2017

最新文章

• The impact of the institutional environment on the value relevance of fair values AI翻译
  作者：Fiechter, Peter; Novotny-Farkas, Zoltan
  作者单位：University of Neuchatel; Lancaster University
  摘要：Most prior studies attribute valuation discounts on certain fair valued assets to measurement error or bias. We argue that institutional differences across countries (e.g., information environment or market sophistication) affect investors' ability to process and impound fair value information in their valuation. We predict that the impact of the institutional environment on value relevance is particularly pronounced for reported fair values of assets designated at fair value through profit or...
• Joint audit, audit market structure, and consumer surplus AI翻译
  作者：Guo, Qiang; Koch, Christopher; Zhu, Aiyong
  作者单位：University of Southern Denmark; Johannes Gutenberg University of Mainz; Wuhan University
  摘要：We use a structural application of the discrete choice model to investigate how the introduction of a joint audit policy would affect audit market structure and consumer surplus. We perform this policy evaluation by identifying demand fundamentals in a joint audit regime and applying them to a single audit regime. We find that a joint audit requirement has the potential to change the audit market structure substantially but that the effects are sensitive to the specific policy design. For exam...
• The standard-setters' toolkit: can principles prevail over bright lines? AI翻译
  作者：Henderson, Darren; O'Brien, Patricia C.
  作者单位：Wilfrid Laurier University; University of Waterloo
  摘要：We study lease accounting in an international panel data set to examine how accounting outcomes vary with two features of accounting standards: the emphasis on using professional judgement to apply principles, and the presence or absence of bright-line tests. We study four countries-Australia, Canada, the UK, and the US-and companies in two lease-intensive industries-retail and transportation. Our primary study period spans the time when Australia and the UK switched from domestic to internati...
• Mitigating political uncertainty AI翻译
  作者：Wellman, Laura A.
  作者单位：Utah System of Higher Education; University of Utah
  摘要：This study examines whether firms that establish political connections gain differential access to relevant information over legislative developments, thereby mitigating the negative consequences of uncertainty. I find that political connections (partially) offset the negative relation between investment and political uncertainty documented in prior research. My results do not appear to be driven by connected firms pursuing investments that are insensitive to uncertainty. I perform additional ...
• Accounting rules, equity valuation, and growth options AI翻译
  作者：Livdan, Dmitry; Nezlobin, Alexander
  作者单位：University of California System; University of California Berkeley
  摘要：In a model with irreversible capacity investments, we show that financial statements prepared under replacement cost accounting provide investors with sufficient information for equity valuation purposes. Under alternative accounting rules, including historical cost and value in use accounting, investors will generally not be able to value precisely a firm's growth options and therefore its equity. For these accounting rules, we describe the range of valuations that is consistent with the firm...
• Go before the whistle blows: an empirical analysis of director turnover and financial fraud AI翻译
  作者：Gao, Yanmin; Kim, Jeong-Bon; Tsang, Desmond; Wu, Haibin
  作者单位：City University of Hong Kong; University of Waterloo; McGill University
  摘要：This study investigates whether outside directors are aware of financial fraud. Our analysis focuses on the abnormal turnover of these directors during the fraud committing period, before fraud is discovered and before lawsuits are filed. Our empirical analysis shows that, during the fraud committing period, outside directors in fraud firms exhibit an abnormal level of turnover. Examining the characteristics of outside directors and boards at these fraud firms, we find strong evidence that fem...
• A theory of risk disclosure AI翻译
  作者：Heinle, Mirko S.; Smith, Kevin C.
  作者单位：University of Pennsylvania
  摘要：In this paper, we consider the price effects of risk disclosure. We develop a model in which investors are uncertain about the variance of a firm's cash flows and the firm releases an imperfect signal regarding this variance. In our model, uncertainty over the riskiness of a firm's cash flows leads to a variance uncertainty premium in its price. We demonstrate that risk disclosure decreases the firm's cost of capital by reducing this premium and that the market response to risk disclosure is s...
• The contribution of bank regulation and fair value accounting to procyclical leverage AI翻译
  作者：Amel-Zadeh, Amir; Barth, Mary E.; Landsman, Wayne R.
  作者单位：University of Oxford; Stanford University; University of North Carolina; University of North Carolina Chapel Hill
  摘要：Our analysis of how banks' responses to asset price changes can result in procyclical leverage reveals that, for banks with a binding regulatory leverage constraint, absent differences in regulatory risk weights across assets, procyclical leverage does not occur. For banks without a binding constraint, fair value and bank regulation both can contribute to procyclical leverage. Empirical findings based on a large sample of U.S. commercial banks reveal that bank regulation explains procyclical l...
• Articulation-based accruals AI翻译
  作者：Casey, Ryan; Gao, Feng; Kirschenheiter, Michael; Li, Siyi; Pandit, Shailendra
  作者单位：University of Denver; Rutgers University System; Rutgers University New Brunswick; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：We build an articulating financial statements model in which the beginning and ending balance sheet amounts are explicitly linked to accruals. We distinguish accruals based on the source financial statement of the accruals, either the cash flow statement, balance sheet, or statement of owners' equity. We then examine how the accrual-generating source affects the relations between accruals and future earnings and stock returns. While prior studies document a negative association between accrual...
• Internal control and internal capital allocation: evidence from internal capital markets of multi-segment firms AI翻译
  作者：D'Mello, Ranjan; Gao, Xinghua; Jia, Yonghong
  作者单位：Wayne State University; Governors State University; Iowa State University
  摘要：We investigate the impact of internal control over financial reporting on management decisions in directing corporate resources to alternative investment projects in multi-segment firms. Results from cross-sectional and inter-temporal analyses indicate that internal control weaknesses (ICWs) are associated with distortionary internal capital allocations. The adverse impact on internal capital markets is more pronounced for firms with company-level ICWs. Our analyses also show that firms with w...