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作者：Gutierrez, Elizabeth; Minutti-Meza, Miguel; Tatum, Kay W.; Vulcheva, Maria
作者单位：Universidad de Chile; University of Miami; State University System of Florida; Florida International University
摘要：The United Kingdom has recently required an expanded auditor's report for large public companies. We investigate whether this requirement is associated with an increase in the decision usefulness of the auditor's report and whether it has indirect consequences on audit fees and quality. Our analyses cover four years surrounding the changes, including companies that transitioned to the new regime and companies that continued issuing the previous report's format. We do not find evidence that the...
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作者：Chen, Jason V.; Nagar, Venky; Schoenfeld, Jordan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan; Georgetown University
摘要：Prior research finds that intraday stock prices move considerably during the discussion period of earnings conference calls. In this study, we explore what features of the manager-analyst dialogue during the discussion drive these price movements. We textually analyze the tone of managers and analysts and find that intraday prices react significantly to analyst tone, but not to management tone, for the full duration of the discussion. This effect strengthens when analyst tone is relatively neg...
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作者：Fan, Qintao; Li, Wei
作者单位：University of Oregon; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper studies, in a dynamic agency setting, how incentives and contractual efficiency are affected by leading indicators of firms' future financial performance. In our two-period model, a leading indicator variable provides a noisy forecast of the uncertain return from the manager's long-term effort, and both contracting parties cannot refrain from renegotiating contract terms based on updated information. We find that the leading indicator can reduce the manager's long-term effort incent...
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作者：Huffman, Adrienna
作者单位：Tulane University
摘要：This study investigates whether asset use influences the relevance of fair value measurement. Specifically, I examine whether fair value is more relevant when it is applied to in-exchange assets than when it is applied to in-use assets. I test the framework on a sample of international firms that adopt International Accounting Standard 41. Using a difference-in-differences approach, I find that earnings information is significantly more relevant when firms measure in-exchange biological assets...
