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作者：Bushman, Robert M.
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：I provide big picture comments on the review of the banking literature in accounting by Beatty and Liao (2014). Beatty and Liao (2014) does a service to the accounting field by providing an intelligent, well organized and accessible point of entry to banking research in accounting. I complement Beatty and Liao by presenting my observations on the role of financial accounting in banking, focusing my discussion on real effects of accounting policy choices on individual bank risk taking and codep...
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作者：Chordia, Tarun; Subrahmanyam, Avanidhar; Tong, Qing
作者单位：Emory University; University of California System; University of California Los Angeles; Singapore Management University
摘要：We examine whether the recent regime of increased liquidity and trading activity is associated with attenuation of prominent equity return anomalies due to increased arbitrage. We find that the majority of the anomalies have attenuated and the average returns from a portfolio strategy based on prominent anomalies have approximately halved after decimalization. We provide evidence that hedge fund assets under management, short interest and aggregate share turnover have led to the decline in ano...
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作者：Bonsall, Samuel B.
作者单位：University System of Ohio; Ohio State University
摘要：This study examines whether and how the properties of corporate bond ratings change following Moody's and S&P's adoptions of the issuer-pay business model in the early 1970s. Regulators and debt market observers have criticized the issuer-pay model for creating an independence problem. However, the issuer-pay model allows for economic bonding between rating agencies and issuers through explicit contractual arrangements, which should improve the flow of nonpublic information. Using a difference...
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作者：Donovan, John; Frankel, Richard; Lee, Joshua; Martin, Xiumin; Seo, Hojun
作者单位：Washington University (WUSTL); State University System of Florida; Florida State University
摘要：We view audit-quality choice as one among many that managers make to maximize firm value. We question whether audit-quality differences among publicly traded companies are of significant interest to investors, clients, and auditors and ask for research on this topic. Relatedly, we ask for research on whether auditors and their clients show behavior consistent with regulated audit quality exceeding the audit quality level demanded absent regulation. We propose that researchers incorporate the c...
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作者：Ali, Ashiq; Klasa, Sandy; Yeung, Eric
作者单位：University of Texas System; University of Texas Dallas; University of Arizona; Cornell University
摘要：This study examines the association between U.S. Census industry concentration measures and the informativeness of corporate disclosure policy. We find that in more concentrated industries firms' management earnings forecasts are less frequent and have shorter horizons, their disclosure ratings by analysts are lower, and they have more opaque information environments, as measured by the properties of analysts' earnings forecasts. Also, when these firms raise funds they prefer private placement...
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作者：Kravet, Todd D.
作者单位：University of Texas System; University of Texas Dallas; University of Connecticut
摘要：Watts (2003) and Ball and Shivakumar (2005) argue that accounting conservatism decreases managerial incentives to make negative net present value investments. I develop and test a new hypothesis that accounting conservatism is associated with managers making less risky investments. I find that under more conservative accounting managers make less risky acquisitions and that firms with accounting-based debt covenants drive this association. This result is consistent with conservative firms avoi...
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作者：Kim, Kyonghee; Mauldin, Elaine; Patro, Sukesh
作者单位：University of Missouri System; University of Missouri Columbia; Northern Illinois University
摘要：Divergent views exist about whether boards must tradeoff advising for monitoring performance when utilizing outside versus inside directors. We suggest a dichotomous tradeoff focus underestimates outside directors' impact on board performance. We find outside director tenure positively associated with firm acquisition/investment policy advising performance and CEO compensation monitoring performance, suggesting that advising and monitoring do not always compete for directors' time. However, te...
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作者：Li, Feng; Minnis, Michael; Nagar, Venky; Rajan, Madhav
作者单位：University of Michigan System; University of Michigan; University of Chicago; Stanford University
摘要：Knowledge is central to managing an organization, but its presence in employees is difficult to measure directly. We hypothesize that external communication patterns reveal the location of knowledge within the management team. Using a large database of firm conference call transcripts, we find that CEOs speak less in settings where they are likely to be relatively less knowledgeable. CEOs who speak more are also paid more, and firms whose CEO pay is not commensurate with CEO speaking have a lo...
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作者：Fox, William F.; Luna, LeAnn; Schaur, Georg
作者单位：University of Tennessee System; University of Tennessee Knoxville; University of Tennessee System; University of Tennessee Knoxville; University of Tennessee System; University of Tennessee Knoxville; University of Tennessee System; University of Tennessee Knoxville
摘要：Tax evasion has been an important issue in the accounting literature for several decades. but the focus has been on corporate income taxes. We develop a new way to examine tax evasion that focuses on corporate transactions, rather than corporate profits. Specifically, we examine how commodity flows respond to destination sales taxes, allowing for tax evasion as a function of distance between trade partners. After accounting for transportation costs, we find that the effect of taxes decreases a...
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作者：Li, Xi
作者单位：Hong Kong University of Science & Technology
摘要：I examine the short- and long-term impact of the 2002 Sarbanes-Oxley Act (SOX) on cross-listed foreign private issuers. Both short- and long-term test results suggest that the costs of SOX compliance significantly exceed its benefits and reduce the net benefits of cross-listings. (C) 2014 Elsevier B.V. All rights reserved.
