-
作者：Nelson, MW; Krische, SD; Bloomfield, R
作者单位：Cornell University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Researchers and practitioners in accounting and finance often investigate or advocate particular disciplined trading strategies, but little work investigates the determinants of individual investors' trading-strategy reliance. We report two experiments, which provide evidence that the dual-source model of overconfidence (Sniezek and Buckley [1991]) predicts the circumstances in which investors are more likely to rely on disciplined trading strategies. Our results indicate that reliance is more...
-
作者：Anderson, MC; Banker, RD; Janakiraman, SN
作者单位：University of Texas System; University of Texas Dallas
摘要：A fundamental assumption in cost accounting is that the relation between costs and volume is symmetric for volume increases and decreases. In this study, we investigate whether costs are sticky-that is, whether costs increase more when activity rises than they decrease when activity falls by an equivalent amount. We find, for 7,629 firms over 20 years, that selling, general, and administrative (SG&A) costs increase on average 0.55% per 1% increase in sales but decrease only 0.35% per 1% decrea...
-
作者：Dutta, S; Reichelstein, S
作者单位：University of California System; University of California Berkeley; Stanford University
摘要：In this article we develop a multiperiod agency model to study the role of leading indicator variables in managerial performance measures. In addition to the familiar moral hazard problem, the principal faces the task of motivating a manager to undertake soft investments. These investments are not directly contractible, but the principal can instead rely on leading indicator variables that provide a noisy forecast of the investment returns to be received in future periods. Our analysis relates...
-
作者：Sivakumar, K; Waymire, G
作者单位：Boston University; Emory University
摘要：We investigate the extent to which income measurement by major early 20th-century U.S. railroads shows evidence of lower income smoothness and increased conservatism following new fixed asset accounting rules issued by the Interstate Commerce Commission (ICC) in 1907 and 1908 and concurrent rate regulation regime shifts. Accounting rules promulgated by the ICC after the Hepburn Act of 1906 are the first accounting rules in U.S. history in which regulators could enforce such rules under federal...
-
作者：Joe, JR
作者单位：University System of Georgia; Georgia State University
摘要：In this study I use an experiment to examine why auditors are more likely to issue going-concern opinions when the client has been, the subject of negative press coverage prior to the date of the audit opinion. I find no evidence that negative press coverage increases auditors' perceptions of legal liability, as was suggested in the prior literature. I do find, however, that negative press coverage increases auditors' perception of a client's bankruptcy probability and this, in turn, leads aud...
-
作者：Weber, J; Willenborg, M
作者单位：Massachusetts Institute of Technology (MIT); University of Connecticut
摘要：Do expert informational intermediaries add value? We address this question by examining the informativeness of the audit report contained in the prospectus associated with a firm's initial public offering (IPO). At the time of the IPO, there is a relative lack of information to facilitate the establishment of equity values, suggesting that the information provided by outside experts (e.g., auditors, under-writers) is particularly important. In this article we study small, non-venture-backed IP...
-
作者：Jamal, K; Maier, M; Sunder, S
作者单位：University of Alberta; Yale University
摘要：Government regulation of financial reporting by publicly listed firms, coupled with a punitive regime for violation of generally accepted accounting principles (GAAP), has been in place in the United States for seven decades. Whether this regime is effective or useful is an open question, especially in the absence of data on the behavior of unregulated economies. Privacy disclosure in e-commerce is essentially an unregulated environment with some parallels to financial disclosure. A study of p...
-
作者：Leuz, C
作者单位：University of Pennsylvania
摘要：Motivated by the debate about globally uniform accounting standards, this study investigates whether firms using U.S. generally accepted accounting principles (GAAP) vis-a-vis international accounting standards (IAS) exhibit differences in several proxies for information asymmetry. It exploits a unique setting in which the two sets of standards are put on a level playing field. Firms trading in Germany's New Market must choose between IAS and U.S. GAAP for financial reporting, but face the sam...
-
作者：Young, DQ; Guenther, DA
作者单位：Chinese University of Hong Kong; University of Colorado System; University of Colorado Boulder
摘要：We examine whether differences in international capital mobility across countries are related to country-specific differences in financial reporting environments. We hypothesize that countries where financial accounting environments lead to greater disclosure of value-relevant accounting information are more likely to have higher international capital mobility. The results of empirical tests are consistent with our hypothesis.
-
作者：Chandar, N; Bricker, R
作者单位：Rutgers University System; Rutgers University New Brunswick; University System of Ohio; Case Western Reserve University
摘要：This paper studies earnings management using 363 closed-end mutual fund firm-years of data. Closed-end fund assets consist of unrestricted and restricted securities, and realized and unrealized income. While unrestricted securities are not subject to earnings management, restricted security values are largely discretionary. Managerial valuation of restricted securities is modeled as contingent on unrestricted returns relative to a performance benchmark. Four unrestricted performance regions ar...
