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作者：Kinney, William R., Jr.
作者单位：University of Texas System; University of Texas Austin
摘要：The authors of this provocative study apply commonly used audit quality surrogate measures to a large and unique set of financial and other data on statutory audits of small private companies in Sweden. The paper has received unparalleled attention by the financial press and the PCAOB for its presumed support for regulatory intervention in standards for U.S. public company audits. In this Discussant Comment, I review the paper's content, analyze its predictive validity, and discuss its multipl...
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作者：Koonce, Lisa; Miller, Jeffrey; Winchel, Jennifer
作者单位：University of Texas System; University of Texas Austin; University of Notre Dame; University of Virginia
摘要：Prior research indicates that a firm's use of derivatives to manage business risks is viewed favorably by investors. However, these studies do not consider a potentially key factor in this setting-namely, the typical behavior (or norms) regarding derivatives by other firms in the industry or the firm itself. In this paper, we report the results of multiple experiments that test whether norms are influential in affecting investors' evaluations of firms' derivatives choices. Our results show tha...
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作者：Drake, Michael S.; Roulstone, Darren T.; Thornock, Jacob R.
作者单位：Brigham Young University; University System of Ohio; Ohio State University; University of Washington; University of Washington Seattle
摘要：Using a novel data set that tracks all web traffic on the SEC's EDGAR servers from 2008 to 2011, we examine the determinants and capital market consequences of investor information acquisition of SEC filings. The average user employs the database very few times per quarter and most users target specific filing types such as periodic accounting reports; a small subset of users employ EDGAR almost daily and access many filings. EDGAR activity is positively related with corporate events (particul...
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作者：Hribar, Paul; Yehuda, Nir
作者单位：University of Iowa; University of Texas System; University of Texas Dallas
摘要：This paper employs the firm life-cycle concept to extend our understanding of the mispricing of accrual and cash flow information by the stock market. We find that accruals and free cash flows are strongly (negatively) correlated in the maturity and decline stages of a firm's life cycle but not in the growth stage, suggesting that they capture unique information in the growth stage of the firm's life cycle but more correlated information in the later stages. Consistent with this finding, we sh...
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作者：Hand, John R. M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill
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作者：Bennett, G. Bradley; Hatfield, Richard C.; Stefaniak, Chad
作者单位：University of Massachusetts System; University of Massachusetts Amherst; University of Alabama System; University of Alabama Tuscaloosa; Central Michigan University
摘要：This study compares auditors' and chief financial officer (CFO)s' prenegotiation judgments and considers the potential differential impact the end of the audit (deadline pressure) has on each party. General negotiation literature suggests that individuals change their behaviors as deadline pressure increases (i.e., when there is less time in which to conduct a negotiation) in order to increase the probability of reaching an agreement. In an audit context, the end-of-engagement deadline is ofte...
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作者：de Waegenaere, Anja; Sansing, Richard; Wielhouwer, Jacco L.
作者单位：Tilburg University; Dartmouth College; Tilburg University; Vrije Universiteit Amsterdam
摘要：This study examines a setting in which a tax-reporting decision is delegated to a firm's tax manager. Using financial accounting measures of tax expense to evaluate the tax manager allows the firm to efficiently attain the level of tax avoidance it prefers, despite the fact that the consequences of the tax-reporting decision will occur in the future. The study also examines how well two accounting measures of tax aggressiveness-cash taxes paid and the unrecognized tax benefit-distinguish betwe...
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作者：Elliott, W. Brooke
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Bloomfield, Hodge, Hopkins and Rennekamp (2015) provide evidence that the disaggregation and location of financial statements items (i.e., coordinated presentation) jointly influence credit analysts' profit margin projections and justifications for a credit downgrade decision. The study provides insights as to the effect of multiple presentation attributes on sophisticated user behavior. In this discussion, I position the paper in the earnings presentation effects literature and broadly discus...
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作者：Lambert, Richard A.; Verrecchia, Robert E.
作者单位：University of Pennsylvania
摘要：This paper makes two contributions to the literature. First, we extend results on the impact of asymmetric information on cost of capital to a multi-asset environment. Second, we develop a transformation of the impact that allows equilibrium conditions to be expressed in closed form. Using these closed-form expressions, we derive a variety of comparative static results about the behavior of cost of capital. Our results are relevant to a large empirical literature that examines the relation bet...
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作者：Eldenburg, Leslie G.; Gaertner, Fabio B.; Goodman, Theodore H.
作者单位：University of Arizona; University of Wisconsin System; University of Wisconsin Madison; Purdue University System; Purdue University
摘要：Recent accounting research provides evidence that similar profit-based compensation incentives are used in for-profit and nonprofit hospitals. Because charity care reduces profits, such incentives should lead for-profit hospital managers to reduce charity care levels. Nonprofit hospital managers, however, may respond differently to the same incentives because they face a different set of institutional pressures and constraints. We compare the association between pay-for-performance incentives ...
