Journal of Accounting and Economics

最新文章

• Stock-based pay in new economy firms AI翻译
  作者：Murphy, KJ
  作者单位：University of Southern California
  摘要：Ittner, Lambert, and Larcker (J. Accounting Economics (2003) this issue) present compelling evidence that new economy firms rely more on stock-based compensation than do old economy firms, based on 1998 and 1999 data from a proprietary sample of companies. I complement the ILL results by analyzing data over a longer time period (1992-2001) and, more importantly, document the effect of the 2000 market crash on stock-based pay in new economy firms. Finally, I offer evidence supporting the conjec...
• Incentives versus standards: properties of accounting income in four East Asian countries AI翻译
  作者：Ball, R; Robin, A; Wu, JS
  作者单位：University of Rochester; University of Chicago; Rochester Institute of Technology
  摘要：The East Asian countries Hong Kong, Malaysia, Singapore and Thailand provide rare insight into the interaction between accounting standards and the incentives of managers and auditors. Their standards derive from common law sources (UK, US, and IAS) that are widely viewed as higher quality than code law standards. However, their preparers' incentives imply low quality. We show their financial reporting quality is not higher than under code law, with quality operationalized as timely recognitio...
• The consequences of the FASB's 1998 proposal on accounting for stock option repricing AI翻译
  作者：Carter, ME; Lynch, LJ
  作者单位：University of Pennsylvania; University of Virginia
  摘要：We examine repricing activity surrounding the FASB's 1998 announcement regarding accounting for repriced options. We find that repricing increases during, and decreases after, the 12-day window between the announcement and proposed effective dates, consistent with firms timing repricings to avoid recording an expense. We find that firms experiencing increasing earnings patterns, firms with earnings around zero, and growth firms are more likely to reprice in the window, but having repriced rece...
• Public versus private governance: a study of incentives and operational performance AI翻译
  作者：Eldenburg, L; Krishnan, R
  作者单位：University of Arizona; Michigan State University; Michigan State University's Broad College of Business
  摘要：This study explores incentives and performance in organizations governed by publicly elected boards of directors and subsidized by taxes. Such organizations are likely to underpay Chief Executive Officers (CEOs), resulting in selection and incentive problems and hence poor operating performance. We compare municipal district hospitals to private nonprofit hospitals. CEO compensation in district hospitals is significantly lower than in the nonprofits. Operating margins in district hospitals are...
• An evaluation of alternative measures of corporate tax rates AI翻译
  作者：Plesko, GA
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：This paper examines the ability of financial statement measures of average and marginal tax rates (MTR) to capture tax attributes utilizing firm-level tax and financial data. The results suggest commonly used average tax rate measures provide little insight about statutory tax burdens, and may introduce substantial bias into analyses of tax incidence. Financial statement-based proxies for MTR, particularly those based on simulation methods, are found to perform well in estimating current year ...
• Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings AI翻译
  作者：Bhattacharya, N; Black, EL; Christensen, TE; Larson, CR
  作者单位：Brigham Young University; Utah System of Higher Education; University of Utah; University of Michigan System; University of Michigan
  摘要：This study investigates whether market participants perceive pro forma earnings to be more informative and more persistent than GAAP operating income by analyzing a sample of 1,149 actual pro forma press releases. We find that pro forma announcers report frequent GAAP losses and are mostly concentrated in the service and high-tech industries. Our analyses of short-window abnormal returns and revisions in analysts' one-quarter-ahead earnings forecasts indicate that pro forma earnings are more i...
• Audit committee, board of director characteristics, and earnings management AI翻译
  作者：Klein, A
  作者单位：New York University
  摘要：This study examines whether audit committee and board characteristics are related to earnings management by the firm. A negative relation is found between audit committee independence and abnormal accruals. A negative relation is also found between board independence and abnormal accruals. Reductions in board or audit committee independence are accompanied by large increases in abnormal accruals. The most pronounced effects occur when either the board or the audit committee is comprised of a m...
• Auditor independence and fee dependence AI翻译
  作者：Craswell, A; Stokes, DJ; Laughton, J
  作者单位：University of Technology Sydney; University of Queensland; University of Southern Queensland
  摘要：This study investigates whether fee dependence within the audit firms' offices jeopardises auditor independence. Fee dependence is examined at both the national audit firm level as well as the local office level and in a setting where public disclosure of fees is mandatory. We focus our tests on audit fee dependence and at the same time we control for the effects of non-audit service fee dependence post the 1989 mergers. We operationalise the exercise of independent judgement in auditing by th...
• The rewards to meeting or beating earnings expectations AI翻译
  作者：Bartov, E; Givoly, D; Hayn, C
  作者单位：University of California System; University of California Los Angeles; New York University; University of California System; University of California Irvine
  摘要：This paper finds that firms that meet or beat current analysts' earnings expectations (MBE) enjoy a higher return over the quarter than firms with similar quarterly earnings forecast errors that fail to meet these expectations. Further, such a premium to MBE, although somewhat smaller, exists in the cases where MBE is likely to have been achieved through earnings or expectations management. The findings also indicate that the premium to MBE is a leading indicator of future performance. This pr...
• Empirical evidence on the relation between stock option compensation and risk taking AI翻译
  作者：Rajgopal, S; Shevlin, T
  作者单位：University of Washington; University of Washington Seattle
  摘要：We examine whether executive stock options (ESOs) provide managers with incentives to invest in risky projects. For a sample of oil and gas producers, we examine whether the coefficient of variation of future cash flows from exploration activity (our proxy for exploration risk) increases with the sensitivity of the value of the CEO's options to stock return volatility (ESO risk incentives). Both ESO risk incentives and exploration risk are treated as endogenous variables by adopting a simultan...