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作者：Blann, James J.; Campbell, John L.; Shipman, Jonathan E.; Wiebe, Zac
作者单位：University System of Georgia; Georgia Institute of Technology; University System of Georgia; University of Georgia; University of Arkansas System; University of Arkansas Fayetteville
摘要：Statement of Financial Accounting Standards (SFAS) 141 (Accounting Standards Codification [ASC] 805) requires that firms record identifiable assets and liabilities acquired in business combinations at fair value. While the FASB argued that these fair values should provide users with incremental decision-useful information, opponents have continuously argued that they are too difficult to reliably estimate and could be subject to managerial discretion. Using hand-collected data from US mergers ...
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作者：Clarkson, Peter; Gao, Ru (Tina); Hu, Fang; Xiang, Yi
作者单位：University of Queensland; Simon Fraser University; Huazhong University of Science & Technology; Griffith University; Hong Kong Polytechnic University
摘要：In this study, we examine how achievement-related tendencies are expressed in the professional auditing context, particularly through the interplay between the CEO and the audit partner. We use the facial width-to-height ratio (fWHR), a stable morphological trait widely applied in prior research, as a proxy for achievement drive. Using a sample of US audit partners from 2016 to 2019, we find that higher achievement drive is associated with enhanced audit quality, evidenced by fewer restatement...
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作者：Kumar, Praveen; Langberg, Nisan; Sivaramakrishnan, Konduru
作者单位：University of Houston System; University of Houston; Tel Aviv University; Rice University
摘要：Security prices are affected by information strategically disclosed by managers as well as by informed trading of outsiders and vice versa. However, market frictions, such as short-selling costs and constraints, significantly affect trading in financial markets. In this article, we examine the joint determination of voluntary disclosure, security prices, and short-selling, and address the following issues: How do major market frictions affect managerial disclosures? How do disclosures influenc...
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作者：Billings, Bruce K.; Keskek, Sami; Myers, Linda A.; Omer, Thomas C.
作者单位：State University System of Florida; Florida State University; University of Tennessee System; University of Tennessee Knoxville; University of Nebraska System; University of Nebraska Lincoln
摘要：We provide evidence that some managers use a multi-period, coordinated strategy involving inflated current-period discretionary accruals and optimistic forecasts of future earnings to delay the revelation of bad news. Inflating discretionary accruals increases investor expectations of future performance, and issuing optimistic earnings forecasts of future earnings supports the inflated accruals and extends the horizon for managers to benefit. This strategy is more pronounced for firms that eng...
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作者：Zheng, Yuxiang
作者单位：Rutgers University System; Rutgers University New Brunswick; Rutgers University Camden
摘要：This paper examines the role of patent texts in the stock market valuation of patents. Utilizing the large language model BERT (Bidirectional Encoder Representations from Transformers) to summarize contextual information within patent texts, I find that patent texts explain 31.5% of the variation in the stock market valuation of patents and provide large incremental explanatory power beyond other structured patent characteristics, firm characteristics, and technological trends. Additionally, p...
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作者：Flores, Eduardo; Monsen, Brian R.; Shafron, Emily; Yust, Christopher G.
作者单位：Universidade de Sao Paulo; University System of Ohio; Ohio State University; Texas A&M University System; Texas A&M University College Station
摘要：The IASB asserts that global stakeholder participation in the standard-setting process is critical for developing and maintaining high-quality accounting standards. However, the myriad languages used in countries that apply IFRS may impede this participation. We find that the IASB is less likely to receive comment letters from stakeholders in countries with languages that are linguistically distant from English. We also find that comment letters from more linguistically distant stakeholders ar...
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作者：Aaron, Aurelius; Jia, Xiaoli; Ng, Jeffrey; Zhang, Janus Jian
作者单位：Hong Kong Polytechnic University; Southwestern University of Finance & Economics - China; University of Hong Kong; Hong Kong Baptist University
摘要：The mandatory switch from the incurred loss model to the more forward-looking current expected credit loss (CECL) model was originally scheduled to begin in 2020. However, when the COVID-19 pandemic started in early 2020, US regulators made the switch voluntary. Our study investigates how banks' exposure to the pandemic affects their decision to adopt CECL as well as adopting banks' pandemic-era pattern of loan loss provisions. First, consistent with pandemic-driven economic uncertainty reduci...
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作者：Heater, John C.; Liu, Ye; Tan, Qin; Zhang, Frank
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Fudan University; City University of Hong Kong; Yale University
摘要：We document strikingly opposite time-series patterns of analyst forecast errors (FEs) and associated market reactions, illustrating that analyst forecasts have become a less useful benchmark of the market's earnings expectations in recent years. The mean FE has increased from negative one to two cents in the 1990s to positive one to two cents in the 2010s, whereas average earnings announcement returns have declined from 0.30% in the 1990s to -0.30% in the 2010s, turning negative in the past 17...
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作者：Hinson, Lisa A.; Piao, Zhenhao (Jeffery)
作者单位：State University System of Florida; University of Florida; University of Missouri System; University of Missouri Columbia
摘要：Public firms that go private are no longer subject to SEC financial reporting requirements. This study examines peer firms' disclosure responses following the lost information spillover from going-private events. We first support the lost information transfer, finding evidence that analyst forecasts of peers' earnings are less accurate and more disperse and that peer liquidity is lower immediately following going-private transactions. In response, industry peers increase disclosure quality in ...
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作者：Hahn, Till-Arne; Himick, Darlene
作者单位：Universite de Montreal; HEC Montreal; University of Ottawa
摘要：Although the community of tax professionals is a key actor in the tax realm, its nature continues to remain elusive in many countries. Using a qualitatively driven mixed-methods approach that integrates the insights obtained from in-depth interviews and the results of a survey of practitioners, we examine the Canadian tax field. Although tax work has traditionally been dominated by lawyers and accountants, our study finds that a distinct expert occupation has taken shape, as evidenced by the c...
