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作者：Dietrich, J. Richard; Muller, Karl A., III; Riedl, Edward J.
作者单位：University System of Ohio; Ohio State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Boston University
摘要：This study extends the asymmetric timeliness measure (ATM) framework described in Ball et al. (Journal of Accounting Research 51(5): 1071-1097, 2013a) to investigate the validity of tests for differences in conservative accounting practices across firms and time. This extension is important because that framework is not designed to measure or test for differences in conservatism, which is the explicit focus of nearly all conservatism research. This extension identifies three structural biases ...
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作者：Asante-Appiah, Bright; Lambert, Tamara A.
作者单位：Lehigh University
摘要：Companies are under increasing pressure to manage their reputation on environmental, social, and governance (ESG) issues. Auditors are a potential source of ESG risk management expertise and assurance due to a deep understanding of their client's ESG-related reputation risk (ESG risk) and their assurance reporting expertise. However, provision of nonaudit services by the external auditor is controversial and public accountants are still defining their role in ESG risk control and reporting. We...
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作者：Callen, Jeffrey L.; Kaniel, Ron; Segal, Dan
作者单位：University of Toronto; University of Rochester; Reichman University; Reichman University; University of Warwick
摘要：This study investigates the price discovery process in equity markets with informed institutional investors. Consistent with extant theories, we show empirically that institutional investors, in contrast to retail investors, trade based on the leaked sign of unanticipated news and then (partially) reverse their trades when the news become public. We also find that the longer the leakage period for institutional investors to exploit, the less informative the news is when it becomes public. Thes...
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作者：Hallman, Nicholas; Howe, John S.; Wang, Wei
作者单位：University of Texas System; University of Texas Austin; University of Missouri System; University of Missouri Columbia; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We study the effects of analyst coverage on syndicated lending. We hypothesize that analyst research alleviates information asymmetries between lead arrangers and participant lenders within a syndicate, increasing the participants' credit supply and reducing the required loan interest spread. Using exogenous shocks to firms' analyst coverage, we find that firms pay higher loan interest spreads and that participant lenders fund smaller fractions of the loans after firms experience a reduction i...
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作者：Ham, Charles G.; Kaplan, Zachary R.; Utke, Steven
作者单位：Washington University (WUSTL); University of Connecticut
摘要：We examine whether dividends serve as substitutes or complements to accounting information in firm valuation. Consistent with dividends substituting for earnings information, we find that dividend paying firms have 11%-15% lower earnings response coefficients (ERCs) than non-payers. We find more substitution when the dividend provides a stronger signal of permanent earnings: when the firm is less likely to cut the dividend, when the firm is likely to fund the dividend out of earnings rather th...
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作者：Pham, Mia Hang; Merkoulova, Yulia; Veld, Chris
作者单位：Massey University; Monash University
摘要：We study whether firms that are led by chief executive officers (CEOs) with law degrees (lawyer CEOs) have different credit ratings and costs of debt from other firms. Our sample consists of Standard & Poor's 1500 firms from 1992 to 2020, 9.2% of which have lawyer CEOs. We find that these firms have better credit ratings, compared to other firms. On average, their cost of debt is 10% lower than that of firms led by CEOs without legal backgrounds. Our results are robust to different specificati...
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作者：Abernethy, Margaret A.; Bouwens, Jan; Hofmann, Christian; van Lent, Laurence
作者单位：University of Melbourne; University of Amsterdam; University of Munich
摘要：We study theoretically and empirically the relation between altruism and incentive contract design. Theoretically, we extend Fischer and Huddart (2008) to investigate how social norms reinforce managers' altruistic preferences, thus affecting the optimal contract design related to incentive strength and performance measurement. Empirically, we draw on the notion of an organization's work climate to capture managers' altruistic preferences. Using data collected from a sample of 557 managers, we...
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作者：Huang, Shengzhong; Tan, Hongping; Wang, Xiongyuan; Yu, Changqiu
作者单位：China University of Mining & Technology; McGill University; Zhongnan University of Economics & Law; University of Manitoba
摘要：Using textual analysis for a large sample of analyst reports on U.S. firms, we find that analysts are more likely to use a discounted cash flow (DCF) model and to discuss more cash flow and discount rate information for firms with more uncertainty, as measured by earnings quality and firm risks. The market reactions to target price changes based on a DCF model are stronger, particularly for firms with greater valuation uncertainty and when the analysts present more cash flow and discount rate ...
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作者：Li, Qingyuan; Maydew, Edward L.; Willis, Richard H.; Xu, Li
作者单位：Wuhan University; University of North Carolina; University of North Carolina Chapel Hill; Vanderbilt University; Washington State University
摘要：We examine whether changes to corporate governance resulting from board reforms affect corporate tax behavior. While the connection between corporate governance and tax behavior has been the subject of intense interest in the literature, a lack of exogenous variation in governance has hampered inferences. Our inquiry exploits a set of major board reforms that capture shocks to board reforms for firms in 31 countries. The results indicate that corporate tax avoidance decreases significantly fol...
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作者：Cho, Myojung; Krishnan, Gopal, V
作者单位：Pace University; Bentley University
摘要：The purpose of this study is to empirically examine the relations between audit outcomes and accounting standard design (principles-based vs. rules-based) for US firms. Considering that audit outcomes may vary with audit risk, which may differ under different accounting standards, we examine and find that audit risk and audit fees are lower when client firms rely more on principles-based standards. Next, we find that principles-based standards are associated with a lower likelihood of receivin...
