-
作者：Bleibtreu, Christopher; Stefani, Ulrike
作者单位：University of Konstanz
摘要：Recently, a system of audit firm rotation has been implemented for the audits of listed companies conducted in the European Union (EU). In the U.S., in contrast, the regulator decided against such rotation. Whereas proponents argue that rotation would strengthen independence and decrease audit market concentration, opponents stress the importance of auditors' learning effects, which would be eliminated by a change in auditors. In extending the market matching model of Salop (1979), we provide ...
-
作者：McInnis, John M.; Yu, Yong; Yust, Christopher G.
作者单位：University of Texas System; University of Texas Austin; Texas A&M University System; Texas A&M University College Station
摘要：Standard setters contend that fair value accounting yields the most relevant measurement for financial instruments. We examine this claim by comparing the value relevance of banks' financial statements under fair value accounting with that under current GAAP, which is largely based on historical costs. We find that the combined value relevance of book value of equity and income under fair value is less than that under GAAP. We also find that fair value income is less value-relevant than GAAP i...
-
作者：Langenmayr, Dominika; Lester, Rebecca
作者单位：Leibniz Association; Ifo Institut; Stanford University
摘要：We study whether the corporate tax system provides incentives for risky firm investment. We analytically and empirically show two main findings: first, risk-taking is positively related to the length of tax loss periods because the loss rules shift some risk to the government; and second, the tax rate has a positive effect on risk-taking for firms that expect to use losses, and a weak negative effect for those that cannot. Thus, the sign of the tax effect on risky investment hinges on firm-spe...
-
作者：Dambra, Michael J.
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：In 2012, Congress passed Moving Ahead for Progress in the 21st Century (MAP-21), which changed the ERISA pension funding rules such that mandatory pension contributions decreased. Advocates for the bill argued that reducing mandatory contributions would increase firms' investment. In contrast, I do not find an average increase in investment among the firms benefiting from MAP-21. Rather, I find that firms either hold pension funding relief on their balance sheets as liquid assets or pay out pe...
-
作者：Bhattacharya, Nilabhra; Cho, Young Jun; Kim, Jae B.
作者单位：Southern Methodist University; Singapore Management University; Lehigh University
摘要：We investigate how XBRL adoption affects smaller institutions' access to financial statement information relative to their larger counterparts. We examine three aspects of trading responsiveness: abnormal trading volume, response speed to 10-K information, and decision to trade immediately following the 10-K filing. With regard to all three aspects of trading responsiveness, we find that small institutions' responsiveness to 10-K news increases significantly more relative to the change experie...
-
作者：Kim, Jeong-Bon; Song, Byron Y.; Stratopoulos, Theophanis C.
作者单位：City University of Hong Kong; University of Waterloo; Hong Kong Baptist University
摘要：This study investigates whether Information Technology (IT) reputation, captured by the accumulation of consistent IT capability signals, influences bank loan contracting even though banks have access to inside information. We predict that IT reputation is associated with better loan terms because it lowers credit risk via its impact on default and information risks. Results based on 4,218 loan facility-years reveal, as predicted, that firms with a reputation for IT capability tend to have mor...
-
作者：Sangster, Alan
作者单位：University of Sussex
摘要：This paper investigates why, in 1494, the Franciscan friar and teacher of mathematics, Luca Pacioli, published an instructional treatise describing the system of double entry bookkeeping. In doing so, it also explores the rhetoric and foundations of double entry through the lens of Pacioli's treatise. Recent findings on Pacioli's life and works, his writings, and the medieval accounting archives are combined to identify how he was inspired by his faith and his humanist beliefs to give all merc...
-
作者：Guggenmos, Ryan D.; Piercey, M. David; Agoglia, Christopher P.
作者单位：Cornell University; University of Massachusetts System; University of Massachusetts Amherst
摘要：Contrast analysis has become prevalent in experimental accounting research since Buckless and Ravenscroft (1990) introduced it to the accounting literature over 25 years ago. Since its initial introduction, the scope of contrast testing has expanded, yet guidance as to the most appropriate methods of specifying, conducting, interpreting, and exhibiting these tests has not. We survey the use of contrast analysis in the recent literature and propose a three-part testing approach that provides a ...
-
作者：Jung, Michael J.; Naughton, James P.; Tahoun, Ahmed; Wang, Clare
作者单位：New York University; Northwestern University; University of London; London Business School; University of Iowa
摘要：We examine whether firms use social media to strategically disseminate financial information. Analyzing S&P 1500 firms' use of Twitter to disseminate quarterly earnings announcements, we find that firms are less likely to disseminate when the news is bad and when the magnitude of the bad news is worse, consistent with strategic behavior. Furthermore, firms tend to send fewer earnings announcement tweets and rehash'' tweets when the news is bad. Cross-sectional analyses suggest that incentives ...
-
作者：Hopland, Arnt O.; Lisowsky, Petro; Mardan, Mohammed; Schindler, Dirk
作者单位：Norwegian School of Economics (NHH); University of Illinois System; University of Illinois Urbana-Champaign; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：This study examines the flexibility of multinational firms to adjust their income-shifting strategies-whether using transfer pricing or internal debt-during the tax year to react to affiliates' operating losses. We develop the concept that under flexibility, multinationals can adjust their inter-affiliate payments ex post (i.e., after financial outcomes are revealed, but before the end of the tax year) to minimize worldwide tax payments. Without flexibility, multinationals must commit to their...
