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作者：Hendricks, Bradley E.; Neilson, Jed J.; Shakespeare, Catherine; Williams, Christopher D.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Michigan System; University of Michigan
摘要：Regulation is often proposed, developed, and finalized over a lengthy rule-making period prior to its adoption. We examine the period over which banking authorities discussed, adopted, and implemented Basel III to understand how firms respond to proposed regulation. We find evidence to suggest that affected banks not only lobbied rule-makers against it but also made strategic financial reporting changes and altered their business models in ways that reduced their exposure to the proposed rule ...
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作者：Kubic, Matthew; Toynbee, Sara
作者单位：University of Texas System; University of Texas Austin
摘要：Staff at the U.S. Securities and Exchange Commission (SEC) conduct recurring reviews of firms' filings to deter misconduct and facilitate investor access to high-quality information. We identify the names of SEC staff who work on a comment letter and examine whether their prior involvement (i.e., continuity) is associated with comment letter quality. Our results are consistent with continuity leading to lower-quality comment letters. Continuity is associated with fewer substantive comments, ag...
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作者：Wentland, Kelly
作者单位：George Mason University
摘要：This study investigates whether industrial diversification generally provides a tax advantage and how the convexity of the tax system contributes to this benefit. The main findings show that multi-industry operations lower a firm's taxes and income volatility relative to single industry operations on average, but the benefit is not universal. Namely, there is no significant tax advantage when multi-industry firms have high crossindustry cash flow correlations or when limitations are placed on ...
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作者：Blackburne, Terrence P.; Quinn, Phillip J.
作者单位：Oregon State University; University of Washington; University of Washington Seattle
摘要：We examine cross-sectional variation in disclosure speed by using data that allow us to measure when managers learn of SEC investigations and the time lag until subsequent disclosures. We document that external monitoring and litigation risk are associated with 99 percent and 39 percent faster disclosure, and managerial entrenchment with 28 percent slower disclosure. When revelations by external parties preempt managers' disclosures, we observe a significant increase in bid-ask spreads that pe...
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作者：Kanodia, Chandra; Venugopalan, Raghu
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University of Houston System; University of Houston; University of Houston Downtown
摘要：Corporate managers often express concern about accounting-induced volatility in financial statements. Accounting regulators, however, argue that the volatility in financial statements merely increases transparency by shining a light on risks that are inherent to the firm's business. We show that in many situations managerial concerns about volatility are justified because the information that is being provided actually magnifies rather than merely reflects the volatility in a firm's fundamenta...
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作者：Kim, Tae Wook; Li, Jing; Pae, Suil
作者单位：Sungkyunkwan University (SKKU)
摘要：A firm manager is concerned about both the firm value and the market assessments of his abilities. When investing in a project, he has private knowledge of his project-related ability that interacts with the project investment, and his general ability that produces a cash flow independent of the project cash flow. The concerns about the general (project-related) ability assessment create a signaling incentive to decrease (increase) investment. In the presence of underinvestment (overinvestment...
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作者：Cussatt, Marc; Demere, Paul
作者单位：Clemson University; University System of Georgia; University of Georgia
摘要：We explore whether income tax accounting (ITA) for pensions provides measurement benefits incremental to U.S. GAAP. We use publicly reported Form 5500 defined-benefit pension expense and funding measures, which are calculated using ITA rules, and contrast them with parallel GAAP amounts. We document that ITA measures are more strongly associated with market value, future cash contributions, the cost of equity capital, and credit ratings than comparable GAAP measures, particularly when ITA bett...
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作者：Feng, Zhuoan; Francis, Jere R.; Shan, Yaowen; Taylor, Stephen L.
作者单位：University of Waikato; Maastricht University; University of Technology Sydney
摘要：Prior research finds that clients of high-quality auditors report higher-quality GAAP earnings. We extend this research to investigate whether auditor quality is associated with the quality of voluntarily disclosed non-GAAP earnings measures. Using a sample of Australian firms disclosing annual non-GAAP metrics, we find that clients of high-quality auditors are more likely to voluntarily disclose non-GAAP earnings numbers. However, clients of high -quality auditors make adjustments in calculat...
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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：Barth, Mary E.; Li, Ken; McClure, Charles G.
作者单位：Stanford University; McMaster University; University of Chicago
摘要：We address how value relevance of accounting information evolved as the new economy developed. Prior research concludes that accounting information-primarily earnings-has lost relevance. We consider more accounting items and find no decline in combined value relevance from 1962 to 2018. We assess evolution in each item's value relevance and find increases, most notably for items related to intangible assets, growth opportunities, and alternative performance measures, which are important in the...
