3期

最新文章

• Out of Control: The (Over) Use of Controls in Accounting Research AI翻译
  作者：Whited, Robert L.; Swanquist, Quinn T.; Shipman, Jonathan E.; Moon, James R., Jr.
  作者单位：North Carolina State University; University of Alabama System; University of Alabama Tuscaloosa; University of Arkansas System; University of Arkansas Fayetteville; University System of Georgia; Georgia Institute of Technology
  摘要：In the absence of random treatment assignment, the selection of appropriate control variables is essential to designing well-specified empirical tests of causal effects. However, the importance of control variables seems under-appreciated in accounting research relative to other methodological issues. Despite the frequent reliance on control variables, the accounting literature has limited guidance on how to select them. We evaluate the evolution in the use of control variables in accounting r...
• The Deterrent Effect of Insider Trading Enforcement Actions AI翻译
  作者：Davidson, Robert H.; Pirinsky, Christo
  作者单位：Virginia Polytechnic Institute & State University; State University System of Florida; University of Central Florida
  摘要：We analyze whether exposure to an SEC insider trading enforcement action affects how insiders trade. We find that following an insider trading enforcement action at one firm, exposed insiders earn significantly lower abnormal profits from their trades at other firms compared to non-exposed insiders. The deterrent effect is stronger when a fellow insider is convicted, and is similarly significant both pre- and post-SOX. Following the enforcement event, exposed insiders do not trade less frequen...
• Income Smoothing through R&D Management and Earnings Informativeness AI翻译
  作者：Baik, Bok; Gunny, Katherine A.; Jung, Boochun; Park, Duri
  作者单位：Seoul National University (SNU); Children's Hospital Colorado; University of Colorado System; University of Colorado Anschutz Medical Campus; University of Colorado Denver; University of Hawaii System; University of Hawaii Manoa; Sogang University
  摘要：We examine whether income smoothing via R&D management is associated with more informative earnings. While the literature finds earnings smoothing through accruals improves earnings informativeness, it is unclear whether smoothing through R&D management is used to inform investors because R&D management is relatively more difficult to detect and curb. We find that R&D management, which represents a subset of real activities management, is associated with more informative earnings, but the asso...
• The Determinants and Consequences of Big 4 Lobbying Positions on Proposed Financial Accounting Standards AI翻译
  作者：Monsen, Brian R.
  作者单位：University System of Ohio; Ohio State University
  摘要：Despite the considerable participation of Big 4 accounting firms in accounting standard setting, there is no systematic evidence on what factors shape Big 4 support or opposition toward proposed accounting standards or whether their lobbying positions materially influence standards. Using textual features of Big 4 comment letters on FASB proposals, I find that Big 4 firms??? lobbying positions reflect profit motives through support for standards that will generate more fees or are supported by...
• Investment as the Opportunity Cost of Dividend Signaling AI翻译
  作者：Kaplan, Zachary; Perez-Cavazos, Gerardo
  作者单位：Washington University (WUSTL); University of California System; University of California San Diego
  摘要：We provide evidence that dividends signal sustainable earnings generated by assets-in-place for firms with weak investment opportunities. In the cross-section, both dividend levels and changes contain more earnings information among firms with weaker investment opportunities. Intertemporally, when aggregate investment opportunities in the economy are worse, dividend changes convey more earnings information. In contrast, dividends have a more negative association with investment spending for fi...
• Disclosure to Regulate Learning in Product Markets from the Stock Market AI翻译
  作者：Arya, Anil; Ramanan, Ram N., V
  作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
  摘要：A firm???s stock price may reveal information to a variety of participants, including its strategic partners and competitive rivals. This paper establishes that when a firm discloses cost information it can confound decision relevant demand information embedded in the stock price that observers can otherwise extract. With stock price valuing firm profit (not cost and revenue separately), a disconnect is introduced between the firm???s actions and its intent???it discloses more (less) on one di...
• Don't Make Me Look Bad: How the Audit Market Penalizes Auditors for Doing Their Job AI翻译
  作者：Cowle, Elizabeth N.; Rowe, Stephen P.
  作者单位：Colorado State University System; Colorado State University Fort Collins; University of Arkansas System; University of Arkansas Fayetteville
  摘要：We examine the reputational impact of an audit office issuing adverse internal control opinions (adverse ICOs). While prior research has examined how clients that receive an adverse ICO respond, we focus on clients that did not receive an adverse ICO. We find that audit offices that issue more adverse ICOs experience lower growth and that this effect is stronger when the adverse ICO is associated with a more visible client or refers to an entity-level control weakness. Finally, we find that cl...
• Emotions and Managerial Judgment: Evidence from Sunshine AI翻译
  作者：Chen, Chen; Chen, Yangyang; Pittman, Jeffrey A.; Podolski, Edward J.; Veeraraghavan, Madhu
  作者单位：Monash University; City University of Hong Kong; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Deakin University; Manipal Academy of Higher Education (MAHE)
  摘要：We examine the role and economic consequences of emotions in shaping the judgment of corporate executives. Analyzing a large sample of U.S. public firms, we find that sunshine-induced good mood leads managers to make upwardly biased earnings forecasts. Importantly, our evidence implies that managers become less susceptible to the sunshine priming effect in unambiguous settings, when their forecasts are subject to stricter external monitoring, and when they have stronger incentives to issue acc...
• Institutional Dual-Holders and Managers? Earnings Disclosure AI翻译
  作者：Peyravan, Leila; Wittenberg-Moerman, Regina
  作者单位：Rice University; University of Southern California
  摘要：We investigate how institutional (non-commercial bank) investors that simultaneously invest in a firm???s debt and equity (dual-holders) influence the firm???s voluntary disclosure. Because institutional dual-holders trade on private information gleaned through lending relationships, we predict and find that borrowers increase earnings forecast disclosure to reduce these investors??? information advantage following the origination of loans with their participation. We also show that the increa...
• Do Reporting Incentives and Consequences Change under the New Lease Accounting Standard? AI翻译
  作者：Christensen, Derek M.; Linsmeier, Thomas J.; Wangerin, Daniel D.
  作者单位：University of Oregon; University of Wisconsin System; University of Wisconsin Madison
  摘要：This research evaluates whether reporting incentives and consequences change under the new lease accounting standard. Under prior guidance (SFAS 13), we predict and find firms with high financing cost sensitivities to leverage have greater incentive to finance investments with operating leases. Under the new lease accounting standard (ASU 2016-02), we predict and find this leverage incentive remains but is reduced, consistent with the FASB's objective to limit opportunities to structure lease ...