2期

最新文章

• Do Analysts Say Anything About Earnings Without Revising Their Earnings Forecasts? AI翻译
  作者：Berger, Philip G.; Ham, Charles G.; Kaplan, Zachary R.
  作者单位：University of Chicago; Washington University (WUSTL)
  摘要：Analysts are selective about which forecasts they update and, thus, convey information about current quarter earnings even when not revising the current quarter earnings (CQE) forecast. We find that (1) textual statements, (2) share price target revisions, and (3) future quarter earnings forecast revisions all predict error in the CQE forecast. We document several reasons analysts sometimes omit information from the CQE forecast: to facilitate beatable forecasts by suppressing positive news fr...
• Audit Partner Assignments and Audit Quality in the United States AI翻译
  作者：Lee, Hye Seung (Grace); Nagy, Albert L.; Zimmerman, Aleksandra B.
  作者单位：Fordham University; University System of Ohio; John Carroll University; Northern Illinois University
  摘要：This paper examines the demand- and supply-side factors associated with audit partner selection and assignment in the United States. First, we examine whether audit partner gender and experience are associated with board and management gender and experience. Second, we investigate whether engagement audit quality varies with audit partner gender and experience, controlling for selection effects. The results indicate that companies with more gender-diverse boards of directors and top management...
• Investor Relations and Information Assimilation AI翻译
  作者：Chapman, Kimball; Miller, Gregory S.; White, Hal D.
  作者单位：Washington University (WUSTL); University of Michigan System; University of Michigan; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
  摘要：This paper examines whether investor relations (IR) officers provide value by facilitating the assimilation of firm information by the market. We find that firms with IR officers have lower stock price volatility, lower analyst forecast dispersion, higher analyst forecast accuracy, and quicker price discovery, consistent with IR officers aiding market participants in their assimilation of firm information. We also show that our findings are stronger for firms with longer-tenured IR officers. F...
• Too Busy or Well-Connected? Evidence from a Shock to Multiple Directorships AI翻译
  作者：Brown, Anna Bergman; Dai, Jing; Zur, Emanuel
  作者单位：University of Connecticut; Southwestern University of Finance & Economics - China; University System of Maryland; University of Maryland College Park
  摘要：Prior literature documents that multiple directorships are negatively associated with operating performance due to overly busy directors; however, multiple directorships may also increase firm value because directors gain access to valuable connections, resources, and information through their multiple appointments. This paper examines M&A that terminate target firms' entire boards as a negative shock to both board busyness and connections at other firms, as a complement to Hauser (2018). We d...
• Incentivizing the Creative Process: From Initial Quantity to Eventual Creativity AI翻译
  作者：Kachelmeier, Steven J.; Wang, Laura W.; Williamson, Michael G.
  作者单位：University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
  摘要：In two experiments, we examine whether performance-contingent incentives facilitate the creative process by enhancing the initial preparation that precedes creative incubation. The defining characteristic of both experiments is a second-stage task that is separated in time from the first-stage implementation of different incentive schemes. In Experiment 1, the second stage takes place ten days after we implement conditions with quantity incentives, high-creativity incentives, incentives with a...
• The Equilibrium Relationships between Performance-Based Pay, Performance, and the Commission and Detection of Fraudulent Misreporting AI翻译
  作者：Qiu, Buhui; Slezak, Steve L.
  作者单位：University of Sydney; University System of Ohio; University of Cincinnati
  摘要：We develop an agency model in which managerial information manipulation creates pooling and entails ex post costs internal and/or external to the firm. We examine the implications of the strategic interactions between shareholders (who set internal governance and managerial incentive compensation), the manager (who exerts effort and reports on its outcome), and an external regulatory authority or RA (who investigates for fraud and levies penalties ex post). When the RA cannot pre-commit to an ...
• Fundamental Analysis Redux AI翻译
  作者：Sloan, Richard G.
  作者单位：University of Southern California
  摘要：In their classic text Security Analysis, Graham and Dodd (1934) warn investors against sole reliance on a few quantitative factors in investment decisions. Instead, they recommend that investment decisions be based on a comprehensive fundamental analysis of the underlying securities. While their views held sway for many decades, recent years have witnessed a sharp reversal. Scholars of finance often overlook fundamental analysis, and their influence has led to a surge of investment products re...
• Are Qualified and Experienced Outside Directors Willing to Join Fraudulent Firms and If So, Why? AI翻译
  作者：Ghannam, Samir; Bugeja, Martin; Matolcsy, Zoltan P.; Spiropoulos, Helen
  作者单位：University of Technology Sydney
  摘要：We investigate whether qualified and experienced directors are willing to join firms following the revelation of financial fraud. Specifically, we focus on directors with prior board experience and accounting and legal experts. We find that, notwithstanding the tarnished reputation of fraudulent firms and a higher workload, qualified and experienced directors join the boards of such firms. Subsequent to joining fraudulent firms, directors are rewarded with additional future board seats and ben...
• Integration of Internal Control and Financial Statement Audits: Are Two Audits Better than One? AI翻译
  作者：Bhaskar, Lori Shefchik; Schroeder, Joseph H.; Shepardson, Marcy L.
  作者单位：Indiana University System; Indiana University Bloomington
  摘要：The quality of financial statement (FS) audits integrated with audits of internal controls over financial reporting (ICFR) depends upon the quality of ICFR information used in, and its integration into, FS audits. Recent research and PCAOB inspections find auditors underreport existing ICFR weaknesses and perform insufficient testing to address identified risks, suggesting integrated audits-in which substantial ICFR testing is required-may result in lower FS audit quality than FS-only audits. ...
• When Does Tax Avoidance Result in Tax Uncertainty? AI翻译
  作者：Dyreng, Scott D.; Hanlon, Michelle; Maydew, Edward L.
  作者单位：Duke University; Massachusetts Institute of Technology (MIT); University of North Carolina; University of North Carolina Chapel Hill
  摘要：We investigate the relation between tax avoidance and tax uncertainty, where tax uncertainty is the amount of unrecognized tax benefits recorded over the same time period as the tax avoidance. On average, we find that tax avoiders, i.e., firms with relatively low cash effective tax rates, bear significantly greater tax uncertainty than firms that have higher cash effective tax rates. We find that the relation between tax avoidance and tax uncertainty is stronger for firms with frequent patent ...