2期

最新文章

• Large-Sample Evidence on Firms' Year-over-Year MD&A Modifications AI翻译
  作者：Brown, Stephen V.; Tucker, Jennifer Wu
  作者单位：State University System of Florida; University of Florida
  摘要：The Securities and Exchange Commission (SEC) has expressed concern about the informativeness of firms' Management Discussion and Analysis (MD&A) disclosures. A firm's MD&A is potentially uninformative if it does not change appreciably from the previous year after significant economic changes at the firm. We introduce a measure for narrative disclosure-the degree to which the MD&A differs from the previous disclosure-and provide three findings on the usefulness of MD&A disclosure. First, firms ...
• Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting AI翻译
  作者：Serafeim, George
  作者单位：Harvard University
  摘要：I analyze Embedded Value (EV) reporting by firms with life insurance operations to assess the impact of unregulated financial reporting on transparency and to examine the institutional characteristics that promote unregulated reporting. Under EV accounting, the present value of future cash flows from in-force contracts is included in shareholders' equity, and profit is calculated as the change in equity between two periods. In contrast to Generally Accepted Accounting Principles (GAAP), this a...
• Discussion of Consequences and Institutional Determinants of Unregulated Corporate Financial Statements: Evidence from Embedded Value Reporting AI翻译
  作者：Hail, Luzi
  作者单位：University of Pennsylvania
• The Value of Financial Statement Verification in Debt Financing: Evidence from Private US Firms AI翻译
  作者：Minnis, Michael
  作者单位：University of Chicago
  摘要：I examine how verification of financial statements influences debt pricing. I use a large proprietary database of privately held U.S. firms, an important business sector in which the information environment is opaque and financial statement audits are not mandated. I find that audited firms have a significantly lower cost of debt and that lenders place more weight on audited financial information in setting the interest rate. Further, I provide evidence of a mechanism for this increased financ...
• Discussion of Large-Sample Evidence on Firms' Year-over-Year MD&A Modifications AI翻译
  作者：Roulstone, Darren T.
  作者单位：University System of Ohio; Ohio State University
• Do Control Effectiveness Disclosures Require SOX 404(b) Internal Control Audits? A Natural Experiment with Small US Public Companies AI翻译
  作者：Kinney, William R., Jr.; Shepardson, Marcy L.
  作者单位：University of Texas System; University of Texas Austin
  摘要：We use incremental and joint implementation of multiple SOX-based control effectiveness disclosure and audit mandates to assess relative performance of alternatives for small U.S. public companies. Using data from several low- and high-effort management disclosure and audit regimes implemented from 2003 to 2008, we find substantial and statistically significant increases in material weakness disclosure rates for small firms undergoing initial SOX 404(b) internal control audits, but find quanti...