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作者：Christensen, Peter O.; Frimor, Hans
作者单位：University of Southern Denmark
摘要：In a standard financial economics model of asset pricing and value-maximizing firms, we show that better public information about firm-specific and economy-wide events affects the allocation of capital investments among firms and over time. The consequences for capital market outcomes, such as risk, risk premia, interest rates, firm prices, and the cost of capital, depend on investor preferences and whether improvements are to firm-specific or economy-wide information. We show that interest ra...
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作者：Dikolli, Shane S.; Keusch, Thomas; Mayew, William J.; Steffen, Thomas D.
作者单位：University of Virginia; INSEAD Business School; Duke University; Yale University
摘要：We investigate the audit fee response to CEO behavioral integrity (BI). BI refers to the perceived congruence between an individual's words and deeds (Simons 2002). Because low word-deed congruence should result in more explanations when communicating, we use variation in explanations beyond firm fundamentals and CEO-specific characteristics in more than 30,000 shareholder letters to serve as a linguistic-based proxy for CEO BI. We find that audit fees increase as BI decreases, but BI is not a...
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作者：Chircop, Justin; Collins, Daniel W.; Hass, Lars Helge; Nguyen, Nhat (Nate) Q.
作者单位：Lancaster University; University of Iowa; Colorado State University System; Colorado State University Fort Collins
摘要：We predict that a firm's greater accounting comparability with its industry peers facilitates its learning from those peer firms' research and development (R&D) investments, allowing that firm to have greater innovative efficiency. We estimate accounting comparability using pro forma capitalized R&D earnings that link lagged R&D expenditures to future profitability employing the Almon (1965) distributed lag model. We find that greater accounting comparability leads to enhanced ability to predi...
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作者：Liu, Tingting
作者单位：Iowa State University
摘要：Using a hand-collected dataset for takeovers from 1996 to 2013, I examine why some target firms obtain a second fairness opinion and the associated wealth effects of doing so. I find that multiple opinions are more likely to be used in deals in which management/investment bank conflicts of interest are high-e.g., buyouts and stapled financing deals. In addition, the use of a second opinion has a significantly positive impact on target shareholders' wealth in these two types of deals. Fairness ...
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作者：Chen, Jeff Zeyun; Chen, Mei-Hui; Chin, Chen-Lung; Lobo, Gerald J.
作者单位：Texas Christian University; National Defense University - USA; National Chengchi University; University of Houston System; University of Houston
摘要：We hypothesize that if individual auditors possess unique audit styles that they consistently apply to different audit engagements, then client firms with a common signing auditor will exhibit higher earnings comparability. Using a large sample of Chinese firms, we find that client firms report more comparable earnings when they are audited by the same individual auditor than when they are audited by (1) different audit firms, (2) the same audit firm, but different audit offices, and (3) the s...
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作者：D'Augusta, Carlo; DeAngelis, Matthew D.
作者单位：Middle Tennessee State University; University System of Georgia; Georgia State University
摘要：We examine whether the relationship between managerial tone and earnings performance depends on the performance of the firm relative to earnings expectations. Using both annual changes in earnings and the difference between realized earnings and analyst consensus forecasts, we find evidence of tone concavity'' around earnings expectations. Specifically, the covariance between managerial tone and earnings performance is positive when earnings are below expectations, but negative when earnings m...
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作者：Czerney, Keith; Schmidt, Jaime J.; Thompson, Anne M.; Zhu, Wei
作者单位：University of Missouri System; University of Missouri Columbia; University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines whether material corporate events that occur during the year-end closing process constrain management's and the auditor's resources and inhibit them from providing high-quality financial reports. For a sample of U.S. company financial reports issued during 2000-2013, we identify material corporate events using Type II subsequent event footnote disclosures (i.e., material events that occur in year t+1, but prior to the issuance of the year t financial statements, yet do not ...
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作者：Arnold, Markus C.; Hannan, R. Lynn; Tafkov, Ivo D.
作者单位：University of Bern; Tulane University; University System of Georgia; Georgia State University
摘要：This study investigates whether the benefit firms can extract from team member communication to the team manager-who may use such information for rewarding individual team members-is affected by differences in the type of mutual monitoring information available to team members. We predict and find that team performance is higher when team members can observe only each other's effort than when they can observe both each other's effort and output levels; conversely, team performance is lower whe...
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作者：Bhaskar, Lori Shefchik
作者单位：Indiana University System; Indiana University Bloomington
摘要：I provide theory-based causal evidence on the effects of risk-based regulatory inspections, modeled after the PCAOB's, on auditor behavior in a multi-client setting where clients with relatively higher misstatement risk (higher-risk'' clients) have a higher risk of being inspected than clients with relatively lower misstatement risk (lower-risk'' clients). I predict and find that inspections increase auditor effort, but only for higher-risk clients. Inspections also impair auditors' decision p...
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作者：Madsen, Joshua M.; McMullin, Jeff L.
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Indiana University System; Indiana University Bloomington
摘要：On September 20, 2012, the rewards-based crowdfunding platform Kickstarter.com added a ``risks and challenges'' section to all project pages. While the section header became a mandatory part of the platform, discussion of risks within that section is voluntary and unverified, making this setting particularly useful for identifying the effects of disclosure on both crowdfunders and entrepreneurs. Consistent with increased salience of risks, we find that backer support for high-risk projects dec...
