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作者：Gefen, Ofir; Reeb, David; Sulaeman, Johan
作者单位：Hong Kong Polytechnic University; National University of Singapore; National University of Singapore
摘要：We conduct a randomized field experiment (RFE) to assess whether startup firms perceive accounting expertise as an important investor credential. We send 13,358 unsolicited and unique emails to active startup firms across the US, showing an interest in them with a proposition to meet a bogus investor. The experiment has high response rates, with 4,535 (33.94%) opened emails and 828 (6.19%) website visits, reflecting investors' proliferating practice of outbound origination to contact new start...
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作者：Sansing, Richard
作者单位：Dartmouth College; Tilburg University
摘要：The taxation of multinational income is the subject of important policy debates. For example, the recent Pillar One proposal by the Organisation for Economic Development and Cooperation (OECD) would shift taxing rights from countries in which value is created to countries where it is realized. This study develops and analyzes a model in which a multinational firm creates a valuable intangible asset, referred to as a brand. The brand is developed in one country and generates future positive res...
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作者：Dong, Yi; Liu, Xuejiao; Lobo, Gerald J.; Ni, Chenkai
作者单位：Shanghai University of Finance & Economics; University of International Business & Economics; University of Houston System; University of Houston; Fudan University
摘要：We examine the properties of overprecise forecasts, i.e., forecasts with more digits after the decimal than the mode of forecasts issued by all analysts following a given firm in a given year. Contrary to conventional wisdom, we find that overprecise forecasts are less accurate than peer forecasts. The lower accuracy is related to inexperienced analysts, who tend to overweight their models and produce more specific, yet less accurate forecasts. Additional analyses indicate that analysts issue ...
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作者：Urcan, Oktay; Yoon, Hayoung
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Southern Methodist University
摘要：This paper examines the properties of accounting numbers used in compensation contracts for S&P 500 firms from 2006 to 2017. Our data reveal wide variation in the accounting performance metrics used in compensation contracts, with some recent movement from bottom-line earnings-based measures to top-line measures. Investigating specific exclusions made to GAAP-based financial measures to arrive at realized compensation performances, we identify 27 different types of exclusions and document sign...
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作者：Krishnan, Jagan; Krishnan, Jayanthi; Maex, Steven A.
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; George Mason University
摘要：We examine whether employees of the Public Company Accounting Oversight Board (PCAOB) that are hired by large audit firms are associated with subsequent higher audit quality at these firms. Employees at the PCAOB acquire expertise related to the industry they regulate, the audit industry. We predict that this expertise, which we label regulatory audit quality expertise, would improve audit quality at audit firms, particularly for clients with high misstatement risk. We find that regulatory aud...
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作者：Johannesson, Erik; Ohlson, James A. A.; Zhai, Sophia Weihuan
作者单位：City University of Hong Kong; Xiamen University
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作者：Glaze, Jesse L. L.; Skinner, A. Nicole; Stephan, Andrew
作者单位：University System of Georgia; University of Georgia; University of Colorado System; University of Colorado Boulder
摘要：Prior research suggests that quarterly reports released concurrently with earnings depress trading due to information overload. In this study, we predict that concurrent reports help investors trade when they face uncertainty about how to interpret earnings news. We rely on the implementation of ASC 606 as a quasi-exogenous increase in uncertainty about how to trade in response to earnings news. Specifically, we find that when uncertainty is high in the first quarter of ASC 606 implementation,...
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作者：Johannesson, Erik; Ohlson, James A.; Zhai, Sophia Weihuan
作者单位：City University of Hong Kong; Xiamen University
摘要：This paper examines the current empirical accounting research paradigm. We ask: In general, do the estimated regressions support the promoted narratives? We focus on a regression model's main variable of interest and consider the extent to which it contributes to the explanation of the dependent variable. We replicate 10 recently published accounting studies, all of which rely on significant t-statistics, per conventional levels, to claim rejection of the null hypothesis. Our examination shows...
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作者：Wang, Feifei; Yan, Xuemin Sterling; Zheng, Lingling
作者单位：University System of Ohio; Miami University; Lehigh University; Renmin University of China
摘要：Using fund returns and fund stockholdings, we investigate whether fund managers follow fundamental analysis strategies. We show that hedge fund and mutual fund returns tend to load negatively on the long-short returns of a comprehensive sample of fundamental strategies (i.e., accounting anomalies), suggesting that fund managers are prone to trade in the opposite direction of what fundamental strategies prescribe. The negative loadings are primarily driven by the short-leg of the anomalies, mor...
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作者：Anderson, Mark; Hyun, Soonchul; Muslu, Volkan; Yu, Dongning
作者单位：University of Calgary; University of North Carolina; University of North Carolina Greensboro; University of Houston System; University of Houston; Toronto Metropolitan University
摘要：(Soliman, The Accounting Review 83:823-853, 2008) finds that separating return on net operating assets (RNOA) into DuPont components-profit margin and asset turnover-improves prediction of future RNOA. (Dickinson, The Accounting Review 86:1969-1994, 2011) finds that a firm's life-cycle stage explains changes in future RNOA. (Vorst and Yohn, The Accounting Review 93:357-381, 2018) find that life cycle calibration improves prediction more than industry grouping in prediction models that do not i...
