxies for tax aggressiveness to triangulate our evidence, we generally find that tax aggressive U.S. public firms are less likely to commit accounting fraud....
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作者：Shalev, Ron; Zhang, Ivy Xiying; Zhang, Yong
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; Hong Kong Polytechnic University
摘要：This study investigates the impact of CEO compensation structure on post-acquisition purchase price allocation, an accounting procedure that involves fair value estimation of various assets and liabilities. We find that CEOs whose compensation packages rely more on earnings-based bonuses are more likely to overallocate the purchase price to goodwill, the largest asset recorded post-acquisition. Because goodwill is not amortized, the overallocation likely increases post-acquisition earnings and...
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作者：Guttman, Ilan
作者单位：Stanford University
