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作者：Christensen, Brant E.; Glover, Steven M.; Omer, Thomas C.; Shelley, Marjorie K.
作者单位：University of Missouri System; University of Missouri Columbia; Brigham Young University; University of Nebraska System; University of Nebraska Lincoln
摘要：Projects seeking to define, measure, and evaluate audit quality are on the agendas of auditing standards setters as well as audit firms. The Public Company Accounting Oversight Board (PCAOB) currently provides information regarding audit quality through the release of inspection reports, and the Board intends to establish and report audit quality indicators. To provide additional perspective on audit quality, we obtain auditors' and investors' views, definitions, and indicators of audit qualit...
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作者：Callen, Jeffrey L.; Chen, Feng; Dou, Yiwei; Xin, Baohua
作者单位：University of Toronto; University of Missouri System; University of Missouri Columbia; New York University
摘要：This study examines the relation between performance covenants in private debt contracting and conservative accounting under adverse selection. We find that under severe adverse selection (i.e., high information asymmetry), accounting conservatism and performance covenants act as complements to signal that the borrower is unlikely to appropriate wealth from the lender. No such relation obtains in a low information asymmetry regime. We further show that in the high information asymmetry regime,...
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作者：Bloomfield, Robert
作者单位：Cornell University
摘要：The stated goals of the SEC are to protect investors, maintain orderly markets and facilitate capital formation. These goals can be achieved with very light regulation if, as assumed by traditional economic theory, investors process information costlessly and protect themselves from informational disadvantages, and firms optimally balance the costs and benefits of committing to make their reports reliable. A growing body of research demonstrates that light regulation fails to achieve the SEC's...
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作者：Lisic, Ling Lei; Neal, Terry L.; Zhang, Ivy Xiying; Zhang, Yan
作者单位：George Mason University; University of Tennessee System; University of Tennessee Knoxville; University of Minnesota System; University of Minnesota Twin Cities; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：During the past decade, new regulations have been adopted to improve audit committee effectiveness. Prior research has generally provided evidence in support of these regulations and suggests that a more independent and expert audit committee is more effective. We posit that CEO power reduces or even eliminates the improvements in audit committee effectiveness resulting from independent and financially expert committee members. Thus, CEO power may result in an audit committee that appears effe...
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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：Nikolaev, Valeri V.
作者单位：University of Chicago
摘要：Liao (2015) argues that the monitoring by large outside shareholders (blockholders) exacerbates the conflict between debt and equity and in turn affects the choice and structure of debt financing. The study contends that private debt is more immune to the increase in debt-equity conflict. Consistent with this argument, companies with outside blockholders are inclined to issue private debt over public debt. Further, private debt exhibits less price protection but relies on more protective coven...
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作者：Bozanic, Zahn; Thevenot, Maya
作者单位：University System of Ohio; Ohio State University; State University System of Florida; Florida Atlantic University
摘要：We examine a routine and timely disclosure, earnings press releases, to determine the extent to which several novel qualitative elements of such disclosures are associated with changes in sell-side financial analysts' information environment. Using a comprehensive set of generalized autoregressive conditional heteroscedasticity, or GARCH-based proxies, we examine how disclosure readability's components, across-document textual similarity, and within-document lexical diversity alter analysts' i...
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作者：Holzhacker, Martin; Krishnan, Ranjani; Mahlendorf, Matthias D.
作者单位：Michigan State University; Frankfurt School Finance & Management
摘要：This study examines whether introduction of fixed-price regulation influences firms to increase the elasticity of their cost structures and to reduce the asymmetric behavior of cost in response to changes in volume. It also examines variations in the extent of such responses arising from differences in institutional constraints on the flexibility to make adjustments. We posit that introduction of fixed-price regulation results in cost pressures and a concomitant increase in the operating risk ...
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作者：Hsu, Audrey Wen-Hsin; Pourjalali, Hamid
作者单位：National Taiwan University; University of Hawaii System; University of Hawaii Manoa
摘要：Our study examines the effect of firms' adoption of International Accounting Standard No. 27 (IAS 27) consolidation rules on the stock market's ability to predict firm earnings as captured by the forward earnings response coefficient (FERC). IAS 27, effective in Taiwan for fiscal years beginning after January 1, 2005, defines consolidation criteria for voting entities based on whether the investing entity has effective control over financial and operating decisions. ARB 51, effective in Taiwan...
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作者：Neuman, Stevanie S.; Omer, Thomas C.; Thompson, Anne M.
作者单位：University of Missouri System; University of Missouri Columbia; University of Nebraska System; University of Nebraska Lincoln; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This study examines the determinants and consequences of tax service provider choice among not-for-profit (NFP) organizations. Understanding how clients choose among professional services firms for tax services is important both because of the economic significance of tax service revenues to public accounting firms and regulatory changes to the tax services market following the Sarbanes-Oxley Act. Because public accounting firms compete with law and consulting firms for tax clients, we investi...
