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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：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：Bhattacharjee, Sudip; Moreno, Kimberly K.; Wright, Nicole S.
作者单位：Virginia Polytechnic Institute & State University; Northeastern University; James Madison University
摘要：Auditors frequently use benchmarking analysis to evaluate the appropriateness of a client's estimates. Client management may strategically select benchmark data, making an auditor's evaluation task more difficult. Psychology research suggests that the composition of the benchmark set can lead to contrast effects, because evaluations of an option in a choice set can change based on the inclusion of other options in the set. In Experiment 1, we examine and find that auditors' judgments of the re...
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作者：Kim, Sehwa; Kim, Seil; Ryan, Stephen G.
作者单位：Columbia University; City University of New York (CUNY) System; Baruch College (CUNY); New York University
摘要：We examine economic consequences of U.S. bank regulators' phased removal of the prudential filter for accumulated other comprehensive income for advanced approaches banks beginning on January 1, 2014. The primary effect of the AOCI filter is to exclude unrealized gains and losses on available-for-sale securities from banks' regulatory capital. We predict and find that, to mitigate regulatory capital volatility resulting from the filter removal, advanced approaches banks increased the proportio...
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作者：Badertscher, Brad A.; Katz, Sharon P.; Rego, Sonja Olhoft; Wilson, Ryan J.
作者单位：University of Notre Dame; INSEAD Business School; Indiana University System; Indiana University Bloomington; University of Oregon
摘要：In this study, we develop a measure of corporate tax avoidance that reduces both financial and taxable income, which we refer to as book-tax conforming tax avoidance. We use simulation analyses, LIFO/FIFO inventory method conversions, and samples of private and public firms to validate our measure. We then investigate the prevalence of conforming tax avoidance within a sample of public firms. Results from the validation tests indicate that our measure of conforming tax avoidance successfully c...
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作者：Darrough, Masako N.; Deng, Mingcherng
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：We analyze the role of accounting information in debt contracting when the lender has private information that can assist in the borrower's investment decision. The lender might have acquired private information during the due diligence process or via past lending relationships. We show that the borrower has a stronger incentive to engage in a suboptimal investment decision (i.e., asset substitution) ex post when the lender lacks incentive to truthfully reveal this information. We identify con...
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作者：Carter, Mary Ellen; Franco, Francesca; Tuna, Irem
作者单位：Boston College; University of London; London Business School
摘要：We study whether executives receive pay premiums for the uncertainty of their match with a new firm. Using changes in executive-firm matches from Execucomp, we document that executives receive significant attraction premiums when they move to new firms. These premiums vary with proxies that capture potential sources of uncertainty about the quality of the match, and are incremental to pay for managerial talent, generalist ability, industry turnover risk, and potential additional costs incurred...
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作者：Badertscher, Brad A.; Shanthikumar, Devin M.; Teoh, Siew Hong
作者单位：University of Notre Dame; University of California System; University of California Irvine
摘要：We study how public firm misvaluation affects private peer firm investments. An economic competition hypothesis predicts a negative relation because misvaluation-induced new investment by public firms crowds out investment by private peers that share common input or output markets. An alternative shared sentiment hypothesis predicts a positive relation because private firm stakeholders share in the sentiment associated with misvaluation in public markets. Misvaluation is proxied using both the...
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作者：Lu, Tong; Sapra, Haresh; Subramanian, Ajay
作者单位：University of Houston System; University of Houston; University of Chicago; University System of Georgia; Georgia State University
摘要：We show how shareholder-debtholder agency conflicts interact with strategic reporting under asymmetric information to influence bank regulation. Relative to a benchmark unregulated economy, higher capital requirements mitigate inefficient asset substitution, but potentially exacerbate underinvestment due to debt overhang. The optimal regulatory policy balances distortions created by agency conflicts and asymmetric information while incorporating the social benefit of bank debt. Asymmetric info...
