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作者：Koonce, Lisa; Lipe, Marlys Gascho
作者单位：University of Texas System; University of Texas Austin; University of South Carolina System; University of South Carolina Columbia
摘要：Although prior research reports that firms that consistently beat their earnings expectations are rewarded with a market-valuation premium, most firms are inconsistent in the sign of their benchmark performance, sometimes missing and sometimes beating. In this paper, we report the results of multiple experiments to test the idea that potential investors, evaluating firms that have inconsistent benchmark performance, use a counting heuristic to discriminate among them. Our results provide stron...
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作者：Pincus, Morton; Tian, Feng; Wellmeyer, Patricia; Xu, Sean Xin
作者单位：University of California System; University of California Irvine; Hong Kong Polytechnic University; Norwegian School of Economics (NHH); Tsinghua University
摘要：Enterprise systems (ESs) are widely used to support business processes along the enterprise value chain. It has been shown that ESs, by integrating business functions and making information about day-to-day activities available, enhance operational transparency and improve the internal information environment. However, while ES-based business infrastructures can offer many benefits, their prevalence and increased complexity have also brought new challenges to external auditors. Motivated by th...
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作者：Gao, Yu; Khan, Mozaffar; Tan, Liang
作者单位：University of St Thomas Minnesota; Harvard University; University of Minnesota System; University of Minnesota Twin Cities; George Washington University
摘要：We present new evidence on debt covenant violation (DCV) consequences that have not previously been examined in the literature. In particular, we show that a DCV triggers significant information asymmetry and uncertainty on the part of shareholders and auditors as reflected in higher bid-ask spreads, return volatility, and audit fees. Further, these consequences occur even when lender-imposed costs are relatively lower, consistent with the act of default itself triggering shareholder and audit...
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作者：Blaufus, Kay; Hechtner, Frank; Moehlmann, Axel
作者单位：Leibniz University Hannover; Free University of Berlin
摘要：Using a panel of German income tax accounting data from taxpayers with no business income (employees), we find a negative relationship between tax preparation expenses and tax liabilities. However, preparation expenses are shown to exceed estimated tax savings. Specifically, one additional Euro spent on preparation yields an estimated tax savings of 72 cents in an OLS regression and 24 cents in a fixed effects regression. In addition, we observe substantial heterogeneity in tax savings among i...
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作者：Donelson, Dain C.; Jennings, Ross; Mcinnis, John
作者单位：University of Texas System; University of Texas Austin
摘要：We survey commercial bank lenders to better understand how they evaluate and react to variation in financial statement quality and how they view recent changes in accounting standards. A unique aspect of this study is that our respondents focus on medium-size loans to private companies. In fact, more than 90 percent of the survey respondents primarily make credit decisions on loans between $250 thousand and $50million. This is in contrast to prior archival research, which focuses primarily on ...
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作者：Huang, Shawn X.; Pereira, Raynolde; Wang, Changjiang
作者单位：Arizona State University; Arizona State University-Tempe; University of Missouri System; University of Missouri Columbia; University System of Ohio; University of Cincinnati
摘要：This paper examines the relation between analyst coverage and whether firms meet or beat analyst earnings forecasts. We distinguish between whether a firm's reported quarterly earnings meet (i.e., equal or exceed by one cent) or beat (i.e., exceed by more than one cent) its consensus analyst earnings forecasts. We find a positive relation between analyst coverage and whether a firm meets or beats analyst forecasts. However, the more pronounced relation is that between analyst coverage and meet...
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作者：Joo, Jeong Hwan; Chamberlain, Sandra L.
作者单位：University of Hong Kong; University of British Columbia
摘要：Prior research (e.g., Dechow, Huson, and Sloan [Dechow, P., 1994]) documents that, on average, compensation practices appear to shield CEO pay from income-decreasing special items. In some circumstances, compensation shielding can be efficient. For example, it may encourage CEOs with earnings-sensitive pay to take an action that reduces current earnings but nevertheless enhances value. Compensation shielding can be inefficient in other circumstances, such as when a board of directors is captur...
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作者：Core, John E.
作者单位：Massachusetts Institute of Technology (MIT)
摘要：In this discussion, I briefly summarize the key features of Bertomeu, Darrough, and Xue's (hereafter BDX) model. I then examine the four key assumptions that BDX employ to arrive at their results: (i) firms contract only on earnings; (ii) conservative earnings are better for contracting; (iii) conservatism motivates upward earnings manipulation; and (iv) conservatism is endogenous. I then briefly conclude.
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作者：Chen, Jeff Zeyun; Lobo, Gerald J.; Zhang, Joseph H.
作者单位：Texas Christian University; University of Houston System; University of Houston; University of Memphis
摘要：Recent microstructure research finds that liquidity risk, in particular its information component, plays an important role in explaining the post-earnings-announcement drift (PEAD). We decompose liquidity risk into an accounting-associated component and a nonaccounting-associated component and examine their relative importance in explaining PEAD. Our research is motivated by recent findings that liquidity risk is a systematic risk and earnings quality is negatively associated with liquidity ri...
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作者：Grinstein, Yaniv; Weinbaum, David; Yehuda, Nir
作者单位：Reichman University; Cornell University; Syracuse University; University of Texas System; University of Texas Dallas
摘要：In December 2006, the SEC issued new rules requiring enhanced disclosure by public U.S. firms of perquisites granted to their executives. The rules applied to perquisites granted in fiscal year 2006 and thereafter. Because the rules were implemented quickly, the perks disclosed for 2006 reflect the arrangements firms made under prior disclosure rules: firms could not revise perks to reflect the new rules until 2007. For firms that disclose for the first time in 2006, we predict and find that p...
