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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：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：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...
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作者：Beuselinck, Christof; Cascino, Stefano; Deloof, Marc; Vanstraelen, Ann
作者单位：IESEG School of Management; University of London; London School Economics & Political Science; University of Antwerp; Maastricht University
摘要：Using a large sample of multinational corporations (MNCs), we examine the location of earnings management within the firm. We posit and find that MNCs manage their consolidated earnings through an orchestrated reporting strategy across subsidiaries over which they exert significant influence. Specifically, we find that headquarters' influence on subsidiary earnings management increases with the degree of subsidiary integration and the extent of earnings management opportunities. Most important...
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作者：Kim, Jeong-Bon; Lu, Louise Yi; Yu, Yangxin
作者单位：City University of Hong Kong; Australian National University
摘要：Using brokerage mergers and closures as two sources of exogenous shock to analyst coverage, this study explores the causal effect of analyst coverage on ex ante expected crash risk as captured by the options implied volatility smirk. We find a significant increase in a firm's ex ante expected crash risk subsequent to an exogenous drop in analyst coverage; this positive effect is stronger for firms initially receiving less coverage. Further, we find analysts' ability matters to investors' asses...
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作者：Anantharaman, Divya; Wans, Nader
作者单位：Rutgers University System; Rutgers University New Brunswick; Memorial University Newfoundland
摘要：We measure two dimensions of SOX 404 audit quality: (1) whether auditors identify and report material weaknesses (MWs) in a timely fashion, and (2) on identifying MWs, whether auditors identify misstatements arising from MWs in a timely fashion. We find that audit practice-offices with a large base of SOX 404(b) clients and those with a long history of conducting control evaluations for that client are more likely (1) to identify and report MWs in a timely manner (i.e., before resulting restat...
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作者：Botosan, Christine. A.
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作者：Edwards, Alexander; Hutchens, Michelle; Rego, Sonja Olhoft
作者单位：University of Toronto; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Indiana University System; Indiana University Bloomington
摘要：This study examines a new form of initial public offerings, supercharged'' IPOs, where a firm-organized pre-IPO as a pass-through entity undergoes a series of transactions that steps-up the adjusted tax basis of the IPO firm's assets. This step-up imposes tax liabilities on pre-IPO owners, but also creates significant future tax benefits for the firm; the average anticipated deferred tax asset is $486 million ($13 per share) for our sample of supercharged IPO firms. Pursuant to tax receivable ...
