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作者：Kim, Seil; Klein, April
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York University; University of Warwick
摘要：In December 1999, the SEC instituted a new listing standard for NYSE and NASDAQ firms. Listed firms were now required to maintain fully independent audit committees with at least three members. In July 2002, the U.S. Congress legislated these standards through the Sarbanes-Oxley Act. Our research question is whether all investors benefited from the 1999 new rule. Using both an event study and a difference-in-differences methodology, we find no evidence of higher market value or better financia...
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作者：De Simone, Lisa; Klassen, Kenneth J.; Seidman, Jeri K.
作者单位：Stanford University; University of Waterloo; University of Virginia
摘要：Income shifting from high-tax to low-tax jurisdictions is considered a primary method of reducing worldwide tax burdens of multinational firms. Current losses also affect income shifting incentives. We extend prior approaches by explicitly considering unprofitable affiliates and test whether the association between losses and tax incentives for unprofitable affiliates deviates from the negative association observed in profitable affiliates. Results suggest that multinational firms alter the di...
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作者：Francis, Bill B.; Hunter, Delroy M.; Robinson, Dahlia M.; Robinson, Michael N.; Yuan, Xiaojing
作者单位：Rensselaer Polytechnic Institute; State University System of Florida; University of South Florida; University of Tampa; University of Massachusetts System; University of Massachusetts Lowell
摘要：We examine the response of informed market participants to the informational signal of auditor changes. Using propensity score matching and difference-in-differences research designs, we document that loan spreads increase by 22 percent on bank loans initiated within a year after auditor changes, increasing direct loan costs by approximately $ 6.6 million. We also find a significant increase in upfront and annual fees and the probability of pledging collateral, consistent with an increase in s...
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作者：Towery, Erin M.
作者单位：University System of Georgia; University of Georgia
摘要：This study exploits the implementation of IRS Schedule UTP to examine how linking tax return disclosures to financial reporting for income taxes affects firms' reporting decisions. Using confidential tax return data and public financial statement data, I find that after imposition of Schedule UTP reporting requirements, firms report lower financial reporting reserves for uncertain income tax positions, but do not claim fewer income tax benefits on their federal tax returns. The reduction in re...
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作者：Lobo, Gerald J.; Song, Minsup; Stanford, Mary Harris
作者单位：University of Houston System; University of Houston; Sogang University; Texas Christian University
摘要：Despite the increased frequency of analyst forecasts during earnings announcements, empirical evidence on the interaction between the information in the earnings announcement and these forecasts is limited. We examine the implications of reinforcing and contradicting analyst forecast revisions issued during earnings announcements (days 0 and +1) on the market response to unexpected earnings. We classify forecast revisions as reinforcing (contradicting) when the sign of analyst forecast revisio...
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作者：Collins, Daniel W.; Pungaliya, Raunaq S.; Vijh, Anand M.
作者单位：University of Iowa; Sungkyunkwan University (SKKU)
摘要：Commonly used Jones-type discretionary accrual models applied in quarterly settings do not adequately control for nondiscretionary accruals that naturally occur due to firm growth. We show that the relation between quarterly accruals and backward-looking sales growth (measured over a rolling four-quarter window) and forward-looking firm growth (market-to-book ratio) is non-linear. Failure to control for the effects of firm growth and performance on innate accruals leads to excessive Type I err...
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作者：He, Xianjie; Pittman, Jeffrey A.; Rui, Oliver M.; Wu, Donghui
作者单位：Shanghai University of Finance & Economics; Memorial University Newfoundland; China Europe International Business School; Chinese University of Hong Kong
摘要：We examine whether social ties between engagement auditors and audit committee members shape audit outcomes. Although these social ties can facilitate information transfer and help auditors alleviate management pressure to waive correction of detected misstatements, close interpersonal relations can undermine auditors' monitoring of the financial reporting process. We measure social ties by alma mater connections, professor-student bonding, and employment affiliation, and audit quality by the ...
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作者：Banker, Rajiv D.; Basu, Sudipta; Byzalov, Dmitri
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：Accountants examine multiple indicators when assessing whether individual assets are impaired. Different indicators predict cash flows over varying time horizons, and their importance varies with how far into the future individual assets are expected to generate cash flows. We predict that earnings exhibits asymmetric timeliness with respect to multiple indicators, including stock return, sales change, and operating cash flow change, which differentially explain write-downs of current assets, ...
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作者：Lawrence, Alastair; Ryans, James P.; Sun, Estelle Y.
作者单位：University of California System; University of California Berkeley; University of London; London Business School; Boston University
摘要：We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and...
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作者：Nallareddy, Suresh; Ogneva, Maria
作者单位：Duke University; University of Southern California
摘要：Earnings growth dispersion contains information about trends in labor reallocation, unemployment change, and, ultimately, aggregate output. We find that initial macroeconomic estimates released by government statistical agencies do not fully incorporate this information. As a consequence, earnings growth dispersion predicts future restatements in nominal and real GDP growth (and unemployment change) both in the in-sample and out-of-sample tests. Further, when we adjust GDP estimates using the ...
