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作者：Caskey, Judson; Hughes, John S.; Liu, Jun
作者单位：University of California System; University of California Los Angeles; University of California System; University of California San Diego
摘要：We examine how strategic trade affects expected returns in a large economy. In our model, both a monopolist (strategic) informed trader and uninformed traders consider the impact of their demands on prices. In contrast to settings with price-taking traders, private information never eliminates a priced risk, and can lead to higher risk premiums. Also unlike settings with price-taking informed traders, risk premiums decrease in response to an increase in liquidity-motivated trades in diversifie...
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作者：Frank, Michele L.; Hoffman, Vicky B.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：Prior research suggests that audit seniors' judgments are sometimes biased by their affect toward (i.e., feeling of personally liking or disliking) client personnel. We examine how experienced audit reviewers respond when reviewing an audit preparer's judgment that appears to be biased by the preparer's affect toward a client's controller. In our experiment, reviewers are provided with a preparer's judgment that appears inconsistent with the audit workpapers. We then examine the effect of prov...
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作者：Rothenberg, Naomi R.
作者单位：University of Alberta
摘要：This paper studies whether dissemination of private, pre-decision signals about productivity is valuable to the principal when agents work sequentially and observe each other's effort. The benefit of dissemination is that when productivity states are correlated, each agent's signal is useful as a performance measure for the other agent and for making efficient production choices. The more informative the signal is about agents' efforts, the greater the benefit of the additional performance mea...
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作者：Peterson, Kyle; Schmardebeck, Roy; Wilks, T. Jeffrey
作者单位：University of Oregon; University of Missouri System; University of Missouri Columbia; Brigham Young University
摘要：We specify measures of accounting consistency both across time and across firms based on the textual similarity of accounting policy footnotes disclosed in 10-K filings. We first examine how these measures relate to earnings quality. Accounting consistency over time is positively associated with a number of earnings quality proxies, including earnings persistence, predictability, accrual quality, and absolute discretionary accruals. We also find that lower consistency relative to other firms i...
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作者：Sridharan, Suhas A.
作者单位：University of California System; University of California Los Angeles
摘要：This paper examines whether financial statement information can predict future realized equity volatility incremental to market-based equity volatility forecasts. I use an analytical framework to identify accounting-based drivers of realized volatility. My main hypothesis is that accounting-based drivers can be used to forecast future realized volatility incremental to either past realized volatility or option-implied volatility. I confirm this empirically and document abnormal returns to an o...
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作者：Bagnoli, Mark; Watts, Susan G.
作者单位：Purdue University System; Purdue University
摘要：We study how joint delegation of production and disclosure choices alters the incentives that firm owners offer to their managers. Our first set of results shows how the incentive weights that owners place on revenues are affected by firm characteristics and by whether their manager chooses ex ante voluntary disclosure. This arises because the owners choose how sensitive the manager's compensation is to her production choice and, because this sensitivity is naturally greater if the manager opt...
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作者：Huang, Hua-Wei; Raghunandan, K.; Huang, Ting-Chiao; Chiou, Jeng-Ren
作者单位：National Cheng Kung University; State University System of Florida; Florida International University; Monash University
摘要：Issues related to low-balling of initial year audit fees and the resultant impact on audit quality have received significant attention from regulators in many countries. Using 9,684 observations from China during the years 2002-2011, we find that there is a significant initial year audit fee discount following an audit firm change when both of the signing audit partners are different from the prior year. The evidence is mixed if one or both of the signing partners from the prior year also move...
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作者：Waymire, Gregory B.
作者单位：Emory University
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作者：DeFond, Mark L.
作者单位：University of Southern California
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作者：Bills, Kenneth L.; Jeter, Debra C.; Stein, Sarah E.
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Vanderbilt University; Virginia Polytechnic Institute & State University
摘要：This study examines the audit pricing effects when auditors specialize in industries conducive to transferable audit processes. Our results indicate that industry specialists charge incrementally lower fees in industries with homogenous operations, and particularly in industries with both homogenous operations and complex accounting practices. Moreover, we discover that audit quality is no lower for clients audited by these specialists offering fee discounts, consistent with a conclusion that ...
