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作者：Boone, JP
作者单位：Mississippi State University
摘要：This paper investigates three potential explanations for the puzzlingly weak value relevance of oil and gas asset present values documented in prior research: measurement error, model misspecification, and time-period idiosyncrasy. I operationally define the magnitude of measurement error as the measurement error variance, estimated using an errors-in-variables two-stage regression model similar to that used by Barth (1991) and Choi et al. (1997). I find that (1) measurement error in the prese...
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作者：Gibbins, M
作者单位：University of Alberta
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作者：Wilks, TJ
作者单位：Brigham Young University; Cornell University
摘要：With the current shift toward real-time audit review, subordinates become aware of supervisors' views earlier in the audit process. I use an experiment to examine whether earlier knowledge of supervisors' views increases subordinates' tendencies to agree with those views because subordinates predecisionally distort evidence. In a going-concern task, I find that auditors who learn the partner's view before evaluating evidence (1) evaluate individual evidence items as more consistent with the pa...
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作者：McDaniel, L; Martin, RD; Maines, LA
作者单位：University of Kentucky; Indiana University System; Indiana University Bloomington
摘要：Audit committees evaluate financial reporting quality as part of their corporate oversight responsibilities, Given this responsibility, the national stock exchanges now require all audit committee members to be financially literate and at least one member to have financial expertise. In light of recent debates over this requirement, we provide evidence on how experts and literates differ in their evaluations of financial reporting quality. Results suggest that experts' evaluations of financial...
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作者：Pincus, M; Rajgopal, S
作者单位：University of Iowa; University of Washington; University of Washington Seattle
摘要：This research investigates whether oil and gas producing firms use abnormal accruals and hedging with derivatives as substitutes to manage earnings volatility. Firms engaged in oil exploration and drilling are exposed to two kinds of risks that can cause earnings volatility: oil price risk and exploration risk. Firms can use abnormal accrual choices and/or derivatives to reduce earnings volatility caused by oil price risk, but cannot directly hedge the operational risk of unsuccessful drilling...
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作者：Beneish, MD; Vargus, ME
作者单位：Indiana University System; Indiana University Bloomington; University of Texas System; University of Texas Dallas
摘要：This paper investigates whether insider trading is informative about earnings quality and the valuation implications of accruals. We show that (1) the one-year-ahead persistence of income-increasing accruals is significantly lower when accompanied by abnormal insider selling and greater when accompanied by abnormal insider buying; (2) the accrual mispricing phenomenon observed in previous work (e.g., Sloan 1996) is due to the mispricing of income-increasing accruals; (3) one-year-ahead hedge r...
