Review of Accounting Studies

最新文章

• Corporate bankruptcy prediction: a high dimensional analysis AI翻译
  作者：Jones, Stewart
  作者单位：University of Sydney
  摘要：Much bankruptcy research has relied on parametric models, such as multiple discriminant analysis and logit, which can only handle a finite number of predictors (Altman in The Journal of Finance 23 (4), 589-609, 1968; Ohlson in Journal of Accounting Research 18 (1), 109-131, 1980). The gradient boosting model is a statistical learning method that overcomes this limitation. The model accommodates very large numbers of predictors which can be rank ordered, from best to worst, based on their overa...
• Blockholder exit threats in the presence of private benefits of control AI翻译
  作者：Hope, Ole-Kristian; Wu, Han; Zhao, Wuyang
  作者单位：University of Toronto; BI Norwegian Business School; Hautes Etudes Commerciales (HEC) Paris
  摘要：Exit theory predicts a governance role for outside blockholders' exit threats, but this role could be ineffective if managers' potential private benefits exceed their loss in stock-price declines caused by the blockholders' exits. We test this prediction using the Split-Share Structure Reform (SSSR) in China, which provided a large exogenous and permanent shock to the cost for outside blockholders to exit. We find that firms whose outside blockholders experience an increase in exit threats imp...
• Estimation risk and auditor conservatism AI翻译
  作者：Lennox, Clive S.; Kausar, Asad
  作者单位：University of Southern California; Nanyang Technological University
  摘要：Estimation risk occurs when individuals form beliefs about parameters that are unknown. We examine how auditors respond to the estimation risk that arises when they form beliefs about the likelihood of client bankruptcy. We argue that auditors are likely to become more conservative when facing higher estimation risk because they are risk-averse. We find that estimation risk is of first-order importance in explaining auditor behavior. In particular, auditors are more likely to issue going-conce...
• Earnings co-movements and earnings manipulation AI翻译
  作者：Jackson, Andrew B.; Rountree, Brian R.; Sivaramakrishnan, Konduru
  作者单位：University of New South Wales Sydney; Rice University
  摘要：This study develops a theory that predicts the lower the degree to which firms' earnings are correlated with the industry the greater the probability a firm will issue a biased signal of firm performance. The theory provides for causal predictions in our empirical tests in which we examine the probability a firm will be subject to an Accounting and Auditing Enforcement Release (AAER). The empirical findings provide support for the theory, even after controlling for various predictive variables...
• The effects of audit partner pre-client and client-specific experience on audit quality and on perceptions of audit quality AI翻译
  作者：Chi, Wuchun; Myers, Linda A.; Omer, Thomas C.; Xie, Hong
  作者单位：National Chengchi University; University of Tennessee System; University of Tennessee Knoxville; University of Nebraska System; University of Nebraska Lincoln; University of Kentucky
  摘要：We examine the associations between audit partner pre-client and client-specific experience and audit quality using data from Taiwan, where signing audit partner names are disclosed. Using discretionary accruals and interest rate spreads to proxy for audit quality and perceptions of audit quality, respectively, we find that both pre-client and client-specific experience improve audit quality and creditor perceptions of audit quality. We also find that audit partner pre-client experience is pos...
• The best of all possible worlds: unraveling target price optimism using analysts' scenario-based valuations AI翻译
  作者：Joos, Peter R.; Piotroski, Joseph D.
  作者单位：INSEAD Business School; Stanford University
  摘要：We document that the relative placement of analysts' target price within their subjective distribution of scenario-based valuations for the covered firm (i.e., tilt) is informative to investors. When analysts forecast price appreciation, tilt incrementally predicts ex post valuation errors and realized returns; the predictive value of tilt disappears when analysts forecast price declines. In additional analyses, we find that tilt appears to reflect an optimistic bias in target price forecasts ...
• Voluntary fair value disclosures beyond SFAS 157's three-level estimates AI翻译
  作者：Chung, Sung Gon; Goh, Beng Wee; Ng, Jeffrey; Yong, Kevin Ow
  作者单位：Wayne State University; Singapore Management University; Hong Kong Polytechnic University; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
  摘要：Some firms voluntarily make disclosures about the controls and processes in place to ensure the reliability of fair value estimates. Consistent with these disclosures being driven by investors' concerns about the reliability of their SFAS 157 estimates, we find that firms with more opaque estimates are more likely to provide such disclosures. We then examine whether these disclosures improve investors' perception about the reliability of fair value estimates. We find that they are associated w...
• The impact of the institutional environment on the value relevance of fair values AI翻译
  作者：Fiechter, Peter; Novotny-Farkas, Zoltan
  作者单位：University of Neuchatel; Lancaster University
  摘要：Most prior studies attribute valuation discounts on certain fair valued assets to measurement error or bias. We argue that institutional differences across countries (e.g., information environment or market sophistication) affect investors' ability to process and impound fair value information in their valuation. We predict that the impact of the institutional environment on value relevance is particularly pronounced for reported fair values of assets designated at fair value through profit or...
• Joint audit, audit market structure, and consumer surplus AI翻译
  作者：Guo, Qiang; Koch, Christopher; Zhu, Aiyong
  作者单位：University of Southern Denmark; Johannes Gutenberg University of Mainz; Wuhan University
  摘要：We use a structural application of the discrete choice model to investigate how the introduction of a joint audit policy would affect audit market structure and consumer surplus. We perform this policy evaluation by identifying demand fundamentals in a joint audit regime and applying them to a single audit regime. We find that a joint audit requirement has the potential to change the audit market structure substantially but that the effects are sensitive to the specific policy design. For exam...
• The standard-setters' toolkit: can principles prevail over bright lines? AI翻译
  作者：Henderson, Darren; O'Brien, Patricia C.
  作者单位：Wilfrid Laurier University; University of Waterloo
  摘要：We study lease accounting in an international panel data set to examine how accounting outcomes vary with two features of accounting standards: the emphasis on using professional judgement to apply principles, and the presence or absence of bright-line tests. We study four countries-Australia, Canada, the UK, and the US-and companies in two lease-intensive industries-retail and transportation. Our primary study period spans the time when Australia and the UK switched from domestic to internati...