-
作者：Defond, ML; Hung, MY
作者单位：University of Southern California
摘要：Recent research asserts that an essential feature of good corporate governance is strong investor protection, where investor protection is defined as the extent of the laws that protect investors' rights and the strength of the legal institutions that facilitate law enforcement. The purpose of this study is to test this assertion by investigating whether these measures of investor protection are associated with an important role of good corporate governance: identifying and terminating poorly ...
-
作者：Larcker, DF; Richardson, SA
作者单位：University of Pennsylvania
摘要：We examine the relation between the fees paid to auditors for audit and non-audit services, and the choice of accrual measures for a large sample of firms. Using our pooled sample, we find that the ratio of non-audit fees to total fees has a positive relation with the absolute value of accruals similar to Frankel, Johnson, and Nelson [2002]. However, using latent class mixture models to identify clusters of firms with a homogenous regression structure reveals that this positive association onl...
-
作者：Bradshaw, MT; Bushee, BJ; Miller, GS
作者单位：Harvard University; University of Pennsylvania
摘要：This paper examines the relation between accounting choice and U.S. institutional investor ownership in non-U.S. firms. We predict that U.S. investors exhibit home bias in their preference for accounting methods conforming to U.S. Generally Accepted Accounting Principles (GAAP) because such methods are more familiar, reduce information processing costs, and are perceived as higher quality. We find that firms exhibiting higher levels (changes) of U.S. GAAP conformity have greater levels (change...
-
作者：Kinney, WR Jr; Palmrose, ZV; Scholz, S
作者单位：University of Texas System; University of Texas Austin; University of Southern California; University of Kansas
摘要：Do fees for non-audit services compromise auditor's independence and result in reduced quality of financial reporting? The Sarbanes-Oxley Act of 2002 presumes that some fees do and bans these services for audit clients. Also, some registrants voluntarily restrict their audit firms from providing legally permitted non-audit services. Assuming that restatements of previously issued financial statements reflect low-quality financial reporting, we investigate detailed fees for restating registrant...
-
作者：Bushman, RM; Piotroski, JD; Smith, AJ
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of Chicago
摘要：We investigate corporate transparency, defined as the availability of firm specific information to those outside publicly traded firms. We conceptualize corporate transparency within a country as output front a multifaceted system whose components collectively produce, gather, validate, and disseminate information. We factor analyze a range of measures capturing countries' firm specific information environments, isolating two distinct factors. The first factor, interpreted as financial transpa...
-
作者：Bens, DA; Monahan, SJ
作者单位：University of Chicago; INSEAD Business School
摘要：For a sample of U.S. firm years from 1980 through 1996 we document a positive association between the excess value of diversification as defined by Berger and Ofek [1995] and security analyst ratings of voluntary disclosure as developed by the Association for Investment Management and Research. We also examine an alternative proxy for disclosure quality that captures the degree of segment disaggregation and document a positive association between this measure and excess value. Our results are ...
-
作者：Hughes, J; Liu, J; Zhang, MS
作者单位：University of California System; University of California Los Angeles
摘要：Inflation and foreign exchange raise new issues with respect to accounting representations of equity value. For example, inflation creates an earnings illusion as an artifact of the mismatching of expenses based on allocations of historical costs with current revenues in determining earnings. This mismatching distorts mappings of aggregate earnings and book values into equity value such that value-relevant information is lost. In this article we consider the consequences of inflation and forei...
-
作者：Mansi, SA; Maxwell, WF; Miller, DP
作者单位：Virginia Polytechnic Institute & State University; University of Arizona; Indiana University System; Indiana University Bloomington
摘要：We examine the relation between auditor characteristics (quality and tenure) and the cost of debt financing. Consistent with the hypothesis that audit characteristics are important to the capital markets, we find that (1) auditor quality and tenure are negatively and significantly related to the cost of debt financing, (2) the relation between auditor characteristics and the cost of debt is most pronounced in firms with debt that is noninvestment grade, and (3) both the insurance and informati...
-
作者：Blouin, JL; Raedy, JS; Shackelford, DA
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Individual investors have an incentive to defer selling appreciated stock until it qualifies for tax-favored, long-term capital gains treatment. Shackelford and Verrecchia [2002] show that these incentives can affect equity trading around public disclosures. This article provides some empirical support for their theory with evidence of price increases and equity constrictions around announcements of quarterly earnings and additions to the S&P 500 index. We find share returns rise and trading v...
-
作者：Lang, MH; Lins, KV; Miller, DP
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Utah System of Higher Education; University of Utah; Indiana University System; Indiana University Bloomington
摘要：This paper investigates the relation between cross listing in the United States and the information environment of non-U.S. firms. We find that firms that cross list on U.S. exchanges have greater analyst coverage and increased forecast accuracy than firms that are not cross listed. A time-series analysis shows that a change in analyst coverage and forecast accuracy occurs around cross listing. We also document that firms that have more analyst coverage and higher forecast accuracy have higher...
