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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：Reid, Lauren C.; Carcello, Joseph V.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Tennessee System; University of Tennessee Knoxville
摘要：The PCAOB recently considered implementing mandatory audit firm rotation in hopes of better aligning auditors' interests with investors' interests, suggesting that the PCAOB views long auditor tenure as problematic. However, the accounting profession argues that long tenure actually improves audit quality. This study provides insight into investors' views by evaluating the market's reaction to events related to the potential adoption of rotation that occurred between 2011 and 2013. The results...
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作者：Ebert, Michael; Simons, Dirk; Stecher, Jack D.
作者单位：University of Paderborn; University of Mannheim; Carnegie Mellon University
摘要：We study a disclosure decision for a firm's manager with many sources of private information. The presence of multiple numerical signals provides the manager with an opportunity to hide information via aggregation, presenting net amounts in order to show information in its best light. We show that this ability to aggregate fundamentally changes the nature of voluntary disclosure, due to the market's inability to verify that a report is free of strategic aggregation. We find that, in equilibriu...
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作者：Guenther, David A.; Matsunaga, Steven R.; Williams, Brian M.
作者单位：University of Oregon; Indiana University System; Indiana University Bloomington
摘要：We test whether tax avoidance strategies are associated with greater firm risk. We find that low tax rates tend to be more persistent than high tax rates and that measures of tax avoidance commonly used in the literature are generally not associated with either future tax rate volatility or future overall firm risk. Our evidence suggests that, on average, corporate tax avoidance is accomplished using strategies that are persistent and do not increase firm risk. We also find that the volatility...
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作者：Shipman, Jonathan E.; Swanquist, Quinn T.; Whited, Robert L.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; University System of Georgia; Georgia State University; University of Massachusetts System; University of Massachusetts Amherst
摘要：Propensity score matching (PSM) has become a popular technique for estimating average treatment effects (ATEs) in accounting research. In this study, we discuss the usefulness and limitations of PSM relative to more traditional multiple regression (MR) analysis. We discuss several PSM design choices and review the use of PSM in 86 articles in leading accounting journals from 2008-2014. We document a significant increase in the use of PSM from zero studies in 2008 to 26 studies in 2014. However...
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作者：Amiram, Dan; Kalay, Alon; Sadka, Gil
作者单位：Columbia University; University of Texas System; University of Texas Dallas
摘要：Despite theoretical and anecdotal evidence highlighting the importance of industry-level analyses to lenders, the empirical literature on debt pricing has focused almost exclusively on firm-level forces that affect expected loss. This paper provides empirical evidence that industry-level characteristics relate to debt pricing through risk premiums. We address the empirical challenges that arise when testing these theories by using a proprietary dataset of time-varying and forward-looking measu...
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作者：Costello, Anna M.; Petacchi, Reining; Weber, Joseph P.
作者单位：University of Michigan System; University of Michigan; Georgetown University; Massachusetts Institute of Technology (MIT)
摘要：Although balanced budget rules are widely used throughout the world, there is considerable debate on whether and how they impact fiscal outcomes. Existing research shows that states with strict balanced budget rules address deficits by raising taxes and curbing expenditures. However, little is known about whether politicians can meet budget rules by shifting resources inter-temporally or by transferring revenues from funds not subject to balanced budget rules into funds that are required to me...
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作者：Li, Liuchuang; Qi, Baolei; Tian, Gaoliang; Zhang, Guochang
作者单位：Xi'an Jiaotong University; University of Hong Kong
摘要：This study examines the relation between the audit failures of individual auditors and the quality of other audits performed by these same auditors. Employing a Chinese setting where audit reports reveal the identities of engagement auditors, we find that auditors who have performed failed audits also deliver lower-quality audits on other audit engagements, with this contagion'' effect spreading both over time and to other audits performed by these same auditors in the same year. However, we f...
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作者：Bird, Andrew; Karolyi, Stephen A.
作者单位：Carnegie Mellon University
摘要：We implement a regression discontinuity design to examine the effect of institutional ownership on tax avoidance. Positive shocks to institutional ownership around Russell index reconstitutions lead, on average, to significant decreases in effective tax rates (ETRs) and greater use of international tax planning using tax haven subsidiaries. These effects are smaller for firms with initially strong governance and high executive equity compensation, suggesting poor governance as an explanation f...
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作者：Maksymov, Eldar M.; Nelson, Mark W.
作者单位：Arizona State University; Arizona State University-Tempe; Cornell University
摘要：We report the results of four experiments investigating the relationship between (1) the quality of an audit, (2) jurors' assessments of the standard of prudent care (SOC) against which audit quality is compared, and (3) jurors' negligence verdicts. Experiment 1 operationalizes audit quality by varying the sample size used in audit testing, and provides evidence that jurors anchor their assessment of SOC on audit quality, producing a competitive mediation'' in which audit quality reduces the p...
