2007

最新文章

• Who trades on pro forma earnings information? AI翻译
  作者：Bhattacharya, Nilabhra; Black, Ervin L.; Christensen, Theodore E.; Mergenthaler, Richard D.
  作者单位：Southern Methodist University; Brigham Young University; University of Washington; University of Washington Seattle
  摘要：In recent years, many companies have emphasized adjusted-GAAP earnings numbers in their quarterly press releases. While managers use different names to describe these nonstandard earnings metrics, the financial press frequently refers to them as pro forma earnings. Managers and other advocates of pro forma reporting argue that these disclosures provide a clearer picture of companies' core earnings. On the other hand, regulators, policyrnakers, and the financial press often allege that managers...
• The retention effect of withholding performance information AI翻译
  作者：Ray, Korok
  作者单位：University of Chicago
  摘要：It is a common practice for firms to conduct performance evaluations of their employees and yet to withhold this information from those employees. This paper argues that firms strategically withhold performance information to retain workers. In particular, if the worker enjoys high outside options and is tempted to quit, then the firm chooses not to reveal his performance information in order to keep him on the job. The firm's equilibrium strategy is to fire if performance is sufficiently low,...
• Earnings management and ownership retention for initial public offering firms: Theory and evidence AI翻译
  作者：Fan, Qintao
  作者单位：University of California System; University of California Berkeley
  摘要：This paper investigates, both theoretically and empirically, how earnings management and ownership retention interact, and how these two jointly affect the equilibrium market valuation of IPO firms in the presence of information asymmetry. Analytically, this paper extends the univariate signaling framework of Leland and Pyle (1977) and derives an efficient signaling equilibrium in which both reported earnings and ownership retention are endogenously chosen to convey the IPO issuer's private in...
• The effect of auditors' use of a reciprocity-based strategy on auditor-client negotiations AI翻译
  作者：Sanchez, Maria H.; Agoglia, Christopher R.; Hatfield, Richard C.
  作者单位：Rider University; University of Alabama System; University of Alabama Tuscaloosa
  摘要：Auditors face the challenging tasks of attesting that the financial statements are free from material misstatement while simultaneously fostering a functional working relationship with the client. As the financial statements may be considered, in part, a product of negotiations between the auditor and client management (Antle and Nalebuff 1991), the negotiation strategy employed by the auditor may be useful in effectively fulfilling both tasks. To investigate the effect of auditor strategy on ...
• Internal control weakness and cost of equity: Evidence from SOX section 404 disclosures AI翻译
  作者：Ogneva, Maria; Subramanyam, K. R.; Raghunandan, K.
  作者单位：University of Southern California; State University System of Florida; Florida International University
  摘要：We examine the association between cost of equity and internal control weakness (ICW) for firms that filed first-time Section 404 reports with the SEC. Using several proxies, we find higher implied cost of equity associated with ICW firms than for a control sample of firms that disclosed no ICW. However, the higher cost of equity associated with ICW disappears after controlling for primitive firm characteristics and for analyst forecast bias. Overall, we find that, on average, ICWs are not dir...