2025

最新文章

• Regulatory consulting and banks' financial reporting quality: evidence from the Dodd-Frank Act AI翻译
  作者：Ballew, Hailey B.; Sheneman, Amy G.
  作者单位：Rice University; University System of Ohio; Ohio State University
  摘要：The Dodd-Frank Act expands bank managers' reporting requirements to federal agencies, particularly relating to banks' financial losses should common market and macroeconomic shocks occur. To comply with this regulation, bank managers have engaged in consulting arrangements (referred to as regulatory consulting). We examine the financial reporting quality implications associated with hiring external auditors for these services. We find banks with auditor-provided regulatory consulting, relative...
• CFO narcissism and the power of persuasion over analysts: a mixed-methods approach AI翻译
  作者：Ham, Charles; Piorkowski, Mark; Seybert, Nick; Wang, Sean
  作者单位：Indiana University System; IU Kelley School of Business; Indiana University Bloomington; University System of Maryland; University of Maryland College Park; Southern Methodist University
  摘要：We study the role of CFO narcissism in the intent and ability to positively influence sell-side analysts' perceptions of the firm. Consistent with narcissists casting favorable impressions on others, we find CFO narcissism is associated with overly optimistic analyst valuations. We then study public persuasion attempts by analyzing conference call transcripts and private persuasion attempts through a laboratory study. In the conference call setting, we show that narcissistic CFOs use more pers...
• The first half-century of empirical capital markets research in accounting in pictures AI翻译
  作者：Kothari, S. P.; Schonberger, Bryce; Wasley, Charles; Xiao, Jason J.
  作者单位：Massachusetts Institute of Technology (MIT); University of Colorado System; University of Colorado Boulder; University of Rochester; State University of New York (SUNY) System; Binghamton University, SUNY
  摘要：Seminal papers by Ball and Brown (1968) and Beaver (1968) spawned a vast literature on the role of accounting numbers in capital markets. This literature, often referred to as capital markets research in accounting (CMRA), is now more than a half-century old. In light of numerous changes to the economic and financial reporting environments over this time, we estimate CMRA's major relations using a comprehensive sample period. We illustrate each relation using plots, allowing us to efficiently ...
• The opportunity for partner industry knowledge sharing within audit offices and audit quality AI翻译
  作者：Michas, Paul N.; Russomanno, Dan; Zhao, Meiling
  作者单位：University of Arizona; Chinese University of Hong Kong
  摘要：We conjecture that a greater opportunity for audit partners to share personal industry knowledge with each other within audit offices is associated with higher audit quality. Using Public Company Accounting Oversight Board (PCAOB) Form AP data, we analyze each partner's client portfolio and construct sharing measures. First, we find extant measures of an audit office's industry market share, industry portfolio share, and industry diversity are quite noisy in inferring our sharing measures. Nex...
• Regulation takes a back seat to business concerns: international evidence from stock exchange demutualization AI翻译
  作者：Huang, Shawn X.; Kim, Min; Rykaczewski, Maria; Vulcheva, Maria
  作者单位：Arizona State University; Arizona State University-Tempe; Sogang University; State University System of Florida; Florida International University
  摘要：In recent decades, increasing globalization and rapid technological development have caused many stock exchanges to change their ownership structure from mutually owned (broker/dealer-owned) to demutualized (for-profit, shareholder-owned). This study investigates whether increased for-profit focus weakens exchanges' monitoring incentives. Using multiple financial reporting quality metrics to capture monitoring efforts, we find that monitoring of listed firms declines post demutualization. Addi...
• Do key audit matter disclosures about M&A transactions predict future performance? AI翻译
  作者：Nylen, Jessica A.; Wangerin, Daniel D.; Zehms, Karla M.
  作者单位：University of Wisconsin System; University of Wisconsin Madison
  摘要：This study examines whether auditor KAM disclosures about M&A transactions predict future performance outcomes. We find that auditors make more M&A KAM disclosures when M&A transactions are larger, involve targets with greater information asymmetry, and are subject to greater overpayment risk. When auditors disclose M&A KAMs in the acquisition year, we find an increased risk of larger goodwill impairments and that the association between acquired goodwill and changes in companies' subsequent o...
• The consequences of expanded audit reporting: implications of tax key audit matters for tax attribute valuation and auditor-provided tax services AI翻译
  作者：Lynch, Daniel P.; Mandell, Aaron; Rousseau, Linette M.
  作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Milwaukee; University of Houston System; University of Houston
  摘要：This study examines the consequences of tax key audit matters (KAMs) to the valuation of tax attributes and to auditor-provided tax services (APTS). The literature finds that KAM adoption is not associated with investor or audit outcomes, creating an impetus to identify whether specific KAM topics are more consequential. Tax KAMs are an ideal setting because they are prevalent, taxes are economically important, and auditors can provide tax services to their clients. We find that investors disc...
• New product announcements, innovation disclosure, and future firm performance AI翻译
  作者：Chu, Jenny; He, Yuan; Hui, Kai Wai; Lehavy, Reuven
  作者单位：University of Cambridge; Xiamen University; University of Hong Kong; University of Michigan System; University of Michigan
  摘要：This study examines the properties of innovation disclosures contained in new product announcements, a form of voluntary, nonfinancial disclosure. We analyze these properties using a novel, text-based measure of the extent of product innovation disclosed in new product announcements. We find that stock prices react more positively to announcements with more extensive innovation disclosure. In our main analyses, we first find that a higher level of innovation disclosure predicts a greater incre...
• Analysts' forecasting models and uncertainty about the past AI翻译
  作者：Park, Min; Zach, Tzachi
  作者单位：University of Kansas; University System of Ohio; Ohio State University
  摘要：We study the dynamics of information demand and supply in capital markets, focusing on how firms' disclosures align with analysts' information needs. Using a novel dataset from Visible Alpha, we analyze granular data from analysts' forecasting models to understand the breadth of information they seek and how firms meet these demands through mandatory and voluntary disclosures. We document significant variation in the complexity of analysts' models and the extent of firms' disclosures, leading ...
• Earnings per share targets and CEO incentives AI翻译
  作者：Armstrong, Christopher; Chau, Jacky; Ittner, Christopher D.; Xiao, Jason J.
  作者单位：Stanford University; Chinese University of Hong Kong; University of Pennsylvania; State University of New York (SUNY) System; Binghamton University, SUNY
  摘要：We examine differences in CEOs' achievement of earnings per share (EPS) targets related to (1) analysts' forecasts and (2) internal cash bonus payouts. Our focus on firms with different benchmarks for the same performance metric enables us to assess the relative importance of the incentives that each EPS target provides based on its revealed achievement. Most CEOs meet analysts' final consensus EPS forecasts but are unlikely to meet bonus EPS targets that exceed forecasted EPS. Nearly all CEOs...