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作者：Iselin, Michael; Van Buskirk, Andrew
作者单位：University of Minnesota System; University of Minnesota Twin Cities; University System of Ohio; Ohio State University
摘要：We build on recent advances in options pricing research to propose a novel measure of the ex ante relative importance of information events. Our firm-level measure captures the extent to which investors view an event as important, independent of its realized outcome. We first validate the measure and then demonstrate how it can be used to (1) study heterogeneity across firms in the relative importance of information events; (2) identify firms for which an event was important, even though the r...
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作者：Donelson, Dain C.; Kartapanis, Antonis; Yust, Christopher G.
作者单位：University of Iowa; Texas A&M University System; Texas A&M University College Station; University of Iowa
摘要：We explore how securities litigation affects corporate reputation. Experts remain concerned that nonmeritorious securities class actions-those that will be dismissed or settled for nuisance amounts-cause reputational damage. Although several prior studies show reputational costs for nonmeritorious cases, they generally use indirect measures based on returns or total market losses, which are mechanically associated with securities litigation elements. In contrast, we use a relatively direct rep...
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作者：Li, Bing; Liu, Zhenbin; Pittman, Jeffrey; Yang, Shijie
作者单位：City University of Hong Kong; Hong Kong Baptist University; Memorial University Newfoundland; Virginia Polytechnic Institute & State University; Southern University of Science & Technology
摘要：Exploiting mergers between lenders and shareholders of the same firm as an exogenous shock to shareholder-creditor conflicts, we examine the causal effect of these conflicts on firms' ex ante expected stock price crash risk evident in the options implied volatility smirk. The decrease in conflicts of interest between lenders and shareholders induces dual holders to encourage the disclosure of more information to alleviate costly information asymmetry with other investors and better execute the...
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作者：Edwards, Alexander; Hutchens, Michelle; Persson, Anh, V
作者单位：University of Toronto; University of Illinois System; University of Illinois Urbana-Champaign; University of Toronto
摘要：In 2018, the European Union (EU) introduced a new mandatory reporting requirement for a wide range of cross-border tax arrangements (EU Directive 2018/822, also known as DAC6). Unlike prior corporate transparency initiatives, which put the reporting responsibility primarily on the taxpayers, this directive puts the initial reporting responsibility on the third-party intermediaries who are involved in the reportable arrangement at any stage during the planning and execution process. We exploit ...
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作者：Cho, Young Jun; Seo, Hojun
作者单位：Singapore Management University; Purdue University System; Purdue University
摘要：We study the role of segment disaggregation in equity-based pay contracts in diversified firms. Disaggregated segment disclosures can improve the observability of managerial actions in internal capital markets and thus increase implicit incentives for managers to allocate resources as desired by shareholders, substituting for explicit incentives provided to CEOs. We use the adoption of Statement of Financial Accounting Standards No. 131 as an identification strategy and find that firms affecte...
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作者：Peecher, Mark E.; Ricci, Michael A.; Zhou, Yuepin (Daniel)
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; State University System of Florida; University of Florida
摘要：In this paper, we introduce the construct of proactive auditing behaviors to the accounting literature and report the first experimental investigation of their antecedents. Regulators and practitioners agree that proactive behaviors are needed to consistently achieve high-quality audit outcomes, but also that these behaviors are scarce. Drawing on theory from management, accounting, and psychology, we predict that an environmental factor (autonomy) and a dispositional factor (tacit knowledge) ...
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作者：Rousseau, Linette M.; Zehms, Karla M.
作者单位：University of Houston System; University of Houston; University of Wisconsin System; University of Wisconsin Madison; University of Wisconsin System; University of Wisconsin Madison
摘要：We examine the relative importance of audit firm versus partner decision styles in key audit matter (KAM) reporting. Standard setters intended KAMs to increase the usefulness of the audit report by requiring the partner-led engagement team to disclose engagement-specific information about the most significant judgments they made during the audit. However, stakeholders expressed widespread concern that audit firms' longstanding efforts toward standardization would result in generic KAMs at the ...
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作者：Lock, Brandon
作者单位：City University of New York (CUNY) System; Baruch College (CUNY)
摘要：This study investigates whether and how firm-specific news media coverage affects corporate voluntary disclosure. I predict that media coverage influences managers' disclosure decisions by directing investor attention toward firms and increasing investor demand for firm information. I find that managers are more likely to issue earnings guidance if their recent earnings guidance receives more media coverage. The relation between media coverage and guidance issuance is stronger for news article...
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作者：Heflin, Frank; Tan, Jacqueline; Ton, Karen; Wang, Jasmine
作者单位：University System of Georgia; University of Georgia; Villanova University; University of Virginia
摘要：Regulators and practitioners have concerns that the lack of standardization in non-GAAP disclosure can make it challenging for users to process non-GAAP earnings and use it in decision-making. We examine whether auditor style extends beyond mandatory disclosures to induce similarity in non-GAAP earnings disclosures. Specifically, we find that clients audited by the same auditor are more likely to disclose non-GAAP earnings in a similar manner. We assess disclosure similarity using (1) the deci...
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作者：Li, Liuchuang; Qi, Baolei; Zhang, Ping
作者单位：Xi'an Jiaotong University; University of Toronto
摘要：In this paper, we investigate whether federal judge ideology, ceteris paribus, affects auditor litigation risk and auditor behavior. We find that auditors whose client firms are in jurisdictions dominated by liberal judges are more likely to be sued and make higher payouts to plaintiffs when sued. Furthermore, these client firms are more likely to receive going-concern opinions and pay higher audit fees. Finally, we find no evidence that the quality of audited financial statements is affected ...
