-
作者：Cornaggia, Kimberly J.; Krishnan, Gopal V.; Wang, Changjiang
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Bentley University; University System of Ohio; University of Cincinnati
摘要：We test whether credit rating analysts consider managerial ability as a credit risk factor and find that higher-ability managers obtain more favorable credit ratings. Controlling for past performance, these results suggest that managerial ability is itself a significant credit rating factor. Cross-sectional analyses indicate that managerial ability is beneficial specifically in firms facing financial or competitive pressure. We find that high-ability managers mitigate the adverse impact on rat...
-
作者：Burger, Marcus; Curtis, Asher
作者单位：Idaho State University; University of Washington; University of Washington Seattle
摘要：We examine whether, in the aggregate, margin debt is associated with the divergence of price from accounting fundamentals. We find that investors increase their margin debt following upward price movements away from accounting fundamentals, consistent with these investors being extrapolative in aggregate. We also find evidence that margin debt appears to be linked to temporary overpricing in recent periods, as the aggregate ratio of margin debt to price is reliably associated with negative fut...
-
作者：Chen, Kevin C. W.; Tang, Feng
作者单位：Hong Kong University of Science & Technology; Hong Kong Polytechnic University
摘要：International Financial Reporting Standards (IFRS) allow firms to record adjustments (gains or losses) from the revaluation of investment properties in their income statements. After Hong Kong adopted IFRS in 2005, property companies were required to move their revaluation gains and losses (RGL) from equity to income. We find RGL to be a significant determinant of executive compensation in these firms after 2005, but not before. We further find evidence that the RGL-compensation association is...
-
作者：Davies, Stephen P.; Johnson, Laurence E.; Lowensohn, Suzanne
作者单位：Colorado State University System; Colorado State University Fort Collins
摘要：Governments' net assets balances are viewed as a measure of fiscal health and have been linked to municipal credit ratings. This study explores the extent to which ambient socioeconomic factors are captured in aggregated restricted and unrestricted net assets balances (termed liquid net assets) to understand why such balances are relevant to credit analysts and others. We model liquid net assets balances using observable nonaccounting factors (e.g., unemployment rates) to learn whether they re...
-
作者：Johnston, Rick; Petacchi, Reining
作者单位：University of Alabama System; University of Alabama Birmingham; Georgetown University
摘要：The Securities and Exchange Commission (SEC) reviews company filings (10-Q, 10-K, S-1, etc.) submitted to them. If a review identifies potential deficiencies, the SEC staff sends the company a comment letter seeking clarification, additional information, and ultimately, perhaps, revision of the filing or future filings. We examine the content, resolution, and ensuing informational consequences of SEC comment letters. The content analysis shows that nearly half of all comments involve accountin...
-
作者：Kim, Jeong-Bon; Wang, Zheng; Zhang, Liandong
作者单位：University of Waterloo; City University of Hong Kong
摘要：This study examines the association between chief executive officer (CEO) overconfidence and future stock price crash risk. Overconfident managers overestimate the returns to their investment projects and misperceive negative net present value (NPV) projects as value creating. They also tend to ignore or explain away privately observed negative feedback. As a result, negative NPV projects are kept for too long and their bad performance accumulates, which can lead to stock price crashes. Using ...
-
作者：Johnson, Eric N.; Lowe, D. Jordan; Reckers, Philip M. J.
作者单位：University of Wyoming; Arizona State University; Arizona State University-Tempe
摘要：This study reports on an experiment conducted to assess the influence of different affective mood states on auditors' ability to resist obedience pressure to commit or overlook unethical acts in six audit contexts. Obedience pressure from superiors to comply with unethical directives is of particular concern in public accounting, given the hierarchical structure of audit teams and the power imbalance in superior-subordinate relationships. One hundred and seventy audit seniors from two large in...
-
作者：Chen, Qiu
作者单位：University of Ottawa
摘要：This study examines whether three factors-the transparency of expense disclosures, donor evaluation focus, and organization performance-influence how directors monitor management expense misreporting in nonprofit organizations. An experiment with 189 nonprofit directors finds that the enhanced transparency of expense disclosures increases director monitoring by reducing the tendency to accept management expense misreporting. Further, an organization's nonfinancial performance and the perceived...
-
作者：Bratten, Brian; Payne, Jeff L.; Thomas, Wayne B.
作者单位：University of Kentucky; University of Oklahoma System; University of Oklahoma - Norman
摘要：In this study we examine whether the reported performance of one firm affects the discretionary reporting behavior of another firm. We do this by identifying the leader within each industry, defined as the first large announcing firm. We find that the discretionary performance of followers (those firms announcing after the leader) relates positively to the leader's reported performance. Specifically, when the leader misses analysts' expectations, followers report lower discretionary accruals, ...
-
作者：Markle, Kevin
作者单位：University of Iowa
摘要：This paper tests for differences in the tax-motivated income-shifting behaviors of multinationals subject to different systems of taxing foreign earnings. I find that, on average, multinationals subject to territorial tax regimes shift more income than those subject to worldwide tax regimes. The difference in shifting, however, is driven by a difference in the subset of shifting that involves the parent country; multinationals in the two groups appear to shift equally among their foreign affil...
