3期

最新文章

• Information acquisition costs and price informativeness: global evidence AI翻译
  作者：McClure, Charles G.; Shi, Shawn X.; Watts, Edward M.
  作者单位：University of Chicago; University of Washington; University of Washington Seattle; Yale University
  摘要：We study how global changes in information acquisition costs through disclosure technologies affect price informativeness. To explore this issue, we examine worldwide adoptions of centralized electronic disclosure systems, which significantly reduce the cost of and broaden access to financial disclosures. Consistent with theory, we show a significant reduction in private information acquisition around earnings announcements as a result of these adoptions. These effects are most pronounced in c...
• Are US GAAP-based and IFRS-based accounting amounts more comparable after the revised lease standards? Evidence from ASC 842 and IFRS 16 AI翻译
  作者：Altamuro, Jennifer; Chen, Lucy Huajing; Li, Yiwen
  作者单位：Villanova University
  摘要：This study examines whether the revised lease standards (ASC 842 and IFRS 16) make U.S. GAAP-based accounting amounts more comparable with IFRS-based accounting amounts. Our study is motivated by the FASB and the IASB's call for research on the comparability of the revised lease standards. We find that U.S. GAAP and IFRS pairs that are high operating lease users experience a larger increase in accounting comparability after the adoption of revised lease standards than low operating lease U.S. ...
• Innovation incentives and competition for corporate resources AI翻译
  作者：Dutta, Sunil; Fan, Qintao
  作者单位：University of California System; University of California Berkeley; University of Oregon
  摘要：This paper investigates how competition for scarce corporate resources impacts innovation incentives within multidivisional firms and, consequently, shapes firms' preferences for fostering or restricting intra-firm competition. In our model, divisions become privately informed about the potential value of new investment opportunities generated through their innovation initiatives. We demonstrate that intra-firm competition unambiguously reduces divisions' ex ante innovation incentives. However...
• The benefits of article 11 pro forma disclosure AI翻译
  作者：Kubic, Matthew
  作者单位：University of Texas System; University of Texas Austin
  摘要：The U.S. Securities and Exchange Commission (SEC) mandates disclosure of Article 11 pro forma financial statements (pro formas) for acquisitions that exceed one of three bright-line materiality thresholds. Motivated by two theories of mandated disclosure, I investigate the conditions under which mandated pro forma disclosure improves forecast accuracy and mitigates incentive alignment problems. My findings indicate that pro formas reduce post-acquisition forecast errors when there is a weak pr...
• News-based investor disagreement and stock returns AI翻译
  作者：Li, Sophia Zhengzi; Luan, Zeyao
  作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark
  摘要：We estimate investors' disagreement regarding firm news and assess its ability to predict stock returns. Specifically, we quantify firm-level investor disagreement through the volume-volatility elasticity surrounding firm news; higher elasticity is associated with less investor disagreement. Intuitively, disagreement introduces additional trading motives that are not driven by price changes, weakening the connection between volume and volatility. Our findings indicate that investor disagreemen...
• Returnee directors and corporate fraud AI翻译
  作者：Usman, Muhammad; Gyapong, Ernest; Agyei-Boapeah, Henry; Yin, Junming
  作者单位：Xijing University; Alfaisal University; University of Essex; Nanjing University of Information Science & Technology
  摘要：Using a dataset of Chinese listed firms, we examine the relationship between Chinese nationals with foreign experience serving as directors (i.e., returnee directors) and the incidence of corporate fraud. We find a significantly negative relationship between returnee directors and fraud. Further, relative to foreign and independent directors, returnee directors do more than other directors in constraining firms' fraud. These results are robust to endogeneity concerns addressed through propensi...
• 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 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...
• 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...
• 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 ...