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作者：Chan, Lilian H.; Chen, Kevin C. W.; Chen, Tai Yuan; Yu, Yangxin
作者单位：University of Hong Kong; Hong Kong University of Science & Technology; City University of Hong Kong
摘要：To deter financial misstatements, many companies have recently adopted compensation recovery policies commonly known as clawbacks - that authorize the board to recoup compensation paid to executives based on misstated financial reports. Clawbacks have been shown to reduce financial misstatements and increase investors' confidence on earnings information. We show that the benefits come with an unintended consequence of certain firms substituting for accruals management with real transactions ma...
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作者：Aobdia, Daniel; Lin, Chan-Jane; Petacchi, Reining
作者单位：Northwestern University; National Taiwan University; Massachusetts Institute of Technology (MIT)
摘要：This paper examines whether the identity of the individual audit partners provides informational value to capital market participants beyond the value provided by the identity of the audit firms. Using data from Taiwan, where firms are mandated to disclose the names of the engagement partners, we find a positive association between the partner's quality and the client firm's earnings response coefficient. We also find a positive market reaction when a firm replaces a lower quality partner with...
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作者：Patatoukas, Panos N.; Sloan, Richard G.; Zha, Jenny
作者单位：University of California System; University of California Berkeley
摘要：We identify a setting in which firms are required to disclose discounted cash flow (DCF) estimates relating to the value of their primary assets. ASC 932 (formerly SFAS No. 69) has mandated DCF disclosures for proved oil and gas reserves since 1982, and these reserves constitute the primary assets of oil and gas royalty trusts. For a hand-collected sample of oil and gas royalty trusts, we find that (1) the mandatory DCF disclosures are incrementally value-relevant over historical cost accounti...
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作者：Seybert, Nicholas
作者单位：University of Texas System; University of Texas Austin
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作者：Rice, Sarah C.; Weber, David P.; Wu, Biyu
作者单位：Texas A&M University System; Texas A&M University College Station; University of Connecticut
摘要：We examine various penalties that could serve as enforcement mechanisms for Sarbanes-Oxley (SOX) Section 404. We focus on firms with restatements, some of which had previously reported their control weaknesses as required and some of which acknowledged them only after announcing their restatement. We find no evidence that penalties are more likely for firms, managers, or auditors that fail to report existing control weaknesses. Instead, class action lawsuits, management turnover, and auditor t...
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作者：Boritz, J. Efrim; Kochetova-Kozloski, Natalia; Robinson, Linda
作者单位：University of Waterloo; Saint Marys University - Canada
摘要：Previous studies indicate that auditors are able to identify fraud risk factors, but may not be able to translate this knowledge into an audit plan that effectively takes these factors into account to increase the likelihood of detecting fraud. Fraud specialists may be able to compensate for such limitations. This study investigates the relative merits of involving fraud specialists in assisting auditors by developing an audit plan that would effectively address fraud risk in a revenue cycle. ...
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作者：Harris, Erica; Petrovits, Christine M.; Yetman, Michelle H.
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden; William & Mary; University of California System; University of California Davis
摘要：We examine whether donors reward nonprofit organizations that report better governance. From a sample of 10,846 organizations from 2008 to 2010, we first identify seven nonprofit governance dimensions using factor analysis. We then test whether the quality of governance influences donor decisions by including the seven governance factors in the standard donor's demand model. We find consistent evidence that donations and government grants are positively associated with six of the seven factors...
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作者：Tian, Xiaoli (Shaolee)
作者单位：University System of Ohio; Ohio State University
摘要：The SEC is moving toward requiring real-time reporting. Proponents have predicted that disclosing a news event immediately after it arises could reduce information aggregation and disclosure bunching. But evidence from the theoretical literature suggests that the effect depends on whether managers can time the underlying required reporting event. Managers, for example, can time regular poison pill adoptions, but have limited ability to time in-play pill adoptions. Thus, I test whether real-tim...
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作者：Sabac, Florin; Tian, Jie (Joyce)
作者单位：University of Alberta; University of Waterloo
摘要：We characterize the necessary and sufficient conditions for communication of private, unverifiable managerial information to be valuable for stewardship purposes. First, the hard, verifiable information must be able to confirm to some extent the truthfulness of the manager's soft, unverifiable report. Second, neither the hard, verifiable information nor the soft, unverifiable managerial report should be too informative for providing effort incentives because that makes it harder to motivate tr...
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作者：Kerr, Jon N.; Ozel, N. Bugra
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); University of Texas System; University of Texas Dallas
摘要：We empirically examine the joint predictions of the pecking order theory and the theory of time-varying asymmetric information regarding the timing of security offerings around information disclosures. We analyze loan originations and bond offerings around earnings announcements and compare them against equity offerings. In support of the theories' predictions, we find a positive association between the information sensitivity of securities and the likelihood of their issuance after earnings a...
