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作者：Sikes, Stephanie A.; Tian, Xiaoli (Shaolee); Wilson, Ryan
作者单位：University of Pennsylvania; University System of Ohio; Ohio State University; University of Oregon
摘要：The recent economic downturn resulted in firms generating significant tax losses, which they risked losing if they experienced an ownership change. In response, a number of loss firms adopted poison pill plans. We document a significant negative market reaction to the announcement of 62 poison pill adoptions related to net operating losses (NOLs), suggesting that in general investors do not consider management's claim that the pills are adopted to preserve a valuable tax asset to be credible. ...
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作者：DeFond, Mark; Zhang, Jieying
作者单位：University of Southern California; University of Texas System; University of Texas Dallas
摘要：We define higher audit quality as greater assurance of high financial reporting quality. Researchers use many proxies for audit quality, with little guidance on choosing among them. We provide a framework for systematically evaluating their unique strengths and weaknesses. Because it is inextricably intertwined with financial reporting quality, audit quality also depends on firms' innate characteristics and financial reporting systems. Our review of the models commonly used to disentangle thes...
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作者：Friedman, Henry L.
作者单位：University of California System; University of California Los Angeles
摘要：Building on archival, anecdotal, and survey evidence on managers roles in accounting manipulations, I develop an agency model to examine the effects of a CEO's power to pressure a CFO to bias a performance measure, like earnings. This power has implications for incentive compensation, reporting quality, firm value, and information rents. Predictions from the model provide potential explanations for the differing results from recent empirical studies on the impact of regulatory interventions li...
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作者：Beatty, Anne; Liao, Scott
作者单位：University System of Ohio; Ohio State University; University of Toronto
摘要：We survey research on banks' financial accounting. After providing a brief background of the theoretical models and accounting and regulatory institutions underlying the bank accounting literature, we review three streams of empirical research. Specifically we review studies associating bank financial reporting with the valuation and risk assessments, associating bank financial reporting discretion with regulatory capital and earnings management, and examining banks' economic decisions under d...
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作者：Collins, Daniel W.; Hribar, Paul; Tian, Xiaoli (Shaolee)
作者单位：University of Iowa; University System of Ohio; Ohio State University
摘要：Earnings asymmetric timeliness captures both accrual and operating cash flow (CFO) asymmetric timeliness. Because recognition of operating cash flows does not reflect differential verification thresholds for recognizing unrealized gains versus losses, CFO asymmetry adds noise or bias to tests of conditional conservatism. We show that CFO asymmetry is predictable in the cross-section, and varies systematically with life-cycle characteristics. Removing CFO from earnings and using accruals-based ...
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作者：Correia, Maria M.
作者单位：University of London; London Business School
摘要：In this study, I examine whether firms and executives with long-term political connections through contributions and lobbying incur lower costs from the enforcement actions by the Securities and Exchange Commission (SEC). I find that politically connected firms on average are less likely to be involved in SEC enforcement actions and face lower penalties if they are prosecuted by the SEC. Contributions to politicians in a strong position to put pressure on the SEC are more effective than others...
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作者：Gao, Feng; Lisic, Ling Lei; Zhang, Ivy Xiying
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; George Mason University; University of Minnesota System; University of Minnesota Twin Cities
摘要：A firm's investment in corporate social responsibility (CSR) builds a positive image of caring for social good and imposes additional costs on executives' informed trading, which is widely perceived self-serving. We thus expect executives of CSR-conscious firms to be more likely to refrain from informed trading. We find that executives of CSR-conscious firms profit significantly less from insider trades and are less likely to trade prior to future news than executives of non-CSR-conscious firm...
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作者：Larcker, David F.; So, Eric C.; Wang, Charles C. Y.
作者单位：Stanford University; Massachusetts Institute of Technology (MIT); Harvard University
摘要：Firms with central boards of directors earn superior risk-adjusted stock returns. A long (short) position in the most (least) central firms earns average annual returns of 4.68%. Firms with central boards also experience higher future return-on-assets growth and more positive analyst forecast errors. Return prediction, return-on-assets growth, and analyst errors are concentrated among high growth opportunity firms or firms confronting adverse circumstances, consistent with boardroom connection...
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作者：Banker, Rajiv D.; Byzalov, Dmitri; Chen, Lei (Tony)
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; Peking University
摘要：Central to the economic theory of sticky costs is the proposition that managers consider adjustment costs when changing resource levels. We test this proposition using employment protection legislation (EPL) provisions in different countries as a proxy for labor adjustment costs. Using a large sample of firms in 19 OECD countries during 1990-2008, we find that the degree of cost stickiness at the firm level varies with the strictness of the country-level EPL provisions. This finding supports t...
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作者：Allen, Eric J.; Larson, Chad R.; Sloan, Richard G.
作者单位：University of Southern California; University of Houston System; University of Houston; University of California System; University of California Berkeley
摘要：We show that accruals consist of at least two distinct underlying processes, one with positive serial correlation and the other with negative serial correlation. We also find that the accrual reversals characterizing the negatively serially correlated process are predominantly good accruals that correctly anticipate fluctuations in working capital. Accrual estimation error is the least persistent component of earnings, while accruals relating to firm growth are less persistent than cash flows....
