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作者：Guo, Hui; Qiu, Buhui
作者单位：University System of Ohio; University of Cincinnati; Wuhan University; University of Sydney
摘要：Although many studies show that the presence of institutional investors facilitates the incorporation of accounting information into financial markets, the evidence of informed trading by institutions is rather limited in the extant literature. We address these inconsistent findings by proposing PC_NII, percentage changes in the number of a stock's institutional investors, as a novel informed trading measure. PC_NII is better able to detect informed trading than are changes in institutional ow...
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作者：Konstantinidi, Theodosia; Pope, Peter F.
作者单位：City St Georges, University of London; University of London; London School Economics & Political Science
摘要：Conventional measures of risk in earnings based on historical standard deviation require long time-series data and are inadequate when the distribution of earnings deviates from normality. We introduce a methodology based on current fundamentals and quantile regression to forecast risk reflected in the shape of the distribution of future earnings. We derive measures of dispersion, asymmetry, and tail risk in future earnings using quantile forecasts as inputs. Our analysis shows that a parsimon...
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作者：Menon, Krishnagopal; Williams, David D.
作者单位：Boston University; University System of Ohio; Ohio State University
摘要：While the debt-contracting literature has extensively examined financial covenants, there has been little attention paid to audit-related covenants. We focus on a covenant that restricts the borrower from receiving a going-concern audit report (GCAR covenant). We hypothesize that a debt agreement is more likely to include a GCAR covenant as the borrower's credit quality decreases and the length of the loan period increases, and that it is more likely to impose a covenant restricting the choice...
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作者：Moroney, Robyn; Trotman, Ken T.
作者单位：Monash University; University of New South Wales Sydney
摘要：With increased interest in voluntary sustainability reports from investors and other stakeholders, more companies are having these reports assured. The issue of what is considered material in these assurance engagements is important, and yet research on materiality has focused only on financial statement audits. This article reports the results of an experiment where auditors assess the materiality of audit differences in the same magnitude for both a financial audit and a sustainability (wate...
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作者：Bills, Kenneth L.; Swanquist, Quinn T.; Whited, Robert L.
作者单位：Colorado State University System; Colorado State University Fort Collins; University System of Georgia; Georgia State University; University of Massachusetts System; University of Massachusetts Amherst
摘要：This study provides evidence on how local office growth affects audit quality. We predict that significant recent growth will temporarily stress office resources, leading to a negative relation between office-level growth and audit quality. To test this prediction, we examine a sample of 17,062 firm-year observations from 2005 to 2010. Results indicate a consistent negative relation between changes in volume of audit work and audit quality. Specifically, clients of offices that experience incr...
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作者：Brown, Jennifer L.; Drake, Katharine D.; Martin, Melissa A.
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona; University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：Academic and anecdotal evidence indicates that incentive systems often provide short-term payouts without regard for long-term consequences. New detailed disclosures mandated by FIN No. 48, Accounting for Uncertainty in Income Taxes, enable us to use a tax setting to investigate whether boards adjust performance-based pay for uncertainty. We find managers' bonus payouts are positively associated with tax performance; however, bonus payouts are lower when measures of ex ante tax uncertainty are...
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作者：Harris, Ling L.; Hobson, Jessen L.; Jackson, Kevin E.
作者单位：University of South Carolina System; University of South Carolina Columbia; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study investigates whether an individual's status as a current or a prospective investor affects the investor's susceptibility to earnings fixation and proposes a mechanism to reduce earnings fixation. Our experimental results suggest that current investors are more susceptible to earnings fixation than prospective investors, and that current investors can reduce earnings fixation by explicitly forecasting future earnings as part of their evaluation process. We provide theory-consistent e...
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作者：Ferri, Fabrizio; Oesch, David
作者单位：Columbia University; University of Zurich
摘要：The literature on shareholder voting has mostly focused on the influence of proxy advisors on shareholder votes. We exploit a unique empirical setting enabling us to provide a direct estimate of management's influence. Analyzing shareholder votes on the frequency of future say on pay (SOP) votes, we find that a management recommendation for a particular frequency is associated with a 26 percent increase in voting support for that frequency. Additional tests suggest that the documented associat...
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作者：Ryan, Stephen G.
作者单位：New York University
摘要：I discuss Desai, Rajgopal, and Yu (2016) with the goal of helping readers think carefully about which implications of the study are likely to generalize to future economic downturns and which are likely to be specific to the facts and circumstances of the recent financial crisis, given that the crisis was driven by the expectation and then the realization of a single market variable, national house price depreciation.
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作者：Faccio, Mara
作者单位：Purdue University System; Purdue University
摘要：Kim and Zhang (2015) study the relation between corporate political connections and tax aggressiveness. In this discussion, I identify and evaluate three main limitations of their paper: the measurement of political connections, the empirical design, and the possible reasons behind the documented results. I build on these small shortcomings to provide suggestions for further contributions in this area of research.
