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作者：Gong, Jing; Krishnan, Jayanthi; Liang, Yi
作者单位：Lehigh University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：We examine financing outcomes for small businesses seeking to sell public securities in a setting characterized by high information asymmetry, weak requirements for auditor participation, and a complete absence of Big N auditors. Issuers that raise capital from small, unsophisticated investors through crowdfunding, under the Securities and Exchange Commission's Regulation Crowdfunding (RegCF), often need no auditor attestation or need only weak attestation in the form of reviews, not audits, o...
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作者：Proell, Chad A.; Zhou, Yuepin (Daniel); Nelson, Mark W.
作者单位：Texas Christian University; University of Illinois System; University of Illinois Urbana-Champaign; Cornell University
摘要：Auditors work in hierarchical teams in which effective upward communication is critical to audit quality. In these teams, subordinates choose both the content, as well as the style, of their communications. We report survey and experimental evidence of the importance of communication style in the context of audit team culture. Our first two studies provide evidence that audit staff perceive assertive upward communication as risky and prefer to communicate passively, especially in less autonomo...
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作者：Bogdani, Evisa; Causholli, Monika; Knechel, W. Robert
作者单位：University of Kentucky; State University System of Florida; University of Florida; University of Auckland; University of New South Wales Sydney
摘要：The SEC requires equity crowdfunding (ECF) companies to provide assured financial statements. Assurance can be provided with certification by management or an audit or review by an independent accountant. We utilize the ECF setting to examine whether voluntary assurance facilitates capital formation. We find that companies that provide either reviewed or audited financial statements during a capital campaign are marginally more likely to raise their target capital. They also raise more funds a...
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作者：Chen, Wen; Jung, Sumi; Peng, Xiaoxia; Zhang, Ivy Xiying
作者单位：City University of Hong Kong; Yonsei University; Utah System of Higher Education; University of Utah; University of California System; University of California Riverside
摘要：Exploiting the setting of staggered adoption of the Inevitable Disclosure Doctrine (IDD) in U.S. state courts, we examine how quasi-exogenous restrictions of outside employment opportunities affect CEO compensation structure. The IDD adoption constrains executives' ability to work for competitors, which likely decreases CEOs' tendency to take risks by increasing the cost of job loss and reducing the reward to risk taking. We expect the board to respond by increasing the sensitivity of CEO weal...
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作者：Dordzhieva, Aysa
作者单位：University of Texas System; University of Texas Austin
摘要：This study addresses the international debate over whether the rotation of audit firms should be mandatory. Mandatory rotation rules have been adopted by the European Union, but these rules have not been established in the United States. Proponents of the policy believe that a long-tenure auditor-client relationship leads to the auditor building an excessive economic bond with the client, which may then erode auditor independence. Motivated by this claim, I build a theoretical model that compa...
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作者：Schabus, Mario
作者单位：Michigan State University; Michigan State University's Broad College of Business
摘要：I examine whether directors' superior access to information through their board network improves the accuracy of firms' forecasting. Managers may benefit from well-connected directors (i.e., board centrality) as they may have limited insight into market developments or decision-making processes of other firms beyond knowledge specific to their firm. Employing a sample of U.S.-listed companies, I separately examine the effect of within-firm variation in direct and indirect board connections on ...
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作者：Basu, Riddha; Naughton, James P.; Wang, Clare
作者单位：George Washington University; University of Virginia; University of Colorado System; University of Colorado Boulder
摘要：We find that corporate credit rating changes have an effect on firms' voluntary disclosure behavior that is independent of the information they convey about firm fundamentals. Our analyses exploit two separate quasi experimental settings that generate either exogenous credit rating downgrades or credit rating upgrades (i.e., credit rating label changes). We find evidence of a negative relation between the direction of the credit rating label change and the provision of voluntary disclosure in ...
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作者：Chapman, Kimball L.; Miller, Gregory S.; Neilson, Jed J.; White, Hal D.
作者单位：Washington University (WUSTL); University of Michigan System; University of Michigan; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of Notre Dame
摘要：A dedicated investor relations (IR) function facilitates direct and ongoing dialog between management and shareholders. This paper examines whether this form of engagement mitigates activism that relies upon support from other shareholders. We find that IR engagement is associated with increased investor confidence in management and the board, as well as a lower likelihood of activism, with this deterrent effect becoming stronger when there are fewer frictions surrounding the development of mu...
