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作者：Patatoukas, Panos N.
作者单位：University of California System; University of California Berkeley
摘要：How much news is there in aggregate accounting earnings? I provide evidence that earnings changes at the stock market level are correlated with new information about not only expected future cash flows but also discount rates. A comprehensive investigation of the link to discount rates reveals that aggregate earnings changes are tied to news about all components of the expected future stock market return, i.e., the real riskless rate, expected inflation, and the expected equity risk premium. O...
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作者：Dikolli, Shane S.; Mayew, William J.; Nanda, Dhananjay
作者单位：Duke University; University of Miami
摘要：In a broad cross-section of US firms, we document that the likelihood of a CEO's performance-related dismissal declines in his tenure. This finding is consistent with both firm performance revealing information about a CEO's uncertain executive ability and CEO tenure reflecting weak firm governance choices that reduce the likelihood of performance-related dismissal. In a sample of CEOs who begin their appointment during our sample period, we find evidence more broadly in favor of the former ex...
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作者：Hribar, Paul; Kravet, Todd; Wilson, Ryan
作者单位：University of Iowa; University of Texas System; University of Texas Dallas; University of Oregon
摘要：This study develops a measure of accounting quality based on audit fees. Adopting a neoclassical view of the audit market, we argue that unexplained audit fees should contain information about accounting quality. We find that our measure of unexplained audit fees correlates positively with other empirical measures of quality. We further show that our measure of accounting quality is incrementally predictive of fraud, restatements, and SEC comment letters, controlling for other measures of qual...
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作者：Arora, Navneet; Richardson, Scott; Tuna, Irem
作者单位：University of London; London Business School
摘要：We assess the relation between asset reliability and security prices. Concerns about asset reliability are increasing with the move to fair value accounting in general purpose financial reports. We provide pertinent evidence from credit markets. A key benefit of using credit market data to explore the capital market implications of asset reliability is the theoretical basis of Duffie and Lando (Econometrica 69(3):633-664, 2001). They show that asset reliability (measurement) concerns should be...
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作者：Amir, Eli; Kallunki, Juha-Pekka; Nilsson, Henrik
作者单位：Tel Aviv University; City St Georges, University of London; University of Oulu; Stockholm School of Economics
摘要：We explore whether audit partners' attitude towards risk, as measured by their personal criminal convictions, are reflected in the composition of their client portfolios. Analyzing a unique dataset of Swedish audit partners' criminal convictions, we find that the clients of audit partners with criminal convictions are characterized by greater financial, governance, and reporting risk than those of audit partners without criminal convictions. Also, clients of audit partners with criminal convic...
