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作者：Thomas, Jacob K.; Zhang, Frank; Zhu, Wei
作者单位：Yale University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Disclosure is of fundamental interest to accounting research. When the sign/magnitude of disclosed news is unclear, the information in disclosure events is inferred using the ratio of return volatilities during event and non-event windows (Beaver 1968). We show that return noise due to microstructure frictions and mispricing affects this ratio, and that effect is comparable to or exceeds that of information content. We use the SEC's Tick Size Pilot program to confirm the causal effect of retur...
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作者：Guest, Nicholas M.; Kothari, S. P.; Pozen, Robert C.
作者单位：Cornell University; Massachusetts Institute of Technology (MIT)
摘要：CEOs of S&P 500 firms that report high non-GAAP earnings relative to GAAP earnings receive substantial unexplained pay. Crucially, this result remains even after controlling for the level of non-GAAP and GAAP earnings. These firms are relatively poor performers (i.e., low GAAP earnings and stock returns) and have less powerful CEOs, consistent with non-GAAP earnings being used as justification when high executive pay is more likely to cause outrage. Additionally, despite the lower GAAP and ret...
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作者：Asay, H. Scott; Guggenmos, Ryan D.; Kadous, Kathryn; Koonce, Lisa; Libby, Robert
作者单位：University of Iowa; Cornell University; Emory University; University of Texas System; University of Texas Austin
摘要：This paper discusses the role of process evidence in accounting research. We define process evidence broadly as data providing insight into how and why cause-effect relationships occur, and we provide a framework to guide the provision and evaluation of process evidence in accounting studies. Our definition allows for an expanded understanding of techniques for gathering process evidence. The framework highlights the importance of the study's goals and theory in choosing how to provide process...
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作者：Baudot, Lisa; Kelly, Khim; McCullough, Aaron
作者单位：State University System of Florida; University of Central Florida
摘要：Socializing personnel into accepting work hour norms has been fundamental to how accounting firms function, but is now challenged by contemporary work perspectives. Using 40 semi-structured interviews of personnel across hierarchical levels at a national firm and an international firm, we show how strangeness and contradiction expressed in work hour perspectives across different levels within both firms are reconstructed as compatible and complementary. Highlighting various firm adaptations, i...
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作者：Hu, Danqi; Stephan, Andrew
作者单位：Peking University; University of Colorado System; University of Colorado Boulder
摘要：We provide initial evidence that stock exchange procedures around closing auctions advantage speed traders at the expense of auction participants. We show that, on Nasdaq and NYSE Arca, 4:00 pm earnings releases result in informed trading in the continuous regular-hour session in the short window between 4:00 pm and the closing auction; this trading subsequently moves closing prices in the direction of the earnings news. The ability of speed traders to submit 4:00-pm-news orders to the auction...
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作者：Hong, Bright (Yue)
作者单位：DePaul University
摘要：Deficiencies identified in complex audit tasks suggest room for improvement in audit judgments. I propose that aligning an auditor's focus ( prevention/promotion) and mindset (concrete/abstract) in a compatible way can induce an experience of ``regulatory fit'' that improves judgments compared to ``regulatory non-fit.'' Results are more complex than previously thought. I find that fit versus non-fit improves judgments, but only for auditors who are initially less engaged in the judgment task. ...
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作者：Wang, Wei
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Banks play a central role in creating liquidity for the economy by financing illiquid assets with liquid liabilities. This paper examines the effect of accounting restatements on bank liquidity creation. Using a difference-indifferences research design, I show that restatements trigger a significant reduction in liquidity creation. This effect derives mainly from banks shifting away from illiquid assets and toward liquid assets. Further analysis reveals that restatements affect liquidity creat...
