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作者：Baik, Brian K.; Berfeld, Natalie; Verdi, Rodrigo S.
作者单位：Harvard University; Boston College; Massachusetts Institute of Technology (MIT)
摘要：We study whether the availability of public audited financial statements influences the probability of private firms receiving private firm equity financing. Using a setting in the EU with plausibly exogenous variability in the extent to which private firms issue public financial reports, we find that private firms subject to public reporting requirements have a higher probability of obtaining private equity (PE) financing. In addition, we show that the increase in PE financing occurs in indus...
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作者：Labro, Eva; Omartian, James D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Michigan System; University of Michigan
摘要：Using Census microdata on 28,000 manufacturing plants, we examine how firms manage employee retention concerns. In response to reductions in the local unemployment rate, plants take additional steps beyond increasing compensation. First, plants adjust bonus architecture to ensure bonuses can be paid. Second, plants offer more agency to employees by deploying high-involvement work practices that generate longer-term commitment. Third, plants pull these retention levers less when they have high ...
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作者：Hanlon, Michelle
作者单位：Massachusetts Institute of Technology (MIT)
摘要：To commemorate the 100th anniversary of The Accounting Review, I was asked to provide my forecast of the future of tax research in accounting. In sum, my opinion is that the future is bright and full of opportunities for tax scholars. Governments are altering corporate income tax laws in fundamental ways and questions about how these changes affect investment, investment location, income shifting, corporate capital structure, and financial reporting will be very important aspects to study. New...
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作者：Nelson, Mark W.
作者单位：Cornell University
摘要：This commentary considers experimental and archival auditing research published over the past 50 years and suggests directions for future research. Starting with Ashton (1974a) and Simunic (1980), I discuss major research themes occurring in these literatures. I use Brunswik's lens model as a metaphor that highlights methodological complementarities and opportunities for convergence to address important issues. Possible topics to consider further in future research include the determinants of ...
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作者：Maffett, Mark G.; Samuels, Delphine; Zhou, Frank S.
作者单位：University of Miami; University of Chicago; University of Pennsylvania
摘要：We examine how the SEC's 2014 Municipalities Continuing Disclosure Cooperation initiative (MCDC) affects disclosure compliance in the municipal bond market. The MCDC granted favorable settlement terms to municipal debt issuers and underwriters who voluntarily self-reported having violated SEC disclosure requirements. Although underwriters participated widely, most municipal issuers did not participate in the MCDC initiative despite having publicly observable disclosure violations. We find that...
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作者：Hilary, Gilles; Tian, Xiaoli (Shaolee); Yu, Miaomiao
作者单位：Georgetown University; University of North Carolina; University of North Carolina Charlotte
摘要：We investigate whether meeting Wall Street's expectations affects rank-and-file employees' satisfaction. Controlling for firms' underlying financial performance, we find that those currently working for firms that meet or marginally beat analysts' forecasts experience increased job satisfaction. This positive effect is concentrated among employees who are less transient, receive more nonexecutive stock options, or are more unionized. Furthermore, the positive effect exists only when employees ...
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作者：Hope, Ole-Kristian; Wang, Cyndia; Wu, Yaqian; Zhang, Min
作者单位：University of Toronto; BI Norwegian Business School; University of British Columbia; Nanjing Agricultural University; Renmin University of China
摘要：Many countries have converged their domestic auditing standards with International Standards on Auditing (ISA). This study provides global empirical evidence on first-order determinants of audit quality by examining whether and how convergence affects audit quality through utilizing data on 41 jurisdictions and using a staggered difference-in-differences approach. We find that ISA convergence leads to higher audit quality on average. The positive effect is stronger for clients of domestic audi...
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作者：(Alex) Yang, Hsiang-Chieh
作者单位：University System of Georgia; Augusta University
摘要：I explore the real effects of an update in loan loss accounting, the current expected credit loss (CECL) model. Although CECL's predecessor only required banks to recognize losses after an event that made a loan uncollectible, CECL requires banks to recognize expected lifetime credit losses when originating loans. CECL's earlier recognition of loan losses increases the cost of reserving regulatory capital for loans, decreasing banks' willingness to lend. Empirically, I find that, following CEC...
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作者：Heese, Jonas; Pacelli, Joseph
作者单位：Harvard University
摘要：This study examines whether enterprise resource planning (ERP) implementations are associated with reductions in corporate misconduct. Specifically, we study the relation between staggered facility-level rollouts of ERP systems and facility-level regulatory violations across a large sample of U.S. firms. Our results indicate that facilitylevel ERP adoptions are associated with substantial reductions in local violations and penalties. Additional analyses suggest that the effects are more pronou...
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作者：Chua, Wai Fong; Graaf, Johan; Kraus, Kalle
作者单位：University of Sydney; Stockholm School of Economics; Monash University
摘要：This longitudinal study investigates the integration of the controllability principle in the redesign of a performance measurement system (PMS). The PMS and the controllability principle are conceptualized as epistemic objects (open, question-generating, and complex objects) which are associated with varying stakeholder desires. The paper makes two contributions. First, it demonstrates how a PMS can oscillate between different interpretations of the controllability principle (narrow versus bro...
