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作者：Earley, Christine E.; Hoffman, Vicky B.; Joe, Jennifer R.
作者单位：Providence College; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University System of Georgia; Georgia State University
摘要：Auditors often receive summary information or conclusions from management about account balances or internal controls. They must then gather evidence to assess whether this information is fairly stated. In such situations, management can be considered the first mover and the auditor the second mover. When auditors are the second mover, they are vulnerable to the curse of knowledge bias-the inability to ignore previously processed information (Fischhoff 1977). Specifically, because information ...
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作者：Matolcsy, Zoltan R.; Wyatt, Anne
作者单位：University of Technology Sydney
摘要：The objective of this study is to provide evidence on how technological innovation conditions underlying the firm's investments drive earnings growth and, hence, market value of equity. Technologies develop and flourish or die out through the combined investment decisions of those firms doing the inventing, and those firms that adopt those inventions, and thereby help to spread (or diffuse) the innovations into wider use. Hence, technology is important for the investment decisions of all firms...
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作者：Hunton, James E.; Mauldin, Elaine G.; Wheeler, Patrick R.
作者单位：Bentley University; University of Missouri System; University of Missouri Columbia
摘要：The trend toward continuous monitoring of automated business transactions by the internal audit function is growing as organizations seek to improve internal control. In this study, we demonstrate that continuous monitoring and the time horizon over which performance-contingent incentives are based can interact, thereby yielding potential functional and dysfunctional effects on managerial decisions. Seventy-two experienced corporate managers completed a between-participants experiment that ran...
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作者：Landsman, Wayne R.; Peasnell, Kenneth V.; Shakespeare, Catherine
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Lancaster University; University of Michigan System; University of Michigan
摘要：This study addresses whether asset securitizations are really asset sales or a form of secured borrowing, by estimating cross-sectional equity valuation regressions to assess whether the stock market treats securitized assets and liabilities held by a special purpose entity (SPE) as assets and liabilities of the sponsor-originator (S-O). Although all sample firms account for asset securitizations as sales, we find that the market views such SPE assets and liabilities as belonging to the S-O, i...
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作者：Raman, Kartik; Shahrur, Husayn
作者单位：Bentley University
摘要：We examine the determinants and consequences of earnings management by firms in the context of their relationships with suppliers and customers. We find that industry-level proxies for relationship-specific investments by suppliers/customers are positively associated with the magnitude of discretionary accruals, volatility of earnings, and the frequency of large earnings increases. We also find that firm-level proxies for the intensity of relationship-specific investments by actual suppliers a...
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作者：Hirshleifer, David A.; Myers, James N.; Myers, Linda A.; Teoh, Siew Hong
作者单位：University of California System; University of California Irvine; University of Arkansas System; University of Arkansas Fayetteville
摘要：This study tests whether naive trading by individual investors, or some class of individual investors, causes post-earnings announcement drift (PEAD). Inconsistent with the individual trading hypothesis, individual investor trading fails to subsume any of the power of extreme earnings surprises to predict future abnormal returns. Moreover, individuals are significant net buyers after both negative and positive extreme earnings surprises, consistent with an attention effect, but not with their ...
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作者：Lee, Yen-Jung
作者单位：National Taiwan University
摘要：This paper examines whether outstanding employee stock options (ESOs), which represent the firm's contractual obligation to deliver shares upon ESO exercise, affect firms' credit ratings. I hypothesize that outstanding ESOs play two information roles-(1) suggesting equity infusion, and (2) predicting share repurchases-that help credit-rating agencies evaluate the issuing company's debt service ability. Consistent with these hypothesized roles, results indicate that the present values of expect...
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作者：Baber, William R.; Gore, Angela K.
作者单位：Georgetown University; George Washington University
摘要：We compare characteristics; of municipal debt issues in states that mandate GAAP for municipalities with issues in states that impose no annual financial disclosure requirements. Cross-sectional comparisons indicate that the use of public (versus private) debt is greater, and municipal debt costs are 14 to 25 basis points lower, in states where GAAP is mandated. Moreover, municipalities in states that impose the GAAP requirement realize lower, debt costs following the effective date of the reg...
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作者：Brown, Jennifer L.; Krull, Linda K.
作者单位：Arizona State University; Arizona State University-Tempe; University of Texas System; University of Texas Austin
摘要：Two separate streams of research find evidence that firms decrease R&D spending to meet earnings benchmarks and that the R&D tax credit increases R&D spending. However, these studies do not consider stock option exercises by R&D employees that likely influence R&D spending decisions because they increase R&D tax credits without reducing reported earnings. This study extends both areas of research by incorporating R&D tax credits from stock option exercises into the R&D spending decision. We fi...
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作者：Cardinaels, Eddy; Labro, Eva
作者单位：Tilburg University; University of London; London School Economics & Political Science
摘要：Although employees' time estimates are used extensively for costing purposes, they are prone to measurement error. In an experimental setting, we research how measurement error in time estimates varies with: (1) the level of aggregation in the definition of costing system activities (aggregated or disaggregated); (2) task coherence (the extent to which the activities that require time estimates present themselves coherently or incoherently); and (3) when notice is given that time estimates wil...
