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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...
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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)...
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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...
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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. ...
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作者：Hirst, DE; Hopkins, PE; Wahlen, JM
作者单位：University of Texas System; University of Texas Austin; Indiana University System; Indiana University Bloomington
摘要：We examine how fair-value-income measurement affects commercial bank equity analysts' risk and value judgments. Normatively, holding information and other underlying economics constant, bank analysts' risk and valuation assessments should distinguish between banks with different risks, but should not depend on how banks measure income. In our experiment, we vary income measurement-full-fair-value (all fair-value changes recognized in income) versus piecemeal-fair-value (some fair-value changes...
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作者：Bedard, JC; Johnstone, KM
作者单位：Northeastern University; University of Wisconsin System; University of Wisconsin Madison
摘要：This paper investigates auditors' assessments of earnings manipulation risk and corporate governance risk, and their planning and pricing decisions in the presence of these identified risks. To conduct this investigation, we use engagement partners' assessments of their existing clients made during the participating public accounting firm's client continuance risk assessment process. We find that auditors plan increased effort and billing rates for clients with earnings manipulation risk, and ...
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作者：Clarkson, PM; Li, Y; Richardson, GD
作者单位：University of Queensland; Simon Fraser University; University of Toronto
摘要：The objective of this study is to examine the market valuation of environmental capital expenditure investment related to pollution abatement in the pulp and paper industry. The total environmental capital expenditure of $8.7 billion by our sample firms during 1989-2000 supports the focus on this industry. In order to be capitalized, an asset should be associated with future economic benefits. The existing environmental literature suggests that investors condition their evaluation of the futur...
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作者：Aboody, D; Barth, ME; Kasznik, R
作者单位：University of California System; University of California Los Angeles; Stanford University
摘要：This study investigates the relation between share price and stock-based compensation expense that is disclosed but not recognized under SFAS No. 123, after controlling for net income, equity book value, and expected earnings growth. Our instrumental variables approach controls for the mechanical relation between share price and option values. We find that investors view SFAS No. 123 expense as an expense of the firm, and as sufficiently reliable to be reflected in their valuation assessments....
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作者：Demski, JS
作者单位：State University System of Florida; University of Florida
摘要：I selectively survey the use of expectations in accounting research. While expectations are central to modeling work and essential in empirical documentation, we tend to rely on largely exogenous expectations, as opposed to closing the analysis with aggressive identification of information sources and an explicit equilibrium argument.
