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作者：Commerford, Benjamin P.; Mullis, Curtis; Stefaniak, Chad M.
作者单位：University of Kentucky; University System of Georgia; Georgia State University; University of South Carolina System; University of South Carolina Columbia
摘要：In a quasi-experiment with external (EA), in-house internal (IIA), and outsourced internal auditors (OIA) as participants in their natural roles, we compare auditors' internal control evaluations in the presence of differing management reporting motives. Grounded in Organizational Identity (OID) Theory, we find EAs' evaluations are more (less) lenient when management's motive is less (more) self-serving. We provide evidence that management's motives affect EAs' evaluations because management i...
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作者：Hayes, Rachel M.; Tian, Xiaoli (Shaolee); Wang, Xue
作者单位：Utah System of Higher Education; University of Utah; Georgetown University; University System of Ohio; Ohio State University
摘要：We examine the effects of banking deregulation on bank board policies-specifically, whether deregulation affects the performance and risk exposure measures used in bank CEO turnover decisions. Using the staggered adoption of interstate branching as our setting, we find that bank CEO turnover is more (less) sensitive to stock (accounting) performance after deregulation. We also find that deregulation is associated with a higher sensitivity of bank CEO turnover to the idiosyncratic component of ...
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作者：Easton, Peter D.; Larocque, Stephannie A.; Mason, Paul; Utke, Steven
作者单位：University of Notre Dame; Baylor University; University of Connecticut
摘要：We describe variation in the reporting quality (i.e., accuracy and bias of reported net asset values (NAVs)) of private equity (PE) funds across types of external monitors (investors and auditors) and third-party service providers (valuation specialists, marketers, and administrators). In contrast to public markets, we find only limited evidence that reporting quality varies with the composition and types of investors in PE funds. We observe, however, that reporting quality varies with auditor...
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作者：Glaeser, Stephen; Schonberger, Bryce; Wasley, Charles E.; Xiao, Jason J.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; University of Colorado System; University of Colorado Boulder; University of Rochester
摘要：There is limited evidence about when, why, and which individuals incur costs to acquire nonpublic information about a firm, largely due to the difficulty of observing private information acquisition. To overcome this difficulty, we obtain data on Freedom of Information Act (FOIA) requests submitted to the Securities and Exchange Commission (SEC). We predict and find that perceived information asymmetry between managers and outsiders resulting from both proprietary and agency costs triggers FOI...
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作者：Gallani, Susanna
作者单位：Harvard University
摘要：Can managers use monetary incentives to elicit cooperation from workers they cannot reward for their efforts? I study conduit incentives, an innovative incentive design, whereby managers influence bonus -ineligible workers' effort by offering bonus -eligible employees a monetary reward for performance that critically depends on the cooperation of the bonus-ineligible workers. Motivated by the reward, bonus-eligible employees use social motivators to elicit cooperation from their ineligible col...
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作者：Kubick, Thomas R.; Li, Yijun
作者单位：University of Nebraska System; University of Nebraska Lincoln; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We identify executives who have experienced significant accounting-related adverse events during their careers as a powerful setting to examine the extent to which prior professional experience can influence subsequent financial reporting policies. We find that firms led by senior financial executives who have experienced accounting-related adverse events during their careers exhibit greater unconditional accounting conservatism, a lower likelihood of experiencing future accounting-related adv...
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作者：Chen, Ciao-Wei; Correia, Maria; Urcan, Oktay
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of London; London School Economics & Political Science
摘要：We examine the real effects of lease-capitalization rules (i.e., standards that require firms to capitalize finance leases) on corporate investment. We show that the introduction of these rules leads to a decrease in investment, which is more pronounced for firms with high reliance on leases. We posit and find that lease capitalization affects investment via a learning channel and a contracting channel. Regarding the first channel, we argue that managers identify areas of overinvestment and ac...
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作者：Jackson, Scott B.; Salzsieder, Leigh; Schaefer, Tammie J.
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Missouri System; University of Missouri Kansas City
摘要：Evidence reveals that managers exercise discretion over budget estimates, but little is known about whether revenues or expenses are more susceptible to budget discretion. Drawing upon regulatory focus theory, we predict a pattern of budget discretion that has not previously been identified. To test our theory, we conduct a series of experiments where managers face a goal to either minimize the performance metric to avoid missing the target (minimal budget goal) or maximize the performance met...
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作者：Capkun, Vedran; Lou, Yun; Otto, Clemens A.; Wang, Yin
作者单位：Hautes Etudes Commerciales (HEC) Paris; Singapore Management University
摘要：Using data on the registration of clinical trials and the disclosure of trial results, we examine how firms respond to peer disclosures. We find that firms are less likely to disclose their own trial results if the results of a larger number of closely related trials are disclosed by their peers. This relation is stronger if the firms face higher competition (as measured by the number of competing trials). It is weaker if the firms are further along in their research than the peers (as measure...
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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...
