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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：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：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 ...
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作者：Dee, Carol Callaway; Lulseged, Ayalew; Zhang, Tianming
作者单位：University of Colorado System; University of Colorado Denver; University of Colorado Anschutz Medical Campus; Children's Hospital Colorado; University of North Carolina; University of North Carolina Greensboro; State University System of Florida; Florida State University
摘要：We empirically test whether audit quality is affected when part of an SEC issuer's audit is outsourced to auditors other than the principal auditor (participating auditors''). We find a significantly negative market reaction and a significant decline in earnings response coefficients (ERCs) for experimental issuers disclosed for the first time as having participating auditors involved in their audits. However, we find no market reaction and no decline in ERCs for a matching sample of issuers t...
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作者：Bol, Jasmijn C.; Lill, Jeremy B.
作者单位：Tulane University; University System of Georgia; Georgia State University
摘要：In this study, we examine a setting where principals use past performance to annually revise performance targets, but do not fully incorporate the past performance information in their target revisions. We argue that this situation is driven by some principals and agents having an implicit agreement where the principal allows'' the agent to receive economic rents from positive performance-target deviations that are the result of superior effort or transitory gains by not revising targets upwar...
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作者：Bonsall, Samuel; Koharki, Kevin; Neamtiu, Monica
作者单位：University System of Ohio; Ohio State University; Washington University (WUSTL); University of Arizona
摘要：This study investigates how differences between the rating agencies' initial (at the date of debt issuance) and subsequent (post-issuance) monitoring incentives affect securitizing banks' rating accuracy. We hypothesize that the agencies have stronger incentives to monitor issuers when providing initial versus post-issuance ratings. We document that initial ratings are positively associated with off-balance sheet securitized assets and incrementally associated with on-balance sheet retained se...
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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：Chen, Chih-Ying; Chen, Peter F.; Jin, Qinglu
作者单位：Singapore Management University; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
摘要：Prior studies show that equity value has convex relations with earnings and book value of equity, respectively, due to growth and adaptation options (Burgstahler and Dichev 1997a; Zhang 2000). However, these studies do not consider the role of institutions in affecting firms' ability to exercise growth and adaptation options. In this study, we investigate whether these convex relations vary with the degree of a country's economic freedom, which may influence the frictions and costs of exercisi...
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作者：Luo, Shuqing; Nagarajan, Nandu J.
作者单位：National University of Singapore; University of Texas System; University of Texas Arlington
摘要：This study examines the antecedents and consequences of analysts choosing to become supply chain analysts (i.e., analysts following both a supplier and its major customer). We find that information complementarities between firms in the same supply chain, between a supplier firm and its industry peer firms, and between the supplier's major customer and other firms in analysts' portfolio affect their supply chain specialization decision. The potential revenues supplier firms generate for analys...
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作者：Chen, Ting; Martin, Xiumin; Mashruwala, Christina A.; Mashruwala, Shamin D.
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Washington University (WUSTL); University of Alberta
摘要：We investigate whether multiemployer defined-benefit pension plan (MEPP) underfunding is priced by shareholders and creditors. Prior to the FASB's new MEPP standard (effective December 2011), when the disclosures on such plans were sparse, we find evidence (some evidence) that our estimate of a firm's share of MEPP underfunding is credit (value) relevant. We also find some evidence that a proxy for the funded status of a firm's MEPPs is incrementally value relevant over and above the firm's ca...
