4期

最新文章

• Does financial reporting above or below operating income matter to firms and investors? The case of investment income in China AI翻译
  作者：Luo, Mei; Shao, Shuai; Zhang, Frank
  作者单位：Tsinghua University; Zhejiang University; Yale University
  摘要：We explore a unique regulatory change in China in 2007 that moves investment income in an income statement from below the line of operating income to above the line. We find that, post-regulatory change, firms report high investment income when core earnings (operating income excluding investment income) are low and vice versa. Investment income and core earnings exhibit a significantly negative correlation every year post regulation, in contrast to a significantly positive correlation beforeh...
• Auditor monitoring and verification in financial contracts: evidence from earnouts and SFAS 141(R) AI翻译
  作者：Allee, Kristian D.; Wangerin, Daniel D.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville; University of Wisconsin System; University of Wisconsin Madison
  摘要：We study how monitoring and verification of accounting-based performance benchmarks influences the design and efficiency of earnout contracts. Earnouts are commonly used to resolve agency conflicts arising in mergers and acquisitions, but these contracts create measurement and other agency problems when contingent payments are tied to future accounting-based performance. Exploiting changes in auditor monitoring of earnouts that arose as\ a consequence of SFAS 141(R), we find that acquisition c...
• 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...
• 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...
• Financial reporting in hyperinflationary economies and the value relevance of accounting amounts: hard evidence from Zimbabwe AI翻译
  作者：Chamisa, Eddie; Mangena, Musa; Pamburai, Hamutyinei Harvey; Tauringana, Venancio
  作者单位：University of Cape Town; University of Essex; University of Southampton; Solent University
  摘要：We examine the value relevance of inflation-adjusted (IA) and historical cost (HC) amounts in a hyperinflationary economy. Using a unique dataset drawn from annual reports of firms listed on the Zimbabwe Stock Exchange from 2000 to 2005, we find that both sets of amounts are value relevant but HC amounts are superior to IA amounts. We also show that inflation gains and losses provide incremental information content beyond that provided by the HC amounts and that the power of this incremental c...
• Costs and benefits of internal control audits: evidence from M&A transactions AI翻译
  作者：Kravet, Todd D.; McVay, Sarah E.; Weber, David P.
  作者单位：University of Connecticut; University of Washington; University of Washington Seattle
  摘要：To inform the debate on the merits of internal control audits, we examine managers' decisions to temporarily exempt newly acquired businesses from Section 404 of the Sarbanes-Oxley Act. We document that managers are more likely to elect the exemption when expected compliance costs are higher, such as when acquisitions are larger and occur later in the year. We find only modest evidence that managers use the exemption to avoid scrutiny of value-destroying deals. Exemption use, however, is assoc...
• Competition and voluntary disclosure: evidence from deregulation in the banking industry AI翻译
  作者：Burks, Jeffrey J.; Cuny, Christine; Gerakos, Joseph; Granja, Joao
  作者单位：University of Notre Dame; New York University; Dartmouth College; University of Chicago
  摘要：We use the relaxation of interstate branching restrictions under the Interstate Banking and Branching Efficiency Act (IBBEA) to examine how increases in competition affect incumbents' voluntary disclosure choices. States implemented the IBBEA over several years and to varying degrees, allowing us to identify the effect of increased competition on the voluntary disclosure decisions of both public and private banks. We find that increases in competition are associated with an increase in press r...
• Nonprofit executive incentive pay AI翻译
  作者：Balsam, Steven; Harris, Erica E.
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Villanova University
  摘要：We utilize information only recently disclosed on Form 990 to examine the use, and consequences of, incentive pay at nonprofit organizations. Bonuses are common in nonprofits, as we observe that approximately 45% of the 44,000 organization-year observations in our sample reported paying CEO bonuses. We find that the bonuses are positively associated with profitability, competition from other nonprofits, firm size, available cash, and use of compensation consultants and committees, while negati...