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作者：Brickley, James A.; Zimmerman, Jerold L.
作者单位：University of Rochester
摘要：This paper argues that academics, politicians, and the media have six commonly held but misguided beliefs about corporate governance. While Armstrong et al. (2010) discuss some of these misconceptions, a wider recognition that these beliefs are actually myths is important. They include: (1) a common definition of corporate governance exists; (2) a useful distinction is internal versus external governance mechanisms; (3) outside directors perform two separable roles: to advise and monitor manag...
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作者：Li, Chan; Sun, Lili; Ettredge, Michael
作者单位：University of Kansas; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of North Texas System; University of North Texas Denton
摘要：This study attempts to provide a comprehensive understanding of the interrelationships among chief financial officers' (CFOs') professional qualifications, SOX Section 404 internal control weakness, CFOs' turnover, CFOs' qualification improvement, and correction of material weaknesses. We find that firms receiving initial adverse SOX 404 opinions for 2004 have less qualified CFOs. Adverse SOX 404 opinion recipients experience more CFO turnover in 2005, and these firms are more likely to hire C...
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作者：Altamuro, Jennifer; Beatty, Anne
作者单位：University System of Ohio; Ohio State University
摘要：Internal control regulation effectiveness remains controversial given the recent financial Crisis. To address this issue we examine the financial reporting effects of the Federal Depository Insurance Corporation Improvement Act (FDICIA) internal control provisions. Exemptions from these provisions for banks with assets under $500 million and for non-US banks provides two unaffected control samples. Our difference-indifferences method suggests that FDICIA-mandated internal control requirements ...
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作者：Hanlon, Michelle; Heitzman, Shane
作者单位：Massachusetts Institute of Technology (MIT); University of Oregon
摘要：In this paper, we present a review of tax research. We survey four main areas of the literature: (1) the informational role of income tax expense reported for financial accounting, (2) corporate tax avoidance, (3) corporate decision-making including investment, capital structure, and organizational form, and (4) taxes and asset pricing. We summarize the research areas and questions examined to date and what we have learned or not learned from the work completed thus far. In addition, we provid...
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作者：Lewellen, Jonathan
作者单位：Dartmouth College
摘要：The literature on accounting anomalies and fundamental analysis provides important insights into the behavior of stock prices and the relation between accounting numbers and firm value. My review discusses five key topics from this literature: (1) discriminating between risk and mispricing explanations for return anomalies; (2) estimating the implied cost of capital; (3) inferring investors' perceptions of the earnings process; (4) understanding the importance of trading costs and firm size; a...
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作者：Balakrishnan, Karthik; Bartov, Eli; Faurel, Lucile
作者单位：New York University; University of Pennsylvania; University of California System; University of California Irvine
摘要：We document a market failure to fully respond to loss/profit quarterly announcements. The annualized post portfolio formation return spread between two portfolios formed on extreme losses and extreme profits is approximately 21 percent. This loss/profit anomaly is incremental to previously documented accounting-related anomalies, and is robust to alternative risk adjustments, distress risk, firm size, short sales constraints, transaction costs, and sample periods. In an effort to explain this ...
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作者：Cohen, Daniel A.; Zarowin, Paul
作者单位：New York University
摘要：We show that SEO firms engage in real activities manipulation, and the decline in post-SEO performance due to the real activities management is more severe than that due to accrual management. Our evidence is important, because it shows that post-SEO operating underperformance is driven not just by accrual reversals, but also reflects the real consequences of operational decisions made to manage earnings. We also show how firms' choices of real versus accrual-based earnings management activiti...
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作者：Larcker, David F.; Rusticus, Tjomme O.
作者单位：Stanford University; Northwestern University
摘要：Instrumental variable (IV) methods are commonly used in accounting research (e.g., earnings management, corporate governance, executive compensation, and disclosure research) when the regressor variables are endogenous. While IV estimation is the standard textbook solution to mitigating endogeneity problems, the appropriateness of IV methods in typical accounting research settings is not obvious. Drawing on recent advances in statistics and econometrics, we identify conditions under which IV m...
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作者：Dechow, Patricia M.; Myers, Linda A.; Shakespeare, Catherine
作者单位：University of California System; University of California Berkeley; University of Arkansas System; University of Arkansas Fayetteville; University of Michigan System; University of Michigan
摘要：Accounting rules for valuing retained interest from securitizations require management to make assumptions concerning discount Fates, default rates, and prepayment rates. These assumptions provide management with discretion to determine the gain on sale of the receivables. We investigate whether CEO compensation is less sensitive to Securitization gains than to other earnings components in the presence of proxies for how independent (Outsiders, females, fewer CEO-selected directors) and inform...
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作者：Engel, Ellen; Hayes, Rachel M.; Wang, Xue
作者单位：University of Chicago; Utah System of Higher Education; University of Utah; Emory University
摘要：We examine the relation between audit committee compensation and the demand for monitoring of the financial reporting process, We find that total compensation and cash retainers paid to audit committees are positively Correlated with audit fees and the impact of the Sarbanes-Oxley Act, Our Proxies for the demand for monitoring. Our results are robust to the inclusion of audit committee quality, measured as the committee chair financial expertise. Our results suggest a recent willingness by fir...
