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作者：Ashraf, Musaib; Donelson, Dain C.; Mcinnis, John; Mergenthaler, Richard D.
作者单位：Michigan State University; University of Wisconsin System; University of Wisconsin Madison; University of Texas System; University of Texas Austin; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine the effect of fair value standards on firms' litigation risk. The discretion required by fair value allows plaintiffs to second guess managers' judgments, potentially increasing litigation risk. Alternatively, the complexity of fair value may decrease litigation risk if it's more difficult to demonstrate scienter. Our evidence suggests firms that rely more on fair value standards are relatively less likely to be sued. We find no evidence of a relation between fair value and the risk...
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作者：Cabezon, Felipe
作者单位：Virginia Polytechnic Institute & State University
摘要：I report and analyze a recent one-size-fits-alltrend in the structure of executive compensation plans. Since 2006, 24% of the variation in the distribution of CEO compensation across pay components - salary, bonus, stock awards, options, non-equity incentives, pensions, and perquisites - disappeared. This uniformity might come at the expense of optimal incentives, as increases in pay structure similarity translate into lower shareholder value. Using panel data regressions and plausibly exogeno...
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作者：Hepfer, Bradford F.; Judd, Hannah W.; Rice, Sarah C.
作者单位：Texas A&M University System; Texas A&M University College Station; Brigham Young University
摘要：Using the IPO setting, we test whether firms signal the quality of their investments in innovation activities by claiming R&D tax credits. We find the presence and amount of the R&D credit are each associated with lower information asymmetry and with higher investor demand at IPO. Conservatively, we estimate that sample firms realize additional IPO proceeds of 32-45 percent of their creditable R&D expenditures, indicating economically significant non-tax benefits associated with the R&D credit...
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作者：Aobdia, Daniel; Liu, Xuejiao; Na, Ke; Wu, Hong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; University of International Business & Economics; Fudan University; Shanghai Institute of International Finance & Economics
摘要：This paper examines audit offices' human capital investment in response to client restatement announcements and the resulting effects on audit quality and audit office client base. We find that audit offices attempt to acquire human capital and talent by posting more audit-related job positions just after a client announces a restatement. The increase in job postings follows restatements with more negative announcement returns and restatements of annual financial statements, and is concentrate...
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作者：Liu, Lisa Yao; Tong, Lijing
作者单位：Columbia University; Beijing Jiaotong University
摘要：We study a regulatory spillover in which audit regulations for public firms can affect auditing practices for private firms through the channel of common partners-partners who audit both public and private firm clients. We exploit a regulation in China that applies only to public firm auditing and aims to enhance transparency and rigor in audit procedures. We find that audit partners are more inclined to issue modified opinions for private firm clients following the implementation of the regul...
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作者：Ball, Ray
作者单位：University of Chicago
摘要：This essay explores the economics of contracting in firms and the role accounting plays in it. It views firms as specialist contracting intermediaries, obtaining scale economies from repetitive contracting with owners of factors of production and consumers. It builds on the Coase (1937) insight that firms exist due to contracting-cost advantages over markets and proposes that common accounting methods are a source of that advantage: that they are contracting-useful. This perspective provides e...
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作者：Loh, Wei Ting
作者单位：Singapore Management University
摘要：This study examines whether information sharing occurs within institutional investor networks. I identify networks of institutional investors who share common investments and find that in-network investors earn significantly higher returns than other investors of the same firm, suggesting that valuable private information is shared within these networks. I also find that ownership by investor networks is associated with speedier price discovery and incorporation of more firm-specific news in p...
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作者：Carter, Mary Ellen
作者单位：Boston College
摘要：Donelson, Hutzler, and Rhodes (this issue) examine the impact on firms' corporate governance of increased government antitrust enforcement against competitor interlocking directors. While these directors could facilitate collusion among firms, raising antitrust concerns, they also bring crucial industry expertise that enhances corporate governance. The authors find enhanced enforcement led to voluntary reductions in these directors. Given that these directors are associated with improved firm ...
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作者：Rauter, Thomas
作者单位：University of Chicago
摘要：Amberger, Wilde, and Wu (2025, AWW) examine the impact of EU beneficial ownership transparency (BOT) regulation on cross-border investment. They find that BOT is associated with reductions in investments from non-EU financial havens into the EU and that BOT unintentionally discourages legitimate investments without deterring illicit actors. My discussion evaluates AWW's evidence, positions the paper within the existing literature, and discusses its contributions. I particularly focus on challe...
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作者：Bonham, Jonathan
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital
摘要：I study theoretical properties of earnings, prices, and compensation by developing a dual moral hazard model in which a productive manager can selectively include verifiable information in an accounting report. When the cost of information is moderate, the solution exhibits several empirically-descriptive properties: market values exceed book values, the optimal earnings-based contract has a floor and a ceiling, the accounting system resembles historical cost with big bath write-downs but not ...
