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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：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：Welch, Kyle; Yoon, Aaron
作者单位：George Washington University; Northwestern University
摘要：Firm managers are facing increasing external pressure to allocate firm resources to environmental, social, and governance (ESG) efforts. Given that ESG activities are frequently perceived as in opposition to shareholder value, however, managers may find it difficult to decide which projects they should select and how much they should invest. Using MSCI ESG Ratings and Glassdoor employee ratings of senior managers as signals for firm ESG efforts and high managerial ability, we find evidence tha...
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作者：Baginski, Stephen P.; Campbell, John L.; Ryu, Patrick W.; Warren, James D.
作者单位：University System of Georgia; University of Georgia; University of Manchester; University of Connecticut
摘要：The vast majority of managers' earnings forecasts are issued concurrently (i.e., bundled) with their firm's current earnings announcement. We document a predictable bias in these forecasts-the forecasts fail to fully reflect the persistence of the current earnings surprise. Specifically, we find that managers issue (1) optimistically biased forecasts alongside negative earnings surprises and (2) pessimistically biased forecasts alongside large positive earnings surprises. Bayesian updating imp...
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作者：Bourveau, Thomas; Chen, Jason, V; Elfers, Ferdinand; Pierk, Jochen
作者单位：Columbia University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We examine whether higher accounting comparability between public and private firms leads to higher value relevance of private firms' reported financial information. To help develop our hypotheses, we conduct a series of interviews with M&A valuation experts. The experts indicate that comparable accounting between public and private firms allows them to apply public firms' valuation multiples directly to private firms, which facilitates the use of private firms' financial reporting in their va...
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作者：Aharoni, Gil; Lim, Bryan; Litov, Lubomir P.; Neyland, Jordan B.
作者单位：University of Melbourne; University of Oklahoma System; University of Oklahoma - Norman; George Mason University
摘要：Expert advice is presumed to be more valuable, but, when the expert has a conflict of interest, overcoming that conflict is difficult. We examine the performance of acquirers who hire an adviser that employs an expert-a star analyst-who covers the target and show that such star-crossed acquirers fare worse than other acquirers along multiple dimensions, including lower announcement returns and higher subsequent goodwill impairments. We consider various explanations for these outcomes, and the ...
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作者：Fox, Zackery D.; Wilson, Ryan
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Oregon
摘要：We examine whether the Internal Revenue Service (IRS) uses public information to obtain qualitative signals regarding the quality of firms' financial information or management integrity. Using the procurement of public information as a proxy for IRS attention, we test whether public signals of poor information quality (restatements) lead to an increase in IRS attention. To begin, we document that the IRS is both more likely and quicker to acquire public filings announcing a restatement than an...
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作者：Allen, Eric J.; Allen, Jeffrey C.; Raghavan, Sharat; Solomon, David H.
作者单位：University of California System; University of California Riverside; University of California System; University of California Riverside; University Redlands; University of California System; University of California Berkeley; Boston College
摘要：We examine the choice of organizational structure for VC-backed startup firms. These firms overwhelmingly organize as C-corporations rather than as tax advantaged limited liability companies (LLCs). This results in foregone tax savings of $43.9 billion, or 4.9% of the total equity invested in the sample firms. The decision is puzzling, given plausible estimates of the direct costs involved, but appears related to hassle and other transition costs generated by participants implementing a new fo...
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作者：Lin, Wen; Panaretou, Argyro; Pawlina, Grzegorz; Shakespeare, Catherine
作者单位：Central University of Finance & Economics; Lancaster University; University of Michigan System; University of Michigan
摘要：Motivated by the debate about the introduction of the fair value option for (financial) liabilities (FVOL) and the requirement to recognize and separately disclose in financial statements debt valuation adjustments (DVAs), this study explores what we can learn about a firm's credit risk from DVAs. Using a sample of US bank holding companies that elect the FVOL, we show that DVAs generally cannot be explained by the same factors that explain contemporaneous changes in bank's credit quality. We ...
