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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：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：Chen, Weitzu; Liu, Chi-Chun; Ryan, Stephen G.
作者单位：National Taiwan University; New York University
摘要：We hypothesize and provide evidence that characteristics of banks' loan securitizations accounted for as sales determine the extent to which banks retain the risks of the securitized loans. We show that banks retain more risk when: (1) the types of loans have higher and/or less externally verifiable credit risk, (2) the loans are closed-ended and banks retain larger contractual interests in the loans, and (3) the loans are closed-ended and banks retain types of contractual interests that more ...
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作者：Barth, Mary E.
作者单位：Stanford University
摘要：This paper identifies challenges and opportunities created by global financial reporting for the education and research activities of U.S. academics. Relating to education, after overviewing the relation between global financial reporting and U.S. GAAP, it offers suggestions for topics to be covered in global financial reporting curricula and clarifies common misunderstandings about the concepts underlying financial reporting. Relating to research, it explains how and why research can provide ...
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作者：Cheng, Qiang; Farber, David B.
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Missouri System; University of Missouri Columbia
摘要：Prior research finds that earnings restatements are linked to CEOs' excessive option-based compensation and equity holdings. In this paper, we investigate whether firms that experience earnings restatements recontract with their CEOs to reduce their option-based compensation and if so, whether this leads to improved firm performance. Based on 289 restatement firms over the period 1997-2001, we find that the proportion of CEOs' compensation in the form of options declines significantly in the t...
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作者：Venkataraman, Ramgopal; Weber, Joseph P.; Willenborg, Michael
作者单位：Southern Methodist University; Massachusetts Institute of Technology (MIT); University of Connecticut
摘要：We use the IPO setting to examine the relation between auditor exposure to legal liability and audit quality and audit fees. With regard to audit quality, we report robust evidence that pre-IPO audited accruals are negative and less than post-IPO audited accruals. In contrast to extant literature, our findings provide scant support for the inference that auditors acquiesce to opportunistic earnings management by issuers in an attempt to increase the offering price. With regard to audit fees, w...
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作者：Zhao, Yijiang; Chen, Kung H.
作者单位：University of Alaska System; University of Alaska Fairbanks; University of Nebraska System; University of Nebraska Lincoln
摘要：The literature suggests that staggered boards may have two opposite effects on earnings management: the expropriation view emphasizes the exacerbating effect, whereas the quiet life view advocates the mitigating effect. We use two approaches to examine this issue: a small-sample test based on whether firms are accused of committing financial reporting fraud, and a large-sample test based on the absolute value of unexpected accruals. We find that staggered boards are associated with lower likel...
