-
作者：Ayers, BC; Lefanowicz, CE; Robinson, JR
作者单位：University System of Georgia; University of Georgia; University of Virginia; University of Texas System; University of Texas Austin
摘要：This study investigates the effect of shareholder capital gains taxes on the structure of corporate acquisitions. We analyze a sample of large publicly traded firms acquired in taxable cash-for-stock and tax-free stock-for-stock acquisitions from 1975 to 2000. We model acquisition structure (i.e., taxable cash-for-stock acquisitions versus tax-free stock-for-stock acquisitions) as a function of target shareholder capital gains taxes and other economic factors believed to influence acquisition ...
-
作者：Francis, J; LaFond, R; Olsson, PM; Schipper, K
作者单位：Duke University; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine the relation between the cost of equity capital and seven attributes of earnings: accrual quality, persistence, predictability, smoothness, value relevance, timeliness, and conservatism. We characterize the first four attributes as accounting-based because they are typically measured using accounting information only. We characterize the last three attributes as market-based because proxies for these constructs are typically based on relations between market data and accounting data...
-
作者：Khurana, IK; Raman, KK
作者单位：University of Missouri System; University of Missouri Columbia; University of North Texas System; University of North Texas Denton
摘要：Prior research suggests that Big 4 auditors provide higher quality audits in the U.S. in order to protect the firm's brand name reputation and to avoid costly litigation. In this study, we examine whether the perceived higher quality of a Big 4 audit is related to auditor litigation exposure or to reputation concerns. Specifically, we utilize an estimable proxy for financial reporting credibility-the ex ante cost of equity capital-to examine whether Big 4 auditors are perceived as providing hi...
-
作者：Desai, HM; Rajgopal, S; Venkatachalam, M
作者单位：Southern Methodist University; University of Washington; University of Washington Seattle; Duke University
摘要：We investigate whether the accruals anomaly is a manifestation of the glamour stock phenomenon documented in the finance literature. Value (glamour) stocks, characterized by low (high) past sales growth, high (low) book-to-market (B/M), high (low) earnings-to-price (E/P), and high (low) cash flow-to-price (C/P), are known to earn positive (negative) future abnormal returns. Note that C or cash flow is operationalized in the finance literature as earnings adjusted for depreciation. Sloan (1996)...
-
作者：Mayhew, BW; Pike, JE
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper reports the results of experiments designed to examine whether investor selection of auditors enhances auditor independence. The experimental design enables us to explore the effect on independence of different institutional rules as to who hires and fires auditors and to directly measure independence violations. The results suggest that transferring the power to hire and fire the auditor from managers to investors significantly decreases the proportion of independence violations. A...
-
作者：Cheng, SJ
作者单位：University of Michigan System; University of Michigan
摘要：This study investigates whether compensation committees seek to prevent opportunistic reductions in R&D expenditures. I hypothesize that changes in R&D spending are more strongly positively associated with changes in CEO compensation in two situations: (1) when the CEO approaches retirement, and (2) when the firm faces a small earnings decline or a small loss. Consistent with these hypotheses, the results indicate that the association between changes in R&D spending and changes in the value of...
-
作者：Brazel, JF; Agoglia, CR; Hatfield, RC
作者单位：North Carolina State University; Drexel University; University of Texas System; University of Texas at San Antonio
摘要：Due to recent technological advancements such as online workpapers and email, audit firms have alternative methods of workpaper review that they did not have in the past. While audit workpaper preparers typically know they will be reviewed, and know the form their review will take, prior research has focused on comparing the judgments of auditors who expect to be reviewed with auditors who expect to remain anonymous. This study examines the effects on preparers of using two different methods o...
-
作者：Gibbs, M; Merchant, KA; Van der Stede, WA; Vargus, ME
作者单位：University of Chicago; University of Southern California; University of Texas System; University of Texas Dallas
摘要：This study examines two questions: When do firms make greater use of subjectivity in awarding bonuses? What are the effects of subjectivity on employee pay satisfaction and firm performance? We examine these questions using data from a sample of 526 department managers in 250 car dealerships. First, the findings suggest that subjective bonuses are used to complement perceived weaknesses in quantitative performance measures and to provide employees insurance against downside risk in their pay. ...
-
作者：Jones, S; Hensher, DA
作者单位：University of Sydney
摘要：Over the past three decades the literature on financial distress prediction has largely been confined to simple multiple discriminant analysis, binary logistic or probit analysis, or rudimentary multinomial logit models (MNL). There has been a conspicuous absence of modeling innovation in this literature as well as a failure to keep abreast of important methodological developments emerging in other fields of the social sciences. In particular, there has been no recognition of major advances in...
-
作者：Bradshaw, MT
作者单位：Harvard University
摘要：This paper examines whether valuation estimates based on analysts' earnings forecasts are consistent with their stock recommendations. Because earnings forecasts are linked to value and recommendations reflect analysts' opinions of value relative to current price, earnings forecasts and stock recommendations should be linked in a predictable manner. I consider four possible valuation models of how earnings forecasts and stock recommendations are linked. These models include two specifications ...
