2期

最新文章

• The Disclosure and Consequences of US Critical Audit Matters AI翻译
  作者：Burke, Jenna J.; Hoitash, Rani; Hoitash, Udi; Xiao, Summer (Xia)
  作者单位：University of Colorado System; University of Colorado Denver; Bentley University; Northeastern University
  摘要：This study uses difference-in-differences (DiD) analyses to examine the consequences of adopting the U.S. critical audit matter (CAM) disclosure requirement for preparers and users of financial reports. The CAM requirement is one of the largest expansions of the U.S. audit report since the 1940s. We document significant changes to financial statement footnotes referenced by CAMs, which suggests an indirect consequence where management disclosure changes in areas that are expected to be scrutin...
• When Does the Internal Audit Function Enhance Audit Committee Effectiveness? AI翻译
  作者：Jaggi, Jacob
  作者单位：Washington State University
  摘要：I examine whether audit committees (ACs) improve financial reporting reliability by utilizing an internal audit function (IAF) as a resource and use semistructured interviews with chief audit executives and AC chairs to develop an understanding of the nature of AC-IAF relations. Using AC charters, I measure AC interaction with IAFs, finding improvement in financial reporting reliability for firms that introduce a new IAF under a New York Stock Exchange (NYSE) mandate. This improvement is limit...
• The Effects of Critical Audit Matter Disclosure on Audit Effort, Investor Scrutiny, and Investment Efficiency AI翻译
  作者：Chan, Derek K.; Liu, Nanqin
  作者单位：University of Hong Kong; Southern University of Science & Technology
  摘要：We study the effects of the disclosure of critical audit matters (CAMs) on an auditor's audit effort and an investor's scrutiny effort decisions and on investment efficiency. Both the auditor and the investor can prevent a bad investment by respectively auditing and scrutinizing the firm's financial reports to detect misstatements about the investment value. Investment efficiency is determined by the investor's total mix of information. The disclosure of CAMs helps the investor assess investme...
• Voluntary Disclosure When Information Quality Is Unknown AI翻译
  作者：Kim, Eunhee; Pae, Suil
  作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Sungkyunkwan University (SKKU)
  摘要：This paper presents a costly voluntary disclosure model in which the information quality of a signal about a firm's future cash flow is unknown, where the information quality, also called signal quality, refers to signal precision. Disclosure plays a dual role in firm valuation, providing information about both the cash flow and signal quality. We identify a necessary and sufficient condition under which the firm price under disclosure is a nonmonotonic and bounded function of the signal. Unde...
• Relative Performance Evaluation and Strategic Differentiation AI翻译
  作者：Schafer, Peter
  作者单位：Technical University of Munich
  摘要：I predict that relative performance evaluation (RPE) CEOs avoid strategic differentiation and increase the correlation of their firms' returns with that of their peers. This prediction follows from a moral hazard model integrating strategic differentiation decisions: Differentiation enhances performance but exposes firms to risks not shared with peers, and the weakening RPE's risk-shielding effect. Consistent with my prediction, I find evidence that changes in peer-group correlation are higher...
• Do Managers Learn from Analysts about Investing? Evidence from Internal Capital Allocation AI翻译
  作者：Guo, Re-Jin; Zhong, Rong (Irene)
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
  摘要：Analysts are recognized for their expertise in predicting industry growth, yet little is known about whether CEOs learn from analysts' insights to guide investment decisions. Focusing on conglomerates where CEOs are underinformed about segment growth opportunities, we find that CEOs learn industry insights from analysts to adjust internal capital allocation. The extent of learning increases when analysts have closer proximity to CEOs or expertise in segments where CEOs face larger internal kno...
• Withholding Taxes, Compliance Cost, and Foreign Portfolio Investment AI翻译
  作者：Jacob, Martin; Todtenhaupt, Maximilian
  作者单位：WHU - Otto Beisheim School of Management; Norwegian School of Economics (NHH)
  摘要：We examine the effect of compliance frictions in reclaiming foreign withholding tax overpayments on foreign portfolio investment (FPI) using data on bilateral FPI around the globe and U.S. institutional investors' foreign holdings. Exploiting variation in withholding tax overpayments for 36 investor countries and 110 issuer countries, we find that withholding tax overpayments adversely affect FPI because of the high compliance costs to international investors in claiming foreign tax credits. C...
• The Pitch: Managers? Disclosure Choice during Initial Public Offering Roadshows AI翻译
  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...
• Audit Efficiency and Effectiveness Consequences of Accounting System Homogeneity across Audit Clients: A New Form of Knowledge Spillover? AI翻译
  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...
• Disclosure and Lawsuits Ahead of Initial Public Offerings AI翻译
  作者：Esmer, Burcu; Ozel, N. Bugra; Sridharan, Suhas A.
  作者单位：University of Pennsylvania; University of Texas System; University of Texas Dallas; Emory University
  摘要：We examine whether initial public offering (IPO) registration disclosures expose firms to greater nonshareholder litigation risk. Using hand-collected data on lawsuits initiated at federal and state courts against IPO firms, we show that firms that submit their IPO registration statement with the Securities and Exchange Commission publicly experience a 16 percent increase in litigation risk between the registration filing and issuance date. Consistent with the public filing of the registration...