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作者：Hoi, Chun Keung; Wu, Qiang; Zhang, Hao
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作者：Evans, John Harry, III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
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作者：Huang, Allen H.; Zang, Amy Y.; Zheng, Rong
作者单位：Hong Kong University of Science & Technology
摘要：We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we find that investors react more strongly to negative than to positive text, suggesting that analysts are especially important in propagating bad news. Additional evidence indicates that analyst report te...
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作者：Norris, Floyd
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作者：Badertscher, Brad A.; Burks, Jeffrey J.; Easton, Peter D.
作者单位：University of Notre Dame
摘要：When the fair value of an investment security falls below amortized cost and there is significant doubt that the firm can hold the security until the fair value recovers, an other-than-temporary impairment (OTTI) is recognized in net income. Thus, an OTTI is a disclosure about the prospect of recovering an unrealized loss. Our findings suggest that investors priced banks' OTTI recognition during and after the financial crisis. Investors were unable to fully anticipate reported OTT's, and price...
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作者：Czerney, Keith; Schmidt, Jaime J.; Thompson, Anne M.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Texas System; University of Texas Austin
摘要：According to auditing standards, explanatory language added at the auditor's discretion to unqualified audit reports should not indicate increased financial misstatement risk. However, an auditor is unlikely to add language that would strain the auditor-client relationship absent concerns about the client's financial statements. Using a sample of 30,825 financial statements issued with unqualified,audit opinions during 2000-2009, we find that financial statements with audit reports containing ...
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作者：Kachelmeier, Steven J.; Majors, Tracie; Williamson, Michael G.
作者单位：University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Risk-based auditing implies that auditors invest more (fewer) resources as reporting risks increase (decrease). We find from an interactive experiment that participants in an audit-like role reflect this reasoning to a lesser extent when risks arise from intentional actions of human reporters than when the same risks arise from an unintentional source. We interpret this pattern as reflecting an emotive valuation by feeling when risks arise from human intent, meaning that the presence of risk i...
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作者：Rose, Jacob M.; Rose, Anna M.; Norman, Carolyn Strand; Mazza, Cheri R.
作者单位：Bentley University; Virginia Commonwealth University; Sacred Heart University
摘要：Our paper examines three related questions: Will directors who have friendship ties with the CEO manage earnings to benefit the CEO in the short term while potentially sacrificing the welfare of the company in the long term? Will public disclosure of friendship ties mitigate or exacerbate such behavior, and will disclosure of friendship ties influence investors' perceptions of director decisions? We conduct an experiment involving 56 active and experienced corporate directors from U. S. firms ...
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作者：Hennes, Karen M.; Leone, Andrew J.; Miller, Brian P.
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Miami; Indiana University System; Indiana University Bloomington
摘要：This study examines the conditions under which financial restatements lead corporate boards to dismiss external auditors and how the market responds to those dismissal announcements. We find that auditors are more likely to be dismissed after more severe restatements but that the severity effect is primarily attributable to the dismissal of non-Big 4 auditors rather than Big 4 auditors. We also document that among corporations with Big 4 auditors, those that are larger and more complex operati...
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作者：Young, Joni J.
作者单位：University of New Mexico
