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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：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：Hui, Kai Wai; Yeung, P. Eric
作者单位：Hong Kong University of Science & Technology; Cornell University
摘要：We test whether the post-forecast revision drift is mainly attributable to investors' underreaction to industry-wide earnings news conveyed by analysts' forecast revisions. We find a large drift associated with industry-wide earnings news but no drift associated with firm-specific earnings news. Consistent with the functional fixation hypothesis, we provide evidence that the post-forecast revision drift is driven by investors' underreaction to the higher persistence of industry-wide earnings. ...
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作者：Williams, Jared
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Social psychologists have documented a tendency for people to overestimate their similarity to others. I investigate whether financial analysts' forecast errors are consistent with this bias. I model the bias by assuming analysts overestimate the correlation of the private signals they receive about a firm's future earnings. Mymodel predicts a positive relationship between (i) the likelihood of an analyst's revised forecast being too close to his earlier forecast and (ii) the number of analyst...
