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作者：Miller, GS
作者单位：Harvard University
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作者：Fischer, PE; Stocken, PC
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Dartmouth College
摘要：This paper considers how the presence of a speculative investor, who bets on a firm's future earnings report, affects how the firm's management manipulates that report. We examine the influence of the speculator's information on earnings management behavior, quality of reported earnings, and stock price efficiency. We also provide predictions for, and interpretations of, short-window event studies and long-window association studies.
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作者：Johnstone, KM; Bedard, JC
作者单位：University of Wisconsin System; University of Wisconsin Madison; Northeastern University
摘要：We examine client acceptance and client continuance decisions of a large audit firm to provide empirical evidence on the extent and nature of risk avoidance that the firm uses to purposefully manage its client portfolio. Our results support several key new inferences regarding audit firm portfolio management decisions. First, the results show that this firm is shedding the riskier clients in its portfolio, consistent with the risk avoidance theory of audit firm portfolio management. Second, th...
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作者：Haw, IM; Hu, BB; Hwang, LS; Wu, W
作者单位：Texas Christian University; Chinese University of Hong Kong; Seoul National University (SNU)
摘要：This study provides evidence of the role of both legal and extra-legal institutions in limiting the income management induced by the detachment of control rights from the cash flow rights of ultimate owners. The tests use a unique, comprehensive data set for firm-level control and ownership structures from 9 East Asian and 13 Western European countries. Univariate regressions show that income management that is induced by the wedge between control rights and cash flow rights is significantly l...
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作者：Hall, BJ; Knox, TA
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago
摘要：We empirically analyze the dynamics of executives pay-to-performance sensitivities. Option pay-to-performance sensitivities become weaker as options fall underwater, often leading to pressures to reprice options or restore pay-to-performance sensitivity in other ways. Building a detailed data set on executives' portfolios of stock and options, we find that the responsiveness of pay-to-performance sensitivities (created by all executive holdings of stock and options) to changes in stock price i...
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作者：Guo, RJ; Lev, B; Zhou, N
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; New York University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：This study empirically examines the impact of various competitive cost Proxies on the extent of product-related information disclosed by biotech initial public offerings (IPOs) in their prospectuses. The choice of biotech companiess, which operate in a fiercely competitive environment, crystalizes the importance of competitive disclosure costs. The focus on product-related information is aimed at a disclosure set for which potential competitive harm is a priori substantial. Our empirical analy...
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作者：Ke, B; Petroni, K
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Michigan State University
摘要：We examine whether transient institutional investors (i.e., institutions that trade actively to maximize short-term profits) have information that allows them to predict a break in a string of consecutive quarterly earnings increases and thereby avoid the economically significant negative stock price response associated with the break announcement. We show that transient institutions predict the break at least one quarter in advance of the break quarter. We also provide evidence that is consis...
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作者：Defond, ML; Hung, MY
作者单位：University of Southern California
摘要：Recent research asserts that an essential feature of good corporate governance is strong investor protection, where investor protection is defined as the extent of the laws that protect investors' rights and the strength of the legal institutions that facilitate law enforcement. The purpose of this study is to test this assertion by investigating whether these measures of investor protection are associated with an important role of good corporate governance: identifying and terminating poorly ...
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作者：Larcker, DF; Richardson, SA
作者单位：University of Pennsylvania
摘要：We examine the relation between the fees paid to auditors for audit and non-audit services, and the choice of accrual measures for a large sample of firms. Using our pooled sample, we find that the ratio of non-audit fees to total fees has a positive relation with the absolute value of accruals similar to Frankel, Johnson, and Nelson [2002]. However, using latent class mixture models to identify clusters of firms with a homogenous regression structure reveals that this positive association onl...
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作者：Bradshaw, MT; Bushee, BJ; Miller, GS
作者单位：Harvard University; University of Pennsylvania
摘要：This paper examines the relation between accounting choice and U.S. institutional investor ownership in non-U.S. firms. We predict that U.S. investors exhibit home bias in their preference for accounting methods conforming to U.S. Generally Accepted Accounting Principles (GAAP) because such methods are more familiar, reduce information processing costs, and are perceived as higher quality. We find that firms exhibiting higher levels (changes) of U.S. GAAP conformity have greater levels (change...
