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作者：Hepfer, Bradford F.
作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：I examine whether book-tax differences (BTDs) are mispriced. I predict that BTD mispricing is the operating cash flows-to-price (CFO/P) anomaly in disguise. Using both time-series asset pricing tests and cross-sectional returns tests, I provide consistent evidence that returns to trading on BTDs are explained by CFO/P. Rather than being an independent anomaly, the findings indicate that any evidence of BTD mispricing is subsumed by the broader CFO/P anomaly. These findings stand in contrast to...
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作者：Hecht, Gary; Maas, Victor S.; van Rinsum, Marcel
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Amsterdam; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：We investigate managers' propensity to engage in strategic promotion behavior. Strategic promotion behavior occurs when managers pursue personal economic interests when contributing to employee promotion decisions, such that the probability that relatively lower performing employees are selected for a promotion is increased. We develop theory about how two important organizational characteristics-transparency about individual performance levels and the presence of group incentives-jointly affe...
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作者：Cheng, Zhuo (June); Fang, Jing (Bob); Myers, Linda A.
作者单位：Hong Kong Polytechnic University; Hong Kong Metropolitan University; University of Central Arkansas; University of Tennessee System; University of Tennessee Knoxville
摘要：The larger association between earnings and contemporaneous returns for negative returns than for positive returns is often attributed to conditional conservatism. We reason that this asymmetry may also be driven by the lack of timeliness with which stock price incorporates bad news relative to good news. Consistent with our reasoning, we show that when stock price incorporates bad news with delay, the asymmetry can exist in the absence of conditional conservatism. This suggests the testable h...
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作者：Guenther, David A.; Peterson, Kyle; Searcy, Jake; Williams, Brian M.
作者单位：University of Oregon; University of Oregon; Indiana University System; Indiana University Bloomington; IU Kelley School of Business
摘要：We investigate (1) how well a machine learning algorithm can predict one-year ahead effective tax rates (ETRs) and (2) which items in the financial statements and notes are most useful for these predictions. We compare our machine-generated ETR predictions with those from ETRs implied by analysts' earnings forecasts and find the algorithm's predictions are less biased, more precise, and explain more of the variance in future ETRs. We then use Explainable AI (based on Shapley values) to measure...
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作者：Chen, Hui; Yang, Li
作者单位：University of Zurich; Columbia University
摘要：We examine the evolution of accounting regulation by linking disclosure policies and investments in a dynamic voting model. The disclosure policies are the outcome of voting by entrepreneurs, whose preferences are influenced by their investments. The investments are in turn endogenously determined by current and future disclosure policies. Absent external influences, accounting regimes are stable. A disclosure regime of high (low) quality and a strong (weak) economy coexist and reinforce each ...
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作者：Blankespoor, Elizabeth; Hendricks, Bradley E.; Miller, Gregory S.
作者单位：University of Washington; University of Washington Seattle; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Michigan System; University of Michigan
摘要：We examine firm disclosure choice during the initial public offering (IPO) roadshow presentation to understand the informativeness of a management presentation designed to attract investors. Although firms submit a comprehensive registration filing during the IPO, managers also prepare a roadshow presentation, which is shorter and typically allows managers more autonomy to select the information released and how it is discussed. We find that IPO roadshows have significantly more positive, less...
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作者：Murthy, Uday S.; Park, Jong Chool; Smith, Thomas; Whitworth, James
作者单位：State University System of Florida; University of South Florida
摘要：We examine the effects of a large number of clients in an audit office using the same enterprise -resource planning (ERP) system such as SAP or Oracle resulting in what we term client accounting system homogeneity on audit efficiency and effectiveness. Using a unique dataset of ERP system implementations, we find that accounting system homogeneity is positively associated with audit efficiency. Specifically, we find lower (higher) audit fees for clients using an ERP system from a vendor used b...
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作者：Joe, Jennifer R.
作者单位：University of Delaware
摘要：This essay is based on my plenary address at the 105th Annual Meeting of the American Accounting Association (AAA). I am honored to have been selected as the AAA 2021 Presidential Scholar. This essay represents a call to action. I invite my fellow accounting professors to fulfill our stated mission and shared values to be thought leaders in accounting. I present ideas and suggestions on how we can lead our students, our academic institutions, and the accounting profession in supporting a prosp...
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作者：Chen, Novia X.; Chi, Sabrina; Shevlin, Terry
作者单位：University of Houston System; University of Houston; California State University System; California State University Fullerton; University of California System; University of California Irvine
摘要：Disclosure theory predicts that the likelihood of voluntary disclosures increases with the noise level in mandatory disclosures. We test this prediction by exploiting a unique setting where firms simultaneously provide two forecasts of the same metric-annual effective tax rates (ETRs). We find that managers are more likely to issue voluntary ETR forecasts when mandatory ETR forecasts contain more noise due to tax complexity, suggesting that managers resort to voluntary disclosure when mandator...
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作者：He, Yue; Kim, Jeong-Bon; Li, Bing; Liu, Zhenbin
作者单位：Shanghai University of Finance & Economics; City University of Hong Kong; Hong Kong Baptist University
摘要：We exploit the technological closeness among clients of the same auditor to examine whether auditors accumulate knowledge from their clients' technological proximity. We find that a client firm's technological proximity to other clients of its audit office improves audit quality and results in an audit fee discount, even after controlling for the product similarity effect, auditors' overall technological expertise, and industry specialization. Both an increase in audit quality and a decrease i...
