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作者：Kadous, Kathryn; Koonce, Lisa; Thayer, Jane M.
作者单位：Emory University; University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
摘要：Relevance and reliability (now referred to as representational faithfulness) are qualities of financial information that both the Financial Accounting Standards Board and the International Accounting Standards Board use in setting standards for financial reporting. Despite their importance, very little research has addressed how financial statement users apply these constructs. Via experiments set within the fair value context, we show that users do not view them as independent constructs. Ins...
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作者：Michels, Jeremy
作者单位：University of Colorado System; University of Colorado Boulder
摘要：The role of disclosure in attenuating market inefficiencies has been the subject of extensive research. While costless, voluntary, and unverifiable disclosures are unlikely to be credible sources of information, prior research demonstrates that individuals' decisions can be influenced by uninformative content. I use a unique dataset from a peer-to-peer lending website, Prosper.com, to demonstrate an economically large effect of voluntary, unverifiable disclosures in reducing the cost of debt. ...
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作者：Yip, Rita W. Y.; Young, Danqing
作者单位：Lingnan University; Chinese University of Hong Kong
摘要：This study examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union significantly improves information comparability in 17 European countries. We employ three proxies the similarity of accounting functions that translate economic events into accounting data, the degree of information transfer, and the similarity of the information content of earnings and of the book value of equity-to measure information comparability. Our results sugg...
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作者：Zeff, Stephen A.
作者单位：Rice University
摘要：In this article, I undertake to review the major developments and turning-points in the evolution of the IASC, followed by the evolution of the IASB. At the conclusion, I suggest five challenges facing the IASB.
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作者：Jayaraman, Sudarshan; Milbourn, Todd T.
作者单位：Washington University (WUSTL)
摘要：We explore the role of stock liquidity in influencing the composition of CEO annual pay and the sensitivity of managerial wealth to stock prices. We find that as stock liquidity goes up, the proportion of equity-based compensation in total compensation increases while the proportion of cash-based compensation declines. Further, the CEO's pay-for-performance sensitivity with respect to stock prices is increasing in the liquidity of the stock. Our main findings are supported by additional tests ...
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作者：Lee, Sam (Sunghan); Matsunaga, Steven R.; Park, Chul W.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Oregon; University of Hong Kong
摘要：We investigate whether management forecast accuracy provides a signal regarding CEOs' ability to anticipate and respond to future events by examining the relation between management forecast errors and CEO turnover. We find that the probability of CEO turnover is positively related to the magnitude of absolute forecast errors when firm performance is poor and that this positive relation holds for both positive and negative forecast errors. In addition, we find that the positive relation betwee...
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作者：Crawford, Steven S.; Roulstone, Darren T.; So, Eric C.
作者单位：Rice University; University System of Ohio; Ohio State University; Stanford University
摘要：We examine how the information produced by analysts when they initiate coverage contributes to the mix of firm-specific, industry-, and market-wide information available about the firm. We hypothesize that the first analyst to initiate coverage provides low-cost market and industry information allowing him/her to follow more stocks, whereas subsequent analysts provide firm-specific information to distinguish themselves from existing analysts. We use stock return synchronicity to measure the mi...
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作者：Hoopes, Jeffrey L.; Mescall, Devan; Pittman, Jeffrey A.
作者单位：University of Michigan System; University of Michigan; University of Saskatchewan; Memorial University Newfoundland
摘要：We extend research on the determinants of corporate tax avoidance to include the role of Internal Revenue Service (IRS) monitoring. Our evidence from large samples implies that U.S. public firms undertake less aggressive tax positions when tax enforcement is stricter. Reflecting its first-order economic impact on firms, our coefficient estimates imply that raising the probability of an IRS audit from 19 percent (the 25th percentile in our data) to 37 percent (the 75th percentile) increases the...
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作者：Bushee, Brian J.; Miller, Gregory S.
作者单位：University of Pennsylvania; University of Michigan System; University of Michigan
摘要：We examine the actions and outcomes of investor relations (IR) programs in smaller, less-visible firms. Through interviews with IR professionals, we learn that IR strategies have a common goal of attracting institutional investors and that direct access to management, rather than increased disclosure, is viewed as the key driver of the strategy's success. We test for the effects of IR programs by examining small-cap companies that hired IR firms in a differences-in-differences research design ...
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作者：Cheng, C. S. Agnes; Huang, Henry He; Li, Yinghua; Stanfield, Jason
作者单位：Hong Kong Polytechnic University; Louisiana State University System; Louisiana State University; Texas A&M University System; Prairie View A&M University; University of Houston System; University of Houston; City University of New York (CUNY) System; Baruch College (CUNY); Purdue University System; Purdue University
摘要：This paper examines the impact of hedge fund activism on corporate tax avoidance. We find that relative to matched control firms, businesses targeted by hedge fund activists exhibit lower tax avoidance levels prior to hedge fund intervention, but experience increases in tax avoidance after the intervention. Moreover, findings suggest that the increase in tax avoidance is greater when activists have a successful track record of implementing tax changes and possess tax interest or knowledge as i...
