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作者：Maas, Victor S.; van Rinsum, Marcel; Towry, Kristy L.
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Emory University
摘要：This paper investigates managerial discretion in compensation decisions in a team setting, in which a measure of the team's aggregate performance is readily available from the accounting system. Specifically, we examine the willingness of managers to obtain additional, costly information that would supplement this measure and allow the managers to more accurately assess individual contributions to team output. Using theory from behavioral economics that incorporates social preferences (i.e., f...
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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：Bhattacharya, Nilabhra; Ecker, Frank; Olsson, Per M.; Schipper, Katherine
作者单位：Southern Methodist University; Duke University
摘要：Using path analysis, we investigate the direct and indirect links between three measures of earnings quality and the cost of equity. Our investigation is motivated by analytical models that specify both a direct link and an indirect link that is mediated by information asymmetry, but do not suggest which link would be more important empirically. We measure information asymmetry as both the adverse selection component of the bid-ask spread and the probability of informed trading (PIN). For a la...
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作者：McGuire, Sean T.; Omer, Thomas C.; Sharp, Nathan Y.
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This study examines the impact of religion on financial reporting. We predict that firms in religious areas are less likely to engage in financial reporting irregularities because prior research links religiosity to reduced acceptance of unethical business practices. Our results suggest that firms headquartered in areas with strong religious social norms generally experience lower incidences of financial reporting irregularities. We also examine whether religiosity influences managers' methods...
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作者：Zang, Amy Y.
作者单位：Hong Kong University of Science & Technology
摘要：I study whether managers use real activities manipulation and accrual-based earnings management as substitutes in managing earnings. I find that managers trade off the two earnings management methods based on their relative costs and that managers adjust the level of accrual-based earnings management according to the level of real activities manipulation realized. Using an empirical model that incorporates the costs associated with the two earnings management methods and captures managers' seq...
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作者：Camfferman, Kees
作者单位：Vrije Universiteit Amsterdam
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作者：Lennox, Clive S.; Francis, Jere R.; Wang, Zitian
作者单位：Nanyang Technological University; University of Missouri System; University of Missouri Columbia
摘要：This study explains the challenges associated with the Heckman (1979) procedure to control for selection bias, assesses the quality of its application in accounting research, and offers guidance for better implementation of selection models. A survey of 75 recent accounting articles in leading journals reveals that many researchers implement the technique in a mechanical way with relatively little appreciation of important econometric issues and problems surrounding its use. Using empirical ex...
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作者：Elliott, W. Brooke; Hodge, Frank D.; Sedor, Lisa M.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Washington; University of Washington Seattle; DePaul University
摘要：Press releases accompanying earnings restatements attempt to minimize negative reactions by explaining the reasons for the restatement. Although text-based press releases have been the norm for years, firms have recently begun using online video for such announcements. We examine the implications of doing so, and find that when a CEO accepts responsibility by making an internal attribution for a restatement, investors viewing the announcement online via video recommend larger investments in th...
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作者：Kadous, Kathryn; Mercer, Molly
作者单位：Emory University; DePaul University
摘要：We conduct an experiment with 749 mock jurors to examine whether juries Evaluate auditors differently under precise versus imprecise standards when the client reporting is held constant. We find that the impact of standard precision on jury verdicts depends on the aggressiveness of the audit client's financial reports and on the industry reporting norm. When the client's reporting is more aggressive and violates the precise standard, juries return fewer verdicts against auditors under the impr...
