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作者：Bills, Kenneth L.; Lisic, Ling Lei; Seidel, Timothy A.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Virginia Polytechnic Institute & State University; Brigham Young University
摘要：In this paper, we examine how CEO succession and succession planning affect perceptions of financial reporting risk among stakeholders who are responsible for and oversee firms' financial reporting (e.g., auditors, management, and audit committees). Management succession introduces uncertainty about firms' future operations, financial policies, and potential motivation for earnings management, which we predict elevates the perceived risk of financial reporting improprieties. Consistent with th...
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作者：[Anonymous]
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作者：Beatty, Anne
作者单位：University System of Ohio; Ohio State University
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作者：Baldenius, Tim; Michaeli, Beatrice
作者单位：Columbia University; University of California System; University of California Los Angeles
摘要：We demonstrate a novel link between relationship-specific investments and risk in a setting where division managers operate under moral hazard and collaborate on joint projects. Specific investments increase efficiency at the margin. This expands the scale of operations and thereby adds to the compensation risk borne by the managers. Accounting for this investment/risk link overturns key findings from prior incomplete contracting studies. We find that if the investing manager has full bargaini...
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作者：Ma, Mark (Shuai)
作者单位：American University
摘要：Based on the theoretical framework of Lambert, Leuz, and Verrecchia (2007), I predict that higher earnings quality of economically related public firms reduces a firm's systematic market risk. Using alternative sets of economically related firms, this study provides significant evidence consistent with my prediction. Specifically, a conditional CAPM regression shows that not only a firm's earnings quality, but also the earnings quality of related public firms lowers the loading of firm excess ...
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作者：Shivakumar, Lakshmanan; Urcan, Oktay
作者单位：University of London; London Business School; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We propose two explanations for the previously documented relation between aggregate earnings growth and future inflation: one based on firms changing their investment in response to earnings growth, and the other based on consumers varying their consumption in response to wealth effects of profitability growth. As the supply of goods and services is relatively inelastic in the short run, our arguments imply that changes to near-term demand for investment (consumption) will affect the prices o...
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作者：Arya, Anil; Mittendorf, Brian; Ramanan, Ram N. V.
作者单位：University System of Ohio; Ohio State University; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：It is well recognized that stock prices provide relevant feedback that can guide future firm decisions. This paper develops a model to examine how accounting disclosures affect the decision-usefulness of such stock market reactions. We demonstrate that information in accounting reports can prove useful because it helps observers better interpret and isolate the decision-relevant information embedded in the ensuing stock price reaction. This leads to natural synergies between accounting reports...
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作者：Maksymov, Eldar M.; Nelson, Mark W.
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作者：Bonsall, Samuel B.; Koharki, Kevin; Neamtiu, Monica
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Washington University (WUSTL); City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This study investigates whether and when differences in the credit rating agencies' methodologies result in differences in rating properties. In particular, this study focuses on differences in information processing constraints between a rating agency that utilizes qualitative analysis and direct access to borrowers' management in its rating process (Standard & Poor's) compared to one that does not (Egan Jones Ratings Company) and how these differences affect rating quality. We find that as i...
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作者：Koch, Christopher; Salterio, Steven E.
作者单位：Johannes Gutenberg University of Mainz; Queens University - Canada
摘要：This paper examines how auditors' judgments about accounting policies may differ when experiencing different levels of affinity for client management and facing different levels of pressure from client management. The theory of motivated reasoning is employed to analyze the effects of these two factors that should lead individual auditors to adopt as a directional goal the acceptance of client management's aggressive accounting. Accordingly, we predict and find that auditors experiencing great...
