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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...
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作者：Bae, Kee-Hong; Tan, Hongping; Welker, Michael
作者单位：Queens University - Canada; University of Northern British Columbia
摘要：This paper investigates the relation between differences in accounting standards across countries and foreign analyst following and forecast accuracy. We develop two measures of differences in generally accepted accounting principles (GAAP) for 1,176 country-pairs. We then examine the impact of these measures of accounting differences on foreign analysts. In so doing, We utilize a unique database that identifies the location of financial analysts around the world, creating a sample that covers...
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作者：Liang, Pierre Jinghong; Rajan, Madhav V.; Ray, Korok
作者单位：Carnegie Mellon University; Stanford University; University of Chicago
摘要：We formulate and analyze a model of team structure and monitoring within a Linear-Exponential-Normal (LEN) agency framework. We incorporate three key instruments in the internal design of an organization involving team production: team size, monitoring activities, and incentive contracts. We show that the complex trade-offs among these instruments lead to surprisingly simple implications. One such result is that the equilibrium level of pay-for-performance for workers is attenuated and is, at ...
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作者：Barth, Mary E.; Hodder, Leslie D.; Stubben, Stephen R.
作者单位：Stanford University; Indiana University System; Indiana University Bloomington; University of North Carolina; University of North Carolina Chapel Hill
摘要：We find that equity returns associated with credit risk changes are attenuated by the debt value effect of the credit risk changes, as Merton (1974) predicts. We find that the relation between credit risk changes and equity returns is significantly less negative for firms with more debt-controlling for asset value changes, credit risk increases (decreases) are associated with equity value increases (decreases). This result obtains across credit risk levels. The relation is associated with chan...
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作者：Beneish, Messod Daniel; Billings, Mary Brooke; Hodder, Leslie D.
作者单位：Indiana University System; Indiana University Bloomington; New York University
摘要：We analyze a sample of 330 firms making unaudited disclosures required by Section 302 and 383 firms making audited disclosures required by Section 404 of the Sarbanes-Oxley Act. We find that Section 302 disclosures are associated with negative announcement abnormal returns of -1.8 percent, and that firms experience an abnormal increase in equity cost of capital of 68 basis points. We conclude that Section 302 disclosures are informative and point to lower credibility of disclosing firms' finan...
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作者：Cohen, Daniel A.; Dey, Aiyesha; Lys, Thomas Z.
作者单位：New York University; University of Chicago; Northwestern University
摘要：We document that accrual-based earnings management increased steadily from 1987 until the passage of the Sarbanes-Oxley Act (SOX) in 2002, followed by a significant decline after the passage of SOX. Conversely, the level of real earnings management activities declined prior to SOX and increased significantly after the passage of SOX, suggesting that firms switched from accrual-based to real earnings management methods after the passage of SOX. We also document that the accrual-based earnings m...
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作者：Soliman, Mark T.
作者单位：University of Washington; University of Washington Seattle
摘要：DuPont analysis, a common form of financial statement analysis, decomposes return on net operating assets into two multiplicative components: profit margin and asset turnover. These two accounting ratios measure different constructs and, accordingly, have different properties. Prior research has found that a change in asset turnover is positively related to future changes in earnings. This paper comprehensively explores the DuPont components and contributes to the literature along three dimens...
