2018

最新文章

• Do firms underreport information on cyber-attacks? Evidence from capital markets AI翻译
  作者：Amir, Eli; Levi, Shai; Livne, Tsafrir
  作者单位：Tel Aviv University; University of North Carolina; University of North Carolina Chapel Hill
  摘要：Firms should disclose information on material cyber-attacks. However, because managers have incentives to withhold negative information, and investors cannot discover most cyber-attacks independently, firms may underreport them. Using data on cyber-attacks that firms voluntarily disclosed, and those that were withheld and later discovered by sources outside the firm, we estimate the extent to which firms withhold information on cyber-attacks. We find withheld cyber-attacks are associated with ...
• Societal trust and corporate tax avoidance AI翻译
  作者：Kanagaretnam, Kiridaran; Lee, Jimmy; Lim, Chee Yeow; Lobo, Gerald
  作者单位：York University - Canada; Singapore Management University; University of Houston System; University of Houston
  摘要：Using an international sample of firms from 25 countries and a country-level index for societal trust, we document that societal trust is negatively associated with tax avoidance, even after controlling for other institutional determinants, such as home country legal institutions and tax system characteristics. We explore the effects of two country-level institutional characteristicsstrength of legal institutions and capital market pressureon the relation between societal trust and tax avoidan...
• Defining, measuring, and modeling accruals: a guide for researchers AI翻译
  作者：Larson, Chad R.; Sloan, Richard; Giedt, Jenny Zha
  作者单位：University of Houston System; University of Houston; University of Southern California; George Washington University
  摘要：Research on accounting accruals is pervasive. Yet the measurement and modeling of accruals has developed in an ad hoc manner, resulting in a fragmented and incomplete body of research. Our goal is to rectify this situation by (i) providing a comprehensive definition of accruals, (ii) formulating a corresponding empirical measure of accruals, (iii) offering two decompositions of our measure that encapsulate the major classes of accruals studied elsewhere, (iv) combining and expanding prior mode...
• Narcissism is a bad sign: CEO signature size, investment, and performance AI翻译
  作者：Ham, Charles; Seybert, Nicholas; Wang, Sean
  作者单位：Washington University (WUSTL); University System of Maryland; University of Maryland College Park; Rice University
  摘要：Using the size of CEO signatures in SEC filings to measure individual narcissism, we find that CEO narcissism is associated with several negative firm outcomes. We first validate signature size as a measure of narcissism but not overconfidence using two laboratory studies, and also find that our measure is correlated with employee perceptions of CEO narcissism used in prior research. We then use CEO signatures to study the relation between CEO narcissism and the firm's investment policies and ...
• Employee turnover likelihood and earnings management: evidence from the inevitable disclosure doctrine AI翻译
  作者：Gao, Huasheng; Zhang, Huai; Zhang, Jin
  作者单位：Fudan University; Nanyang Technological University; Monash University
  摘要：We present evidence that managers consider employee turnover likelihood in their accounting choices. Our tests exploit U.S. state courts' staggered recognition of the inevitable disclosure doctrine (IDD), which reduces employees' ability to switch employers. We find a significant decrease in upward earnings management for firms headquartered in states that recognize the IDD, relative to firms headquartered elsewhere. The effect of the IDD is stronger for firms relying more on human capital and...
• Measuring the market response to going concern modifications: the importance of disclosure timing AI翻译
  作者：Myers, Linda A.; Shipman, Jonathan E.; Swanquist, Quinn T.; Whited, Robert L.
  作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Arkansas System; University of Arkansas Fayetteville; University of Alabama System; University of Alabama Tuscaloosa; North Carolina State University
  摘要：Auditor going concern modifications (GCMs) are intended to provide market participants with information related to financial distress, and prior research suggests that the disclosure of a GCM elicits a substantial negative market reaction from investors. In this study, we investigate the market reaction to GCMs in a contemporary disclosure regime and consider whether the observed market reaction is confounded by other material disclosures. We find that the majority of GCMs are issued concurren...
• SEC monitoring of foreign firms' disclosures in the presence of foreign regulators AI翻译
  作者：Naughton, James P.; Rogo, Rafael; Sunder, Jayanthi; Zhang, Ray
  作者单位：Northwestern University; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; University of Arizona; Simon Fraser University
  摘要：SEC comment letters indicate that the SEC has reviewed the firm's filings and identified a disclosure issue. Using the existence of an SEC comment letter as a proxy for SEC monitoring, we document a negative association between the level of SEC monitoring of foreign firms and the strength of those foreign firms' home-country institutions, consistent with the idea that the SEC implicitly shares its regulatory duties with international securities regulators. We find that foreign cross-listed fir...
• Information transfer and conference calls AI翻译
  作者：Brochet, Francois; Kolev, Kahn; Lerman, Alina
  作者单位：Boston University; City University of New York (CUNY) System; Baruch College (CUNY); University of Connecticut
  摘要：A long-standing literature documents intra-industry capital market co-movements around earnings releases, yet the dynamics of these information transfers remain largely unexplored. We provide evidence on both the sources and channels of information transfers by separating two distinct events within the reporting window using intra-day data and by exploring potential mechanisms of information flows. We document that the co-movement of absolute and signed stock returns over the conference call w...
• The market reaction to bank regulatory reports AI翻译
  作者：Badertscher, Brad A.; Burks, Jeffrey J.; Easton, Peter D.
  作者单位：University of Notre Dame
  摘要：We investigate the role of bank regulatory reports in the information environments of banks. Our findings are as follows. (1) Call Reports but not FR Y-9Cs elicit economically significant stock price and volume reactions when they are publicly released, despite the fact that Call Reports usually follow earnings announcements. (2) Some of the reaction is traceable to a schedule dealing with mortgage lending and servicing. (3) The release of the Call Reports is tightly clustered around the 30th ...
• The effect of tax-motivated income shifting on information asymmetry AI翻译
  作者：Chen, Ciao-Wei; Hepfer, Bradford F.; Quinn, Phillip J.; Wilson, Ryan J.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Texas A&M University System; Texas A&M University College Station; Mays Business School; University of Washington; University of Washington Seattle; University of Oregon
  摘要：We examine whether tax-motivated income shifting by U.S. multinational corporations affects information asymmetry. Using a new firm-year measure of income shifting and a two-stage least squares approach, we find income shifting is positively associated with four measures of information asymmetry. Cross-sectional tests reveal that this effect is more pronounced for firms with large differences between foreign and domestic earnings growth. Using SFAS 131 to improve identification and establish e...