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作者：Pittman, Jeffrey; Stein, Sarah E.; Valentine, Delia F.
作者单位：Memorial University Newfoundland; Virginia Polytechnic Institute & State University; University of Wisconsin System; University of Wisconsin Milwaukee
摘要：Relying on their history of legal infractions to measure individuals' risk tolerance, we examine the association between engagement partners' risk appetites and audit quality in the United States. Criminology and economics research links infraction activity with enduring personality traits that capture an individual's risk tolerance. Our evidence supports the prediction that partners known to engage in risky off-the-job behaviors conduct lower quality audits. Specifically, we find that clients...
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作者：Cassar, Gavin; Ko, Taeho
作者单位：INSEAD Business School; Hanyang University
摘要：We investigate the influence of peer quality on subjective performance evaluation using 75,413 ratings of 130 employees from 6,908 raters in a business school setting. We find that subjective performance ratings are lower for employees with higher quality peer groups in both randomized and nonrandomized settings. Using a novel long-window setting, we observe peer effects persisting, but slowly decaying, for several months even when priming raters with the employees' previous performance inform...
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作者：Amberger, Harald J.
作者单位：Vienna University of Economics & Business
摘要：Dividends are a key mechanism for shareholders to discipline managers and mitigate agency conflicts. This study examines whether the volatility of tax payments is associated with dividend payouts. Consistent with the predictions, results suggest that firms with more volatile tax payments are less likely to pay dividends overall and their dividends are lower in magnitude when doing so. These effects are economically significant and incremental to a firm's operating risk. The link between volati...
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作者：Palmon, Dan; Peng, Xuan; Yezegel, Ari
作者单位：Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick; Southwestern University of Finance & Economics - China; Bentley University; Rutgers University System; Rutgers University Newark; Rutgers University New Brunswick
摘要：We examine the relation between voluntary disclosure and the value of analysts' research by studying the change in the informativeness of analysts' research after managers stop providing quarterly guidance to investors. We find that the market reaction to analysts' recommendation revisions increases significantly after guidance stoppage, controlling for confounding factors as well as for firm and time fixed effects. The increase in market reaction is greater for firms with more opaque informat...
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作者：Lourie, Ben; Shanthikumar, Devin; Yoo, Il Sun
作者单位：University of California System; University of California Irvine; University of Hawaii System; University of Hawaii Manoa
摘要：The revised Markets in Financial Instruments Directive (MiFID II) requires the unbundling of research payments from trading execution, fundamentally changing the way in which investors typically pay for analyst research in Europe. We examine the effectiveness of the regulation in changing the link between analyst research and trading, the research-trading link, and the analyst response to this potential change in incentives. Using a difference-in-differences research design, we find that forec...
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作者：Bochkay, Khrystyna; Brown, Stephen V.; Leone, Andrew J.; Tucker, Jennifer Wu
作者单位：Northwestern University; University of Connecticut; State University System of Florida; University of Florida; University of Miami
摘要：Natural language is a key form of business communication. Textual analysis is the application of natural language processing (NLP) to textual data for automated information extraction or measurement. We survey publications in top accounting journals and describe the trend and current state of textual analysis in accounting. We organize available NLP methods in a unified framework. Accounting researchers have often used textual analysis to measure disclosure sentiment, readability, and disclosu...
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作者：Aghamolla, Cyrus; Hashimoto, Tadashi
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Yeshiva University
摘要：This study investigates the real effects of management communication, specifically of forecasts or earnings guidance, on investment. Managers can signal the strength of their projects through accuracy in their earnings guidance. This leads less accurate managers to distort their investments; the equilibrium investment strategy involves over-investment when earnings exceed the forecast and under-investment when earnings fall short. Moreover, we find that managers are pessimistic in their foreca...
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作者：De Simone, Lisa; Stomberg, Bridget; Williams, Brian
作者单位：University of Texas System; University of Texas Austin; Indiana University System; Indiana University Bloomington; IU Kelley School of Business; Texas A&M University System; Texas A&M University College Station; Mays Business School
摘要：Global tax enforcement policies have received increased attention since the financial crisis, with much stated focus on curbing perceived harmful tax practices of multinational corporations. Yet there is a dearth of evidence on possible differential effects of home-country tax enforcement on multinationals. We take a step toward filling this void in the tax policy discussion by examining whether there is a differential relation between changes in home-country enforcement and the tax avoidance ...
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作者：Bedford, Anna; Ghannam, Samir; Grosse, Matthew; Ma, Nelson
作者单位：University of Technology Sydney; University of Technology Sydney
摘要：We examine the role of CEO power in the appointment of accounting financial experts (AFEs) to firm audit committees. Our results show that firms with powerful CEOs have a lower likelihood of appointing AFEs to their audit committees. In addition, effective AFEs-those characterized by experience, high status, and social independence from the CEO-are less likely to be appointed in firms with powerful CEOs. In the presence of powerful CEOs, effective AFEs are also less likely to be designated aud...
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作者：Cao, Yi; Cheng, Shijun; Tucker, Jennifer Wu; Wan, Chi
作者单位：George Mason University; Shanghai Jiao Tong University; State University System of Florida; University of Florida; University of Massachusetts System; University of Massachusetts Boston
摘要：Human capital is a major impetus for technological innovation. We examine the relation between the technological dimension of product market competition and the disclosure of skill requirements in job postings. On the one hand, technological competition may raise the urgency of recruiting tech talent and make firms provide more specific skill requirements. On the other hand, technological competition can increase the proprietary costs of skill requirement disclosure. Using technological peer p...
