2期

最新文章

• Firms' off-balance sheet and hybrid debt financing: Evidence from their book-tax reporting differences AI翻译
  作者：Mills, LF; Newberry, KJ
  摘要：We match large U.S. corporations' tax returns during 1989-2001 to their financial statements to construct a firm-level proxy of firms' use of off-balance sheet and hybrid debt financing. We find that firms with less favorable prior-period Standard & Poor's (S&P) bond ratings or higher leverage ratios in comparison to their industry report greater amounts of interest expense on their tax returns than to investors and creditors on their financial statements. These between-firm results are consis...
• Consequences of financial reporting failure for outside directors: Evidence from accounting restatements and audit committee members AI翻译
  作者：Srinivasan, S
  作者单位：University of Chicago
  摘要：I use a sample of 409 companies that restated their earnings from 1997 to 2001 to examine penalties for outside directors, particularly audit committee members, when their companies experience accounting restatements. Penalties from lawsuits and Securities and Exchange Commission (SEC) actions are limited. However, directors experience significant labor market penalties. In the three years after the restatement, director turnover is 48% for firms that restate earnings downward, 33% for a perfo...
• Discussion of does the market value financial expertise on audit committees of boards of directors? AI翻译
  作者：Engel, E
  作者单位：University of Chicago
• Does the market value financial expertise on audit committees of boards of directors? AI翻译
  作者：Defond, ML; Hann, RN; Hu, XS
  作者单位：University of Southern California
  摘要：We examine three-day cumulative abnormal returns around the announcement of 702 newly appointed outside directors assigned to audit committees during a period before implementation of the Sarbanes-Oxley Act (SOX). Motivated by the SOX requirement that public companies disclose whether they have a financial expert on their audit committee, we test whether the market reacts favorably to the appointment of directors with financial expertise to the audit committee. In addition, because it is contr...