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作者：Penman, Stephen H.
作者单位：Columbia University
摘要：A claim is commonly made that cash flow and accrual accounting methods for valuing equities must always yield equivalent valuations. A recent paper by Lundholm and O'Keefe 2001, for example, claims that, because of this equivalence, there is nothing to be learned from empirical comparison of valuation models. So they dismiss recent research that has shown that accrual accounting residual income models and earnings capitalization models perform, over a range of conditions, better than cash flow...
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作者：Thornton, Daniel B.
作者单位：Queens University - Canada; U.S. Securities & Exchange Commission (SEC)
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作者：Kadous, Kathryn
作者单位：University of Washington; University of Washington Seattle
摘要：Prior research indicates that individuals acting as jurors experience outcome effects in audit negligence litigation. That is, jurors evaluate auditors more harshly in light of negative outcomes, even when audit quality is constant. I posit that outcome effects in this setting are caused by jurors using their negative affect (i.e., feelings) resulting from learning about negative audit outcomes as information relevant to auditor blameworthiness. I tested this hypothesis in an experiment in whi...
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作者：Thorne, Linda; Hartwick, Jon
作者单位：York University - Canada; McGill University
摘要：Auditors' professional judgements are typically made following a discussion of contentious issues with other auditors (Gibbins and Mason 1988). These discussions may be with others at various levels in the hierarchy of the audit firm, with informal discussion with peers often taking place prior to formal discussions with audit supervisors (see, e.g., Solomon 1987). This study uses an experiment, involving 286 public accountants, to consider how discussion with peers may influence auditors' sub...
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作者：Bandyopadhyay, Sati P.; Kao, Jennifer L.
作者单位：University of Waterloo; University of Alberta
摘要：The 1991 amendment to the auditor appointment requirement of section 86 of the Ontario Municipal Act removes certain barriers to entry into the Ontario municipal audit market. The purpose of this study is to provide evidence that the amendment has enhanced competition in this market. The results indicate that there is a general reduction in the real municipal audit fees compared with the pre-amendment levels, and that the market has become more contestable following the amendment. Notwithstand...
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作者：Courteau, Lucie; Kao, Jennifer L.; Richardson, Gordon D.
作者单位：Laval University; University of Alberta; University of Waterloo
摘要：Recently, Penman and Sougiannis (1998) and Francis, Olsson, and Oswald (2000) compared the bias and accuracy of the discounted cash flow model (DCF) and Edwards-Bell-Ohlson residual income model (RIM) in explaining the relation between value estimates and observed stock prices. Both studies report that, with non-price-based terminal values, RIM outperforms DCF. Our first research objective is to explore the question whether, over a five-year valuation horizon, DCF and RIM are empirically equiv...
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作者：Beasley, Mark S.; Salterio, Steven E.
作者单位：North Carolina State University; University of Waterloo
摘要：This study empirically examines the relation between certain board of director characteristics and the extent that audit committee composition voluntarily exceeds minimum mandated levels and includes outside directors with financial reporting and audit committee knowledge and experience. This study focuses on board characteristics because the board directly controls audit committee membership. Such staffing decisions can directly affect the ability of the audit committee to monitor management'...
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作者：Lundholm, Russell; O'Keefe, Terry
作者单位：University of Michigan System; University of Michigan; University of Oregon; University of Queensland
摘要：This paper examines why practitioners and researchers get different estimates of equity value when they use a discounted cash flow (CF) model versus a residual income (RI) model. Both models are derived from the same underlying assumption - that price is the present value of expected future net dividends discounted at the cost of equity capital - but in practice and in research they frequently yield different estimates. We argue that the research literature devoted to comparing the accuracy of...
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作者：Choi, Won W.; Gramlich, Jeffrey D.; Thomas, Jacob K.
作者单位：Dongguk University; University of Hawaii System; University of Hawaii Manoa; Columbia University
摘要：In this paper we seek to document errors that could affect studies of earnings management. The book income adjustment (BIA) of the alternative minimum tax (AMT) created apparently strong incentives to manage book income downward in 1987. Five earlier papers using different methodologies and samples all conclude that earnings were reduced in response to the BIA. This consensus of findings offers an opportunity to investigate our speculation that methodological biases are more likely when there ...
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作者：Cready, William M.
作者单位：Louisiana State University System; Louisiana State University
