-
作者：Parsons, John E.
作者单位：Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT)
摘要：My discussion of Reichelstein and Sahoo (2018) is organized into three parts. First, what is the context for this work? That is, what are the energy and climate stakes? Second, what does the paper do? I will re-work the equation defining the components of long-run marginal cost to better reflect what is actually estimated and to better highlight some important choices about how the different components are modeled. Third, and most importantly, how do the results inform business decisions and p...
-
作者：Pownall, Grace; Wieczynska, Maria
作者单位：Emory University; Arizona State University; Arizona State University-Tempe
摘要：In this paper, we evaluate the common assumption that European Union (EU) firms began using international financial reporting standards (IFRS) in 2005 when the EU formally adopted IFRS. Although the incidence of firms using local (or some other) GAAP declined between 2005 and 2012, it is still non-trivial. By 2012 the incidence of non-IFRS financial statements was still in excess of 17 percent (87 percent of which were fully consolidated). We estimate a model of the non-adoption of IFRS as a f...
-
作者：Zhang, Joseph H.
-
作者：Ahrens, Thomas
作者单位：United Arab Emirates University
摘要：How do management control practices structure other organizational practices? This paper proposes a theory of practice hierarchies. The key idea is that organizations possess constitutive rules that define their character. They are enacted by the practices at the top of the hierarchy. These anchor practices contain objectives and established ways of doing things that control, or structure, subsidiary practices. They do so by defining key social relationships in the organization, often ones tha...
-
作者：Khurana, Inder K.; Pereira, Raynolde; Zhang, Eliza (Xia)
作者单位：University of Missouri System; University of Missouri Columbia; University of Washington; University of Washington Tacoma
摘要：This study examines whether and when real earnings smoothing influences firm-specific stock price crash risk. Using a sample of U.S. public firms for the years 1993 through 2014, we find real earnings smoothing to be positively associated with firm-specific stock price crash risk. This finding is consistent with the view that real earnings smoothing helps managers withhold bad news, keep poor-performing projects, conceal resource diversion, and engage in ineffective risk management, which incr...
-
作者：Zhang, Lijuan; Wilson, Mark
作者单位：Australian National University
摘要：Mashruwala and Mashruwala (2011) argue that inconsistent earlier findings regarding whether accruals quality (AQ) is priced in equity markets (Core, Guay, and Verdi 2008; Kim and Qi 2010) may be explained by seasonality in returns deriving from tax-loss selling. Finding no evidence of annual AQ premia for U.S. firms, Mashruwala and Mashruwala report that significant monthly premia concentrate in January, with the remainder of the year demonstrating negative or insignificant returns to AQ and a...
-
作者：Johed, Gustav; Catasus, Bino
作者单位：Stockholm University
摘要：This paper examines how auditors prepare for the annual general meeting (AGM) and how they report their work to the shareholders there. Prior literature has suggestedbut not explicitly studiedthat the endpoint of an audit is a state of comfort between the auditor and the management and audit committee members, but also is potentially fragile. The fragility can arise from a failure to relay trust to the investor community, which may initiate or increase doubts about the financial report and/or ...
-
作者：Falsetta, Diana; Kaplan, Steven E.
作者单位：University of Miami; Arizona State University; Arizona State University-Tempe
摘要：Hansen, Jackson, Schaefer, and Stewart (2018) examine the effects of three contextual features on tax professionals' billing decisions in a case involving issue-specific tax research. In this discussion, we present a tax fee model. In contrast to determining a bill, our model views tax fees in a more comprehensive perspective. We subsequently use this model to discuss the design choices and limitations of their study and to provide suggestions for future research.
-
作者：Hamm, Sophia J. W.; Jung, Boochun; Lee, Woo-Jong
作者单位：University System of Ohio; Ohio State University; University of Hawaii System; University of Hawaii Manoa; Seoul National University (SNU)
摘要：We study labor unions, an important stakeholder group that has not been a focus of the earnings smoothing literature. We posit that managers strike a balance between sheltering resources from employees' profit sharing demands and catering to employees' aversion to downside risk by smoothing earnings. We then hypothesize that a strong labor union would intensify managerial incentives to smooth earnings. Consistent with our hypothesis, we find that union strength is positively associated with ea...
-
作者：Schroeder, David; Yim, Andrew
作者单位：University of London; Birkbeck University London; City St Georges, University of London
摘要：Academics and practitioners have long recognized the importance of a firm's industry membership in explaining its financial performance. Yet, contrary to conventional wisdom, recent research shows that industry-specific profitability forecasting models are not better than economy-wide models. The objective of this paper is to further explore this result and to provide insights into when and why industry-specific profitability forecasting models are useful. We show that industry-specific foreca...
