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作者：Banker, Rajiv D.; Huang, Rong; Natarajan, Ram; Zhao, Sha
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Fudan University; University of Texas System; University of Texas Dallas; Oakland University
摘要：In this paper, we investigate the stock market valuation of the intangible asset created by selling, general, and administrative (SG&A) expenditure. Although GAAP requires immediate expensing of SG&A, prior studies show that current SG&A generates future economic benefits, suggesting that it creates an intangible asset. We find that the contemporaneous stock market seems to recognize some of the intangible asset value implicit in SG&A. Positive subsequent returns can be earned in firms with a ...
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作者：Khan, Urooj; Ryan, Stephen G.; Varma, Abhishek
作者单位：Columbia University; New York University; Illinois State University
摘要：We investigate the impact of recurring fair value versus amortized cost measurement for accounting recognition purposes on the timeliness of insurers' other-than-temporary (OTT) impairments of non-agency residential mortgage-backed securities (NAMBS) around the 2007-2009 financial crisis. Unlike largely predetermined amortized cost measurement, recurring fair value measurement requires firms to invest in information and control systems to assess relevant economic conditions and estimate fair v...
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作者：Ali, Ashiq; Li, Ningzhong; Zhang, Weining
作者单位：University of Texas System; University of Texas Dallas
摘要：This study examines the effect of restrictions on managers' outside employment opportunities on voluntary corporate disclosure. The recognition of the Inevitable Disclosure Doctrine (IDD) by courts in the U.S. states in which the firms are headquartered places greater restrictions on their managers from joining or forming a rival company. We find that, on average, the IDD adoption increases the asymmetric withholding of bad news. We further show that the IDD adoption increases the asymmetric w...
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作者：Dennis, Sean A.; Griffin, Jeremy B.; Zehms, Karla M.
作者单位：State University System of Florida; University of Central Florida; University of Mississippi; University of Wisconsin System; University of Wisconsin Madison
摘要：Regulators now require auditors to provide information about how they evaluate complex estimates. Because users encounter this auditor-provided information alongside management-provided information, we jointly examine the value relevance of these disclosures. We also examine whether visual cues in audit reports influence how nonprofessional investors use these disclosures. We find that disclosures from managers and auditors provide different value-relevant information about the same underlying...
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作者：Files, Rebecca; Martin, Gerald S.; Rasmussen, Stephanie J.
作者单位：University of Texas System; University of Texas Dallas; American University; University of Texas System; University of Texas Arlington
摘要：Regulators claim to reward firm cooperation in the enforcement process. However, critics question which actions constitute firm cooperation and contend that cooperation leads to harsh'' and unfair'' outcomes. Examining 1,162 enforcement actions for financial misrepresentation initiated by the Securities and Exchange Commission and Department of Justice, we find that regulator-cited cooperation credit is best explained by remedial actions and self-reported law violations. Cooperation credit is ...
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作者：Mills, Lillian F.
作者单位：University of Texas System; University of Texas Austin
摘要：Successfully producing relevant research requires investment throughout one's career to acquire fresh institutional knowledge, theories, and methods. In my case, almost a decade in public accounting launched multiple papers examining the tension between financial reporting and tax planning. Some of these papers directly generated new requirements for tax compliance (Schedule M-3) and indirectly influenced new financial reporting disclosures (FIN 48). As tax accounting researchers, we have the ...
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作者：Leone, Andrew J.; Minutti-Meza, Miguel; Wasley, Charles E.
作者单位：Northwestern University; University of Miami; University of Rochester
摘要：Accounting studies often encounter observations with extreme values that can influence coefficient estimates and inferences. Two widely used approaches to address influential observations in accounting studies are winsorization and truncation. While expedient, both depend on researcher-selected cutoffs, applied on a variable-by-variable basis, which, unfortunately, can alter legitimate data points. We compare the efficacy of winsorization, truncation, influence diagnostics (Cook's Distance), a...
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作者：Bochkay, Khrystyna; Chychyla, Roman; Nanda, Dhananjay (DJ)
作者单位：University of Miami
摘要：We examine changes in CEOs' disclosure styles in quarterly earnings conference calls over their tenure. Our longitudinal analysis of newly hired CEOs shows that CEOs' forward-looking disclosures and their disclosures' relative optimism decline in their tenure. Further, externally hired and inexperienced CEOs are more future-oriented, and younger CEOs exhibit greater optimism in their disclosures. We also find that non-CEO executives' disclosure styles remain time-invariant over their CEOs' ten...
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作者：Beck, Matthew J.; Mauldin, Elaine G.
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作者：Naughton, James P.; Wang, Clare; Yeung, Ira
作者单位：University of Virginia; University of Colorado System; University of Colorado Boulder; University of British Columbia
摘要：We document time-varying investor sentiment for corporate social responsibility (CSR) performance. We show that announcements of CSR activities generate positive abnormal returns during periods when investors place a valuation premium on CSR performance. In addition, we find that firms boost CSR performance in response to investor sentiment, and that this response is more pronounced for those firms that are more inclined to respond to investor sentiment due to valuation uncertainty and investo...
