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作者：Lawrence, Alastair; Siriviriyakul, Subprasiri; Sloan, Richard G.
作者单位：University of California System; University of California Berkeley; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Prior research examining the ASC 820 fair value hierarchy concludes that Level 3 fair value measurements are significantly less value-relevant than Level 1 and Level 2 fair value measurements. We reevaluate this conclusion using the closed-end fund setting, in which fair value measurements are available for substantially all assets. Contrary to prior research, we find that Level 3 fair values are of similar value relevance to Level 1 and Level 2 fair values. Our findings suggest that the resul...
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作者：Bushman, Robert M.; Dai, Zhonglan; Zhang, Weining
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Texas System; University of Texas Dallas
摘要：Recent theory suggests that firms incorporate synergistic interrelationships among executives into optimal incentive design (Edmans, Goldstein, and Zhu 2013). We focus on Pay Performance Sensitivities (PPS) and use dispersion in PPS across top executives as a proxy for the incentive design component shaped by an executive team's synergy profile. We model optimal PPS dispersion and use residuals from this model to measure deviations from optimal. We find that firm performance is increasing (dec...
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作者：Lourenco, Sofia M.
作者单位：Universidade de Lisboa
摘要：This study investigates the performance effects of the combined use of three reinforcers, or incentive motivators, commonly used by companies: monetary incentives, feedback, and recognition. Using a field experiment in a retail services company, I test whether these incentives, which appeal to diverse motivation mechanisms-tangible payoffs, self-regulation, and social esteem-and, hence, have different utilities, are complements or substitutes. The results of the hard performance data collected...
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作者：Feltham, Gerald A.; Hofmann, Christian; Indjejikian, Raffi J.
作者单位：University of British Columbia; University of Munich; University of Michigan System; University of Michigan
摘要：We examine how accounting practices that aggregate or disaggregate the contributions of different economic agents influence the choice of organizational form. We consider a principal/multi-agent model where the principal either contracts with all parties directly or delegates part of the contracting authority to one of the agents. Delegated contracts improve risk sharing and generate implicit incentives for the agent entrusted with contracting authority. However, delegated contracts also entai...
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作者：Heflin, Frank; Kross, William J.; Suk, Inho
作者单位：State University System of Florida; Florida State University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：We document that the effect of Regulation Fair Disclosure (FD) on public management earnings forecasts (MFs) is asymmetric. Our results suggest that FD increased managers' use of MFs as a downward-guidance mechanism to help achieve meeting or beating earnings expectations. This effect is more pronounced when existing analyst forecasts are optimistic and when firms had selective disclosure policies pre-FD. We also find that the increased use of MFs as downward guidance leads to post-FD reductio...
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作者：Sangster, Alan
作者单位：Griffith University
摘要：The emergence of double entry bookkeeping marked the shift in bookkeeping from a mechanical task to a skilled craft, and represented the beginnings of the accounting profession. This study seeks to identify what caused this significant change in bookkeeping practice. I do so by adopting a new accounting history perspective to investigate the circumstances surrounding the emergence of double entry in early 13th century Italy. Contrary to previous findings, this paper concludes that the most lik...
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作者：Bertomeu, Jeremy; Marinovic, Ivan
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Stanford University
摘要：We study optimal disclosure via two competing communication channels: hard information whose value has been verified, and soft disclosures such as forecasts, unaudited statements, and press releases. We show that certain soft disclosures may contain as much information as hard disclosures, and we establish that: (1) exclusive reliance on soft disclosures tends to convey bad news, (2) credibility is greater when unfavorable information is reported, and (3) misreporting is more likely when soft ...
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作者：Li, Valerie
作者单位：University of Washington; University of Washington Bothell
摘要：Beatty, Liao, and Wu (2013) document that financial misreporting by prominent firms distorts peer firms' capital investment decisions. Using a large sample of firms subject to SEC and DOJ enforcement actions for accounting misstatements, I establish three important generalizations. First, the adverse effect of financial misstatements documented by Beatty et al. (2013) is not limited to high-profile scandals and can be generalized to a larger population. Second, the distortions are not confined...
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作者：Davis, Angela K.; Guenther, David A.; Krull, Linda K.; Williams, Brian M.
作者单位：University of Oregon; Indiana University System; Indiana University Bloomington
摘要：We investigate the relation between corporate tax payments and corporate social responsibility. Because existing theory and empirical studies find inconsistent evidence on the relation between these constructs, we investigate whether the two activities act as complements or substitutes. We estimate the relation between measures of corporate social responsibility and (1) the amount of corporate taxes paid, and (2) the amount invested in tax lobbying activities using both ordinary least squares ...
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作者：Henry, Elaine; Leone, Andrew J.
作者单位：Stevens Institute of Technology; University of Miami
摘要：This study evaluates alternative measures of the tone of financial narrative. We present evidence that word-frequency tone measures based on domain-specific wordlists-compared to general wordlists-better predict the market reaction to earnings announcements, have greater statistical power in short-window event studies, and exhibit more economically consistent post-announcement drift. Further, inverse document frequency weighting, advocated in Loughran and McDonald (2011), provides little impro...
