-
作者：Ellahie, Atif; Peng, Xiaoxia
作者单位：Utah System of Higher Education; University of Utah
摘要：A Correction to this paper has been published:
-
作者：Downar, Benedikt; Ernstberger, Jurgen; Reichelstein, Stefan; Schwenen, Sebastian; Zaklan, Aleksandar
作者单位：Technical University of Munich; University of Mannheim; Stanford University; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung
摘要：We examine the impact of a disclosure mandate for greenhouse gas emissions on firms' subsequent emission levels and financial operating performance. For UK-incorporated listed firms a carbon disclosure mandate was adopted in 2013. Our difference-in-differences design shows that firms affected by the mandate reduced their emissions by about 8% relative to a control group of European firms. At the same time, our tests indicate that the treated firms experienced no significant changes in their gr...
-
作者：Aobdia, Daniel; Siddiqui, Saad; Vinelli, Andres
作者单位：Northwestern University; Georgetown University
摘要：We examine the heterogeneity of experts in a credence goods setting. In our analytical model, clients are uncertain about how much effort experts need to provide to solve their problem, which is either simple or difficult. Experts have varying degrees of expertise. Less qualified experts are equally effective at solving simple problems but less effective at solving difficult ones. We show that clients pay a fee premium to more qualified experts, even for simple problems. This premium increases...
-
作者：Byard, Donal; Darrough, Masako; Suh, Jangwon
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); New York Institute Technology
摘要：In the mid-2000s, the European Union adopted a number of regulatory reforms intended to increase transparency and disclosure for IPO firms, including mandating the use of International Financial Reporting Standards (IFRS). The reforms also included (1) adoption of the Prospectus Directive, which mandated increased IPO prospectus disclosures and (2) increased accounting enforcement. These new regulations apply only to IPOs listing on EU-regulated markets; firms admitted to trading on exchange-r...
-
作者：Fang, Bingxu; Hope, Ole-Kristian
作者单位：University of Toronto; BI Norwegian Business School
摘要：This paper examines the impact of teamwork on sell-side analysts' performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most research implicitly assumes that forecasts are issued by individual analysts. We document that analyst teams generate more accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions issued b...
-
作者：Ryans, James P.
作者单位：University of London; London Business School
摘要：This study examines the impact of SEC comment letters on future financial reporting outcomes and earnings credibility. Naive Bayesian classification identifies comment letters associated with future restatements and write-downs. An investor attention-based quantitative measure of importance, using EDGAR downloads, also predicts these outcomes. Disclosure-event abnormal returns, revenue recognition comments, and the number of letters in a conversation appear to be useful quantitative metrics fo...
-
作者：Grieser, William; Hadlock, Charles J.; Pierce, Joshua R.
作者单位：Texas Christian University; Michigan State University; University of Alabama System; University of Alabama Tuscaloosa
摘要：We provide evidence on earnings management by exploiting temporary exogenous shocks to utility firms' sales arising from weather variation. We find that sample firms' sales are highly sensitive to annual changes in average temperatures in the region where the firm operates, but this sensitivity disappears quickly as one moves down the income statement. This evidence, while indirect, is suggestive of earnings management activities. In search of direct evidence, we study charitable giving decisi...
-
作者：Cadman, Brian; Carrizosa, Richard; Peng, Xiaoxia
作者单位：Utah System of Higher Education; University of Utah; University of Texas System; University of Texas El Paso
摘要：A Correction to this paper has been published: https://doi.org/10.1007/s11142-020-09577-2
-
作者：Rajgopal, Shivaram; Srinivasan, Suraj; Zheng, Xin
作者单位：Columbia University; Harvard University; University of British Columbia
摘要：We document 45 specific allegations related to audit deficiencies based on GAAS, as detailed in 141 AAERs and 153 securities class action lawsuits over the violation years 1978-2016. Next, we use these allegations to validate popular proxies of audit quality. Of all the audit quality proxies, we find that restatements consistently predict all of the top six most cited audit deficiencies. The ratio of audit fees to total fees and the presence of a city specialist auditor predict five of the mos...
-
作者：Penman, Stephen H.; Zhang, Xiao-Jun
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：This paper revises the standard interpretation of the book rate of return as a measure of profitability. Rather, due to conservative accounting, the book rate of return informs about risk and the expected return to the investor. In contrast to asset pricing research, where the book rate of return is viewed as positively associated with risk and expected stock returns, the paper demonstrates the opposite: with the effect of conservative accounting, the book rate of return is negatively associat...
