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• Can Investors Detect Managers' Lack of Spontaneity? Adherence to Predetermined Scripts during Earnings Conference Calls AI翻译
  作者：Lee, Joshua
  作者单位：State University System of Florida; Florida State University
  摘要：This paper examines whether market participants infer negative information about future unexpected firm performance when managers adhere to predetermined scripts when responding to questions during earnings conference calls. I argue that managers respond to questions from prepared scripts to avoid the disclosure of bad news. Using a measure of the adherence to predetermined language, I provide evidence that a lack of spontaneity is negatively associated with the market reaction to the call and...
• Spreading the Word: Price Discovery and Newswire Dissemination of Management Earnings Guidance AI翻译
  作者：Twedt, Brady
  作者单位：Indiana University System; Indiana University Bloomington
  摘要：This study investigates the impact of dissemination on the efficiency of the price discovery process with respect to management earnings guidance disclosures. I first identify firm and guidance characteristics associated with the likelihood that guidance receives coverage in the Dow Jones Newswires. Using propensity score, within-firm, and returns-based matched control samples of guidance, I find that newswire dissemination is associated with larger initial price reactions and, more importantl...
• The Role of Auditors, Non-Auditors, and Internal Tax Departments in Corporate Tax Aggressiveness AI翻译
  作者：Klassen, Kenneth J.; Lisowsky, Petro; Mescall, Devan
  作者单位：University of Waterloo; University of Illinois System; University of Illinois Urbana-Champaign; University of Saskatchewan
  摘要：Using confidential data from the Internal Revenue Service on who signs a corporation's tax return, we investigate whether the party primarily responsible for the tax compliance function of the firm-the auditor, an external non-auditor, or the internal tax department-is related to the corporation's tax aggressiveness. We report three key findings: (1) firms preparing their own tax returns or hiring a non-auditor claim more aggressive tax positions than firms using their auditor as the tax prepa...
• Client Conservatism and Auditor-Client Contracting AI翻译
  作者：DeFond, Mark L.; Lim, Chee Yeow; Zang, Yoonseok
  作者单位：University of Southern California; Singapore Management University
  摘要：We find that auditors of more conservative clients charge lower fees, issue fewer going concern opinions, and resign less frequently, consistent with more conservative clients imposing less engagement risk on their auditors. Using path analysis, we find evidence that both inherent risk and auditor business risk explain these associations. Also consistent with conservatism reducing auditor business risk, we find that client conservatism is associated with fewer lawsuits against auditors and wit...