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作者：Tang, Michael; Venkataraman, Shankar
作者单位：New York University; University System of Georgia; Georgia Institute of Technology
摘要：Theory suggests that the provision of voluntary disclosure, in itself, is informative to investors, but prior empirical research largely focuses on investors' reaction to the content of disclosure. We extend the literature on earnings guidance by experimentally examining how investors react to a firm's historical pattern of guidance provision, holding constant guidance content. We manipulate two dimensions of guidance provision-how often guidance is provided (frequency), and whether guidance i...
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作者：Haesebrouck, Katlijn; Cools, Martine; Van den Abbeele, Alexandra
作者单位：Maastricht University; KU Leuven
摘要：We examine how incentive systems influence knowledge transfer between group members with equal or different status who solve an interdependent task. In our experiment, group members receive group or individual incentives, while status is manipulated by assigning job titles with corresponding role descriptions. Although all conditions require knowledge sharing to maximize payoffs, our results suggest that significantly more knowledge is shared under group incentives relative to individual incen...
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作者：Vorst, Patrick; Yohn, Teri Lombardi
作者单位：Maastricht University; Indiana University System; Indiana University Bloomington
摘要：Mean reversion in profitability and growth is a well-documented phenomenon; however, comparatively less is known about the level of analysis that best captures mean reversion. In this study, we find that analyzing firms by life cycle stage improves the out-of-sample accuracy of profitability and growth forecasts over analyzing firms pooled across the economy and analyzing firms by industry. The improved accuracy is robust to both short-term and long-term forecasts of profitability and growth. ...
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作者：Messier, William F., Jr.; Schmidt, Martin
作者单位：Norwegian School of Economics (NHH); heSam Universite; ESCP Business School
摘要：This paper reports on the first experimental study to examine how materiality and client pressure affect auditors' judgments of two detected misstatements that have offsetting effects on the client's income. One hundred forty-three experienced German auditors completed a case that varied the misstatement distribution (same or different accounts), the presence or absence of client pressure, and quantitative materiality of the misstatements nested in the client pressure condition (net amount les...
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作者：Singer, Zvi; Zhang, Jing
作者单位：Universite de Montreal; HEC Montreal; University of Alabama System; University of Alabama Huntsville
摘要：Using the timeliness of misstatement discovery as a proxy for audit quality, we examine the association between audit firm tenure and audit quality in a setting that alleviates the endogeneity problem endemic to this line of research. We find that longer audit firm tenure leads to less timely discovery and correction of misstatements, which is consistent with a negative effect of long auditor tenure on audit quality. In addition, using the non-voluntary auditor change following the demise of A...
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作者：Du, Fei; Erkens, David H.; Young, S. Mark; Tang, Guliang
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Georgetown University; University of Southern California; University of International Business & Economics
摘要：This study investigates how adopting new performance measures affects the decision process through which supervisors make subjective adjustments. In our setting, the Chinese government substituted economic value added (EVA) for return on equity (ROE) in the performance score formula it uses to evaluate State-Owned Enterprises (SOEs). In accordance with the Chinese government's objective to increase the capital efficiency of SOEs, supervisors shifted the weight in subjective adjustment decision...
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作者：Corona, Carlos; Randhawa, Ramandeep S.
作者单位：Carnegie Mellon University; University of Southern California
摘要：Often, firms reveal oversights and bad decisions publicly through their financial reporting (for instance, restating earnings, impairing goodwill, etc.). These confessions,'' which usually lead to immediate reputation losses, may be attributed to attempts to be perceived as transparent or to attempts to avoid likely litigation costs. In this paper, however, we argue that reputational concerns about perceived ability alone can provide firms with strong enough incentives to confess their mistake...
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作者：Black, Jonathan; Chen, Jeff Zeyun; Cussatt, Marc
作者单位：Purdue University System; Purdue University; Texas Christian University; Washington State University
摘要：Investors demand conditional conservatism to restrict managers' ability to opportunistically exploit unverifiable accounting estimates. The fair value estimation process is subject to verifiability concerns when market prices are unavailable and, thus, susceptible to managerial discretion. We explore whether banks' exposure to less-verifiable fair value estimates is associated with conditional conservatism. General and bank-specific conservatism measures indicate that banks with greater propor...
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作者：Frankel, Richard M.; Sun, Yan
作者单位：Washington University (WUSTL); Saint Louis University
摘要：Our goal is to understand the extent to which cash-flow properties explain accruals. Using the Dechow, Kothari, and Watts (1998) model, we derive a negative relation between accruals and cash-flow changes, and show that the strength of the relation is linked to negative serial correlation in cash-flow changes. Dechow et al. (1998) also suggest that the strength of the relation between accruals and revenue changes relates to operating cycle length. Prior accrual models have not incorporated the...
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作者：Chapman, Kimball; Green, Jeremiah R.
作者单位：Washington University (WUSTL); Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Analysts ask managers for forward-looking information in one-third of quarterly conference calls; most frequently, seeking earnings per share guidance. In this study, we examine the long-term consequences of analysts' questions on future manager disclosure choices. Using six types of commonly provided guidance, we find that when analysts request new guidance or ask about prior guidance, managers are more likely to provide similar guidance in future quarters. When analysts do not ask about prio...
