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作者：Krische, Susan D.
作者单位：American University
摘要：This research examines how investment experience and financial literacy impact investment-related judgments. Financial literacy refers to a person's knowledge of fundamental financial concepts. I begin by documenting investors' demographic characteristics and financial literacy using a relatively large sample of participants (n > 2,000) recruited from Amazon's Mechanical Turk under different categories of investment experience, which I benchmark against national samples of financial capability...
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作者：Moon, James R., Jr.; Shipman, Jonathan E.; Swanquist, Quinn T.; Whited, Robert L.
作者单位：University System of Georgia; Georgia Institute of Technology
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作者：Chiu, Tzu-Ting; Kim, Jeong-Bon; Wang, Zheng
作者单位：Norwegian School of Economics (NHH); City University of Hong Kong; University of Waterloo
摘要：This study examines the effect of downstream firms' (i.e., customers') risk factor disclosures contained in annual reports on the investment efficiency of upstream firms (i.e., suppliers). We find that more informative disclosures of customers' risk factors are associated with less under- or overinvestment by suppliers. In addition, this inverse association is stronger when the suppliers are at a bargaining disadvantage, when they operate in the durable goods industries, and when they are more...
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作者：Vanstraelen, Ann
作者单位：Maastricht University
摘要：Kadous and Zhou (2018) investigate experimentally how intrinsic motivation improves auditor judgment in complex audit tasks. In my discussion, I elaborate on my comments from the 2016 CAR Conference. Specifically, I comment in the first part of my discussion on the motivation and contribution of the paper, the underlying theory, the experiment and the results. The second part of my discussion is focused on the broader picture of the paper for which I offer some thoughts based on cross-fertiliz...
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作者：Albuquerque, Ana; Chen, Bingyi; Dong, Qi (Flora); Riedl, Edward J.
作者单位：Boston University; Suffolk University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This paper provides new evidence on whether and how boards solve costly ex post settling up to recover CEO cash compensation for unrealized gains that fail to materialize. Our analyses are motivated by the likely expanding role for ex post settling up as the risk of compensating executives for unrealized gains that may never materialize increases in a more intangibles-based economy, as well as by the conflicting evidence of prior research. We provide evidence consistent with ex post settling u...
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作者：Chu, Jenny; Dechow, Patricia M.; Hui, Kai Wai; Wang, Annika Yu
作者单位：University of Cambridge; University of Southern California; University of Hong Kong; University of Houston System; University of Houston
摘要：This paper investigates whether maintaining a reputation for consistently beating analysts' earnings expectations can motivate executives to move from within GAAP earnings management to outside of GAAP earnings manipulation. We analyze firms subject to SEC enforcement actions and find that these firms consistently beat analysts' quarterly earnings forecasts in the three years prior to the manipulation period and continue to do so by smaller beats during the manipulation period. We find that ma...
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作者：Malsch, Bertrand
作者单位：Queens University - Canada
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作者：Wangerin, Daniel
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Before completing merger and acquisition (M&A) transactions, acquiring firms conduct due diligence. This process provides acquiring firms with a more informed assessment of the expected costs, benefits, and risks of an acquisition and offers one last opportunity to renegotiate or terminate an M&A transaction. However, acquiring firms must trade off the costs and benefits of performing additional due diligence versus completing the acquisition. Based on an analysis of the time to negotiate the ...
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作者：Kim, Jae B.; Nekrasov, Alexander; Shroff, Pervin K.; Simon, Andreas
作者单位：Lehigh University; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Minnesota System; University of Minnesota Twin Cities; Pepperdine University
摘要：We examine whether financial analysts understand the valuation implications of unconditional accounting conservatism when forecasting target prices. While accounting conservatism affects reported earnings, conservatism per se does not have an effect on the present value of future cash flows. We examine whether analysts adjust for the effect of conservatism included in their earnings forecasts when using these forecasts to estimate target prices. We find that signed target price errors (actual ...
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作者：Curtis, Quinn D.; Donelson, Dain C.; Hopkins, Justin J.
作者单位：University of Virginia; University of Texas System; University of Texas Austin; University of Virginia
摘要：This study examines how frequently firms restate when they materially misstate their financial statements using stock option backdating as the setting. Stock option backdating provides a unique opportunity to study this issue because it is possible to estimate misstatements with publicly available information to a high level of confidence, and the extensive media coverage of backdating notified boards of directors of the significant risk of misstatement. After identifying firms that materially...
