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作者：Florou, Annita; Kosi, Urska
作者单位：University of London; King's College London; Vienna University of Economics & Business
摘要：We examine whether the mandated introduction of International Financial Reporting Standards (IFRS) is associated with the propensity to access the public rather than private debt market and the cost of debt. We use a global sample of public bonds and private loans and find that mandatory IFRS adopters are more likely, post-IFRS, to issue bonds than to borrow privately. We also find that mandatory IFRS adopters pay lower bond yield spreads, but not lower loan spreads, after the mandate. These f...
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作者：Israeli, Doron
作者单位：Reichman University
摘要：The application of International Accounting Standard 40, Investment Property, in the European Union created a unique setting to study the implications of a decision to recognize versus disclose financial statements' items, because in this setting recognized and disclosed investment-property-related amounts share a common measurement base, i.e., fair value. I use this setting to (1) explore a firm's choice to recognize versus disclose fair values of investment properties, (2) test whether recog...
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作者：Doogar, Rajib; Sivadasan, Padmakumar; Solomon, Ira
作者单位：University of Washington; University of Washington Bothell; Tulane University
摘要：Audit fee residuals (the error term from audit fee models) are widely used in the accounting research literature. Researchers, however, have adopted contrasting views of these fee residuals. One view is that fee residuals are a combination of noise and auditor rents (i.e., abnormal profits), while the other view is that they are a combination of noise and unobserved audit costs (including any risk premium and a normal rate of return on all factors of production). As a result, identical researc...
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作者：Li, Ningzhong; Lou, Yun; Vasvari, Florin P.
作者单位：University of Texas System; University of Texas Dallas; Hautes Etudes Commerciales (HEC) Paris; University of London; London Business School
摘要：We examine the determinants of events of default clauses in syndicated loan and bond contracts, provisions that allow lenders to request the repayment of principal and to terminate lending commitments. We document significant variation in the use of default clauses and their restrictiveness within the same type of lending contract but also across loans and bonds. We find that default clauses in public bond contracts are less restrictive than those in syndicated loan contracts. We also document...
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作者：Amiram, Dan; Bozanic, Zahn; Rouen, Ethan
作者单位：Columbia University; University System of Ohio; Ohio State University
摘要：Motivated by methods used to evaluate the quality of data, we create a novel firm-year measure to estimate the level of error in financial statements. The measure, which has several conceptual and statistical advantages over available alternatives, assesses the extent to which features of the distribution of a firm's financial statement numbers diverge from a theoretical distribution posited by Benford's Law. After providing intuition for the theory underlying the measure, we use numerical met...
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作者：Sikes, Stephanie A.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：We provide a new explanation for cross-sectional variation in dividend tax capitalization. Our analysis is twofold. First, we conduct a theoretical analysis that shows that liquidity (illiquidity) mitigates (magnifies) the positive effect of dividend taxes on expected rates of return documented in prior literature. Second, we conduct an empirical analysis centered around the Jobs and Growth Tax Relief and Reconciliation Act of 2003, which reduced the difference between the maximum statutory di...
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作者：Brazel, Joseph F.; Jones, Keith L.; Thayer, Jane; Warne, Rick C.
作者单位：North Carolina State University; George Mason University; University of Virginia; University System of Ohio; University of Cincinnati
摘要：We surveyed 194 experienced, nonprofessional investors to examine the relations between their perceptions of the frequency of financial reporting fraud, their use of financial statement information, the importance they place on conducting their own fraud risk assessments, and their use of fraud red flags. We find that investors' perceptions of the frequency of fraud and their use of financial statement information positively influence the importance they place on conducting their own fraud ris...
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作者：Amiram, Dan; Bozanic, Zahn; Rouen, Ethan
作者单位：Columbia University; University System of Ohio; Ohio State University
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作者：Campbell, John L.; Downes, Jimmy F.; Schwartz, William C., Jr.
作者单位：University System of Georgia; University of Georgia; University of Nebraska System; University of Nebraska Lincoln; Oklahoma State University System; Oklahoma State University - Stillwater
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作者：Momente', Francesco; Reggiani, Francesco; Richardson, Scott
作者单位：Bocconi University; University of London; London Business School
摘要：We decompose broad-based measures of accruals into firm-specific and related-firm components. We find that the negative relation between accruals and future firm performance is almost entirely attributable to the firm-specific component. Standard risk-based explanations are hard to reconcile with this fact. To the extent expected returns have a common component spanning related firms, a risk-based explanation would suggest a stronger negative relation between accruals and future firm performan...
