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作者：Sheneman, Amy G.
作者单位：University System of Ohio; Ohio State University
摘要：Cybersecurity risk is a growing concern for public companies as economic activity increasingly relies on technology. Drawing on finance theory, which posits that lenders possess private information about borrowers, I hypothesize that lenders price cybersecurity risks into loan contracts. A priori, this relation is unclear, given the unpredictable nature of cybersecurity risk and the difficulty lenders face in assessing the likelihood and magnitude of associated losses. Using the private debt m...
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作者：Ulla, Jenny W.; Commerford, Benjamin P.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Kentucky
摘要：Companies, including public accounting firms, are integrating systems with advanced algorithms into decision-making processes to assist with developing and evaluating complex estimates. However, individuals may hesitate to rely on algorithmic output, particularly under conditions of uncertainty. We conduct two experiments examining whether and how a system's ability to adapt-an emerging feature of machine learning-interacts with uncertainty to influence accounting professionals' reliance on al...
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作者：Cunningham, Lauren M.; Stein, Sarah E.; Walker, Kimberly; Wolfe, Karneisha
作者单位：University of Tennessee System; University of Tennessee Knoxville; Virginia Polytechnic Institute & State University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Oversight responsibilities for many audit committees (ACs) are evolving to include some of the hottest topics in the boardroom: enterprise risk management, cybersecurity, and environmental, social, and governance reporting. However, certain ACs avoid overseeing these evolving areas, creating significant variation across boards in the assignment of responsibilities. In this study, we seek to understand how ACs respond when environmental changes create new evolving risks that may extend the boun...
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作者：Arya, Anil; Ramanan, Ram N. V.
作者单位：University System of Ohio; Ohio State University; Indian School of Business (ISB)
摘要：Firm disclosures are observed by multiple audiences with diverse interests. Recognizing this practical feature, studies have examined how conflicting incentives provided by the multiple recipients of the information affect disclosure outcomes. Understandably, studies have not examined scenarios wherein disclosure incentives from recipients align in the same direction. With aligned incentives, disclosure incentives are presumably additive. This paper challenges such thinking. We model a firm th...
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作者：Nieken, Petra; Ressi, Anna
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; WHU - Otto Beisheim School of Management
摘要：We present two experiments on the behavioral effects of prospective relative performance information (RPI) when facing multiple reference groups that differ in their implicit performance standard. In Study 1, employees are exogenously assigned to either a high-or low-standard reference group. Our results suggest that employees generally seek to enhance their sense of belonging by conforming to the standard. However, RPI boosts the performance of high-performers assigned to the low-standard gro...
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作者：Khavis, Joshua A.; Szerwo, Brandon
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：Although the PCAOB and the Center for Audit Quality have raised concerns about the negative consequences of audit-employee turnover (PCAOB 2015, 2024; CAQ 2019), these consequences remain largely undocumented due to data limitations. We use novel data to measure how audit-employee turnover within individual offices of accounting firms explains the auditor's ability to deliver for their clients and shapes the auditor-client relationship. We document that audit-employee turnover hampers the audi...
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作者：Wu, Fan
作者单位：Chinese University of Hong Kong
摘要：This paper studies whether and how firms' enhanced public disclosures of patent filings can spill over to the managerial labor market. Consistent with these disclosures crowding out the demand for directors and senior managers' (DSMs) private information, I find that their external employment opportunities deteriorate when firms disclose patent information more timely. This effect is more pronounced when the strategic value of the disclosed information is higher and when DSMs face fewer barrie...
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作者：Stocken, Phillip C.; Zhang, Gaoqing
作者单位：Dartmouth College; Carnegie Mellon University
摘要：We study the investment efficiency of the historical cost and fair value measurement rules when a reporting firm and its investors confront higher-order uncertainty inferring the behavior of others. Although all investors are attentive to the firm's report, the firm and investors incorrectly believe only some investors are attentive. We find that a report prepared under the historical cost rule yields greater investment efficiency than under the fair value rule if and only if (1) the investors...
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作者：Jenkins, J. Gregory; Negangard, Eric M.; Sheldon, Mark D.
作者单位：Auburn University System; Auburn University; University System of Ohio; John Carroll University
摘要：Global markets are moving toward requiring firms to track and report greenhouse gas emissions across their value chain. This includes self-generated emissions (i.e., Scope 1), emissions from power providers (i.e., Scope 2), and emissions from upstream suppliers and downstream parties (i.e., Scope 3). Yet, obtaining reliable emissions data is a complex task that often relies on cumbersome legacy processes and becomes especially challenging with upstream and downstream emissions. Using the Desig...
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作者：Li, Ken; McNichols, Maureen; Raghunandan, Aneesh
作者单位：McMaster University; Stanford University; Yale University
摘要：We develop and estimate a two-sided matching model of auditors and clients. We find evidence that auditors and clients engage in matching based on their preferences on both observable and unobservable characteristics. This matching appears to partly explain the Big 4 effect on audit outcomes: after controlling for the effects of matching, we find that the positive influence of having a Big 4 auditor on serious restatements and serious comment letter conversations with the SEC either weakens or...
