-
作者：Dey, Aiyesha
作者单位：University of Chicago
摘要：I investigate whether corporate governance is associated with the level of agency conflicts in firms. I employ exploratory principal components analysis on 22 individual governance variables to obtain seven factors that represent the different dimensions of governance for a firm. I measure the level of agency conflicts in firms based on seven proxies for agency conflicts used in the literature. I find that firms with greater agency conflicts have better governance mechanisms in place, particul...
-
作者：Bell, Timothy B.; Doogar, Rajib; Solomon, Ira
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：The adoption of business risk audit (BRA) approaches during the 1990s by several leading audit firms has been the subject of considerable scrutiny and commentary. Under BRA, the auditor responds to the increasing complexity of auditee financial reports by acquiring a deep and comprehensive understanding of the auditee's industry, strategy, business models, and processes-tasks best accomplished by higher-ranked labor-and by employing this understanding to make audit labor allocations. Using pro...
-
作者：Rogers, Jonathan L.
作者单位：University of Chicago
摘要：This study examines whether managers strategically alter disclosure quality in response to personal incentives, specifically those derived from trading on their own account. Using changes in market liquidity to proxy for disclosure quality, I find that trading incentives are associated with disclosure quality choices. Tests are performed across three disclosure samples: management forecasts, conference calls, and press releases. Consistent with a desire to reduce the probability of litigation,...
-
作者：Campbell, Dennis
作者单位：Harvard University
摘要：In this paper, I examine the sensitivity of promotion and demotion decisions for lower-level managers to financial and nonfinancial measures of their performance and investigate the extent to which the behavior of lower-level managers reflects promotion-based incentives. Additionally, I test for learning versus effort-allocation effects of promotion-based incentives. I find that promotion and demotion decisions for store managers of a major U.S.-based fast-food retailer (QSR) are sensitive to ...
-
作者：Piotroski, Joseph D.; Srinivasan, Suraj
作者单位：Stanford University; University of Chicago
摘要：In this paper, we examine the economic impact of the Sarbanes-Oxley Act (SOX) by analyzing foreign listing behavior onto U.S. and U.K. stock exchanges before and after the enactment of SOX in 2002. Using a sample of all listing events onto U.S. and U.K. exchanges from 1995-2006, we develop an exchange choice model that captures firm-level, industry-level, exchange-level, and country-level listing incentives, and test whether these listing preferences changed following the enactment of SOX. Aft...
-
作者：Francis, Jennifer; Nanda, Dhanajay; Olsson, Per
作者单位：Duke University
摘要：We investigate the relations among voluntary disclosure, earnings quality, and cost of capital. We find that firms with good earnings quality have more expansive voluntary disclosures (as proxied by a self-constructed index of coded items found in 677 firms' annual reports and 10-K filings in fiscal 2001) than firms with poor earnings quality. In unconditional tests, we find that more voluntary disclosure is associated with a lower cost of capital. However, consistent with the complementary as...
-
作者：Thomas, Jacob; Zhang, Frank
作者单位：Yale University
摘要：Prior research has documented that earnings announcements provide information not only about the announcing firm but also about other firms in the same industry. We document a stock market anomaly associated with this phenomenon of intra-industry information transfers by showing that the stock price movements of late announcers in response to earnings reported by early announcers are negatively related to subsequent price responses of late announcers to their own earnings reports. Apparently, ...
-
作者：Cardinaels, Eddy; Roodhooft, Filip; Warlop, Luk; Van Herck, Gustaaf
作者单位：Tilburg University; KU Leuven; Vlerick Business School; KU Leuven
摘要：This paper experimentally investigates how leaders and followers in a duopoly set prices for two product markets that have different overhead costs. In a fully crossed two-by two design, we manipulate the participants' private cost report quality as either low or high, representing the extent to which these reports reveal that product markets have different overhead costs. We show that when only the leader is given a high-quality cost report, private cost information of higher quality is bette...
-
作者：Ke, Bin; Petroni, Kathy R.; Yu, Yong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University; University of Texas System; University of Texas Austin
摘要：We assess the impact of Regulation Fair Disclosure (Reg FD) on the trading behavior of transient institutional investors in the quarter prior to a bad news break in a string of consecutive earnings increases. Bad news breaks are defined as breaks that are by growth firms, preceded by longer strings of consecutive earnings increases, followed by longer strings of consecutive earnings decreases, and associated with larger declines in earnings. Pre-Reg FD transient institutions have abnormal sell...
-
作者：Barth, Mary E.; Landsman, Wayne R.; Lang, Mark H.
作者单位：Stanford University; University of North Carolina; University of North Carolina Chapel Hill
摘要：We examine whether application of International Accounting Standards (IAS) is associated with higher accounting quality. The application of IAS reflects combined effects of features of the financial reporting system, including standards, their interpretation, enforcement, and litigation. We find that firms applying IAS from 21 countries generally evidence less earnings management, more timely loss recognition, and more value relevance of accounting amounts than do matched sample firms applying...
