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• Percent Accruals AI翻译
  作者：Hafzalla, Nader; Lundholm, Russell; Van Winkle, E. Matthew
  作者单位：University of Michigan System; University of Michigan
  摘要：We document how the effectiveness of an accruals-based trading strategy changes with the benchmark used to identify an extreme accrual. We measure percent accruals as accruals scaled by earnings, rather than total assets, and show that this seemingly small change produces a radically different sort of the data. We find that a trading strategy based on percent accruals yields significantly larger annual hedge returns than the traditional accruals measure, and does so mostly by improving the lon...
• The Role of Organizational Absorptive Capacity in Strategic Use of Business Intelligence to Support Integrated Management Control Systems AI翻译
  作者：Elbashir, Mohamed Z.; Collier, Philip A.; Sutton, Steve G.
  作者单位：Australian National University; University of Melbourne; State University System of Florida; University of Central Florida
  摘要：This study examines the influence of organizational controls related to knowledge management and resource development on assimilation (i.e., strategic integration and use) of business intelligence (BI) systems. BI systems use analytics and performance management concepts to leverage enterprise system databases and provide core management control system (MCS) capability. Our results indicate that organizational absorptive capacity (i.e., the ability to gather, absorb, and strategically leverage...
• Can Big 4 versus Non-Big 4 Differences in Audit-Quality Proxies Be Attributed to Client Characteristics? AI翻译
  作者：Lawrence, Alastair; Minutti-Meza, Miguel; Zhang, Ping
  作者单位：University of Toronto
  摘要：This study examines whether differences in proxies for audit quality between Big 4 and non-Big 4 audit firms could be a reflection of their respective clients' characteristics. In our analyses, we use three audit-quality proxies-discretionary accruals, the ex ante cost-of-equity capital, and analyst forecast accuracy-and employ propensity-score and attribute-based matching models in attempt to control for differences in client characteristics between the two auditor groups while estimating the...
• The Spread of Aggressive Corporate Tax Reporting: A Detailed Examination of the Corporate-Owned Life Insurance Shelter AI翻译
  作者：Brown, Jennifer L.
  作者单位：Arizona State University; Arizona State University-Tempe
  摘要：This study investigates the spread of aggressive corporate tax reporting by modeling a firm's decision to adopt the corporate-owned life insurance (COLI) shelter. Prior studies identify firm characteristics associated with aggressive tax reporting (Desai and Dharmapala 2006; Frank et al. 2009) and tax shelter participation (Wilson 2009; Lisowsky 2010). This study examines whether social environment factors explain the pattern of tax shelter adoption. Building on theory related to the diffusion...
• Disaggregating Management Forecasts to Reduce Investors' Susceptibility to Earnings Fixation AI翻译
  作者：Elliott, W. Brooke; Hobson, Jessen L.; Jackson, Kevin E.
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign
  摘要：This study examines disaggregated management forecasts as a mechanism to reduce investors' fixation on announced earnings. Our experimental results suggest that investors' earnings fixation is reduced when they initially observe a disaggregated management forecast (earnings and its components) versus when they observe an aggregated forecast (earnings only). We also provide theory-consistent evidence that this reduction in earnings fixation is associated with investors interpreting the summary ...
• The Causes and Consequences of Internal Control Problems in Nonprofit Organizations AI翻译
  作者：Petrovits, Christine; Shakespeare, Catherine; Shih, Aimee
  作者单位：George Washington University; University of Michigan System; University of Michigan; New York University
  摘要：This study examines the causes and consequences of internal control deficiencies in the nonprofit sector using a sample of 27,495 public charities from 1999 to 2007. We first document that the likelihood of reporting an internal control problem increases for nonprofit organizations that are in poor financial health, growing, more complex, and/or smaller. We then present evidence that the disclosure of weak internal controls over financial reporting is negatively associated with subsequent dono...
• Do Investors Understand Really Dirty Surplus? AI翻译
  作者：Landsman, Wayne R.; Miller, Bruce L.; Peasnell, Ken; Yeh, Shu
  作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of California System; University of California Los Angeles; Lancaster University; National Taiwan University
  摘要：This study addresses whether firms' share prices correctly reflect two accounting measures: dirty surplus and really dirty surplus. Dirty surplus is readily observable from the financial statements, but really dirty surplus, which arises from recognizing equity transactions such as employee stock option exercises at other than fair market value, is not. Findings show that dirty surplus and really dirty surplus are irrelevant for forecasting abnormal comprehensive income. However, findings also...
• Should Investors Follow the Prophets or the Bears? Evidence on the Use of Public Information by Analysts and Short Sellers AI翻译
  作者：Drake, Michael S.; Rees, Lynn; Swanson, Edward P.
  作者单位：University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
  摘要：We investigate whether short sellers and analysts differ in their use of information that is predictive of future returns. We find that short interest is significantly associated in the expected direction with all 11 variables examined. In contrast, analysts tend to positively recommend stocks with high growth, high accruals, and low book-to-market ratios, despite these variables having a negative association with future returns. We then investigate the profitability of using short interest in...