6期

最新文章

• Executive Equity Risk-Taking Incentives and Audit Pricing AI翻译
  作者：Chen, Yangyang; Gul, Ferdinand A.; Veeraraghavan, Madhu; Zolotoy, Leon
  作者单位：Hong Kong Polytechnic University; Monash University; University of Melbourne
  摘要：Using a large sample of U.S. firms spanning the period 2000-2010, we document a strong positive association between the sensitivity of CEO compensation portfolio to stock return volatility (vega) and audit fees. We also show that the positive association between vega and audit fees is weaker in the post-Sarbanes-Oxley Act (SOX) period. In supplementary tests, we show that the relation between vega and audit fees is stronger for firms with older CEOs and in firms where the CEO is also chairman ...
• Priority Dissemination of Public Disclosures AI翻译
  作者：Dong, Bei; Li, Edward Xuejun; Ramesh, K.; Shen, Min
  作者单位：State University System of Florida; University of South Florida; City University of New York (CUNY) System; Baruch College (CUNY); Rice University
  摘要：This study examines the unintended effects of a pre-Reg FD practice that gave a broad group of sophisticated market participants 15-minute earlier access to all corporate press releases than the general public. We find that roughly one-eighth of the price discovery to earnings announcements issued during regular trading hours was due to privileged access to information in earnings press releases, with the 15-minute priority dissemination contributing to just over 50 percent of price discovery ...
• Do Clients Avoid Contaminated'' Offices? The Economic Consequences of Low-Quality Audits AI翻译
  作者：Swanquist, Quinn T.; Whited, Robert L.
  作者单位：University System of Georgia; Georgia State University; University of Massachusetts System; University of Massachusetts Amherst
  摘要：This study investigates whether the market for audit clients penalizes auditors following association with low-quality audits. Specifically, we examine whether audit offices experience a loss in local market share following client restatements. We document that the frequency of restatement announcements within an office-year (contamination'') is inversely related to subsequent year-over-year change in local market share. Further analysis indicates that restatements impair the office's ability ...
• Accounting Conservatism and Creditor Recovery Rate AI翻译
  作者：Donovan, John; Frankel, Richard M.; Martin, Xiumin
  作者单位：Washington University (WUSTL)
  摘要：We examine the relation between accounting conservatism and creditor recovery rates for firms in default. We also test the link between conservatism and the length of bankruptcy resolutions. We find that creditors of firms with more conservative accounting before default have significantly higher recovery rates, and that this positive relation is more pronounced for default firms that violated covenants before the default. We also find that conservative firms have higher asset productivity, sh...
• Why do Restatements Decrease in a Clawback Environment? An Investigation into Financial Reporting Executives' Decision-Making during the Restatement Process AI翻译
  作者：Pyzoha, Jonathan S.
  作者单位：University System of Ohio; Miami University
  摘要：Prior archival studies find that firms that voluntarily adopted clawback policies have experienced a reduction in restatements. I experimentally examine this outcome by investigating the influence of two key factors (i.e., executive compensation structure and auditor quality) on financial reporting executives' (hereafter, executives'') decision-making regarding a proposed restatement that will lead to a clawback of their incentives. I find that executives (i.e., CFOs, controllers, and treasure...