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• Military experience and corporate tax avoidance AI翻译
  作者：Law, Kelvin K. F.; Mills, Lillian F.
  作者单位：Nanyang Technological University; University of Texas System; University of Texas Austin
  摘要：We find that managers with military experience pursue less tax avoidance than other managers and pay an estimated $1-$2 million more in corporate taxes per firm-year. These managers also undertake less aggressive tax planning strategies with smaller tax reserves and fewer tax havens. Although they leave tax money on the table, boards hiring these managers benefit from reductions in other gray areas in corporate reporting. The broad implications are as follows: for employee selection, boards ca...
• Estimation risk and auditor conservatism AI翻译
  作者：Lennox, Clive S.; Kausar, Asad
  作者单位：University of Southern California; Nanyang Technological University
  摘要：Estimation risk occurs when individuals form beliefs about parameters that are unknown. We examine how auditors respond to the estimation risk that arises when they form beliefs about the likelihood of client bankruptcy. We argue that auditors are likely to become more conservative when facing higher estimation risk because they are risk-averse. We find that estimation risk is of first-order importance in explaining auditor behavior. In particular, auditors are more likely to issue going-conce...
• The effects of audit partner pre-client and client-specific experience on audit quality and on perceptions of audit quality AI翻译
  作者：Chi, Wuchun; Myers, Linda A.; Omer, Thomas C.; Xie, Hong
  作者单位：National Chengchi University; University of Tennessee System; University of Tennessee Knoxville; University of Nebraska System; University of Nebraska Lincoln; University of Kentucky
  摘要：We examine the associations between audit partner pre-client and client-specific experience and audit quality using data from Taiwan, where signing audit partner names are disclosed. Using discretionary accruals and interest rate spreads to proxy for audit quality and perceptions of audit quality, respectively, we find that both pre-client and client-specific experience improve audit quality and creditor perceptions of audit quality. We also find that audit partner pre-client experience is pos...
• Voluntary fair value disclosures beyond SFAS 157's three-level estimates AI翻译
  作者：Chung, Sung Gon; Goh, Beng Wee; Ng, Jeffrey; Yong, Kevin Ow
  作者单位：Wayne State University; Singapore Management University; Hong Kong Polytechnic University; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
  摘要：Some firms voluntarily make disclosures about the controls and processes in place to ensure the reliability of fair value estimates. Consistent with these disclosures being driven by investors' concerns about the reliability of their SFAS 157 estimates, we find that firms with more opaque estimates are more likely to provide such disclosures. We then examine whether these disclosures improve investors' perception about the reliability of fair value estimates. We find that they are associated w...
• 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...
• 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 ...
• 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...
• 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...
• The changing relevance of accounting information to debt holders over time AI翻译
  作者：Givoly, Dan; Hayn, Carla; Katz, Sharon
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of California System; University of California Los Angeles; Columbia University
  摘要：A number of studies have examined the change over time in the information content of accounting numbers to stockholders. However, the stockholders' perspective is not necessarily identical to that of debt holders. The two groups face different risks and rewards, and thus their informational needs are not the same. We examine the change in the information content of accounting numbers over time from the debt holders' perspective and hypothesize about the economic and reporting factors likely to...