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作者：Lin, Haijin; Sappington, David E. M.
作者单位：University of Houston System; University of Houston; State University System of Florida; University of Florida
摘要：We demonstrate that an increased likelihood of fraud within an organization can benefit both the organization and its auditor. This is the case even though undetected fraud always harms both the organization and the auditor. The increased likelihood of fraud can induce the auditor to increase his auditing effort, which reduces the equilibrium incidence of undetected fraud and thereby benefits both the organization and the selected auditor.
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作者：Ramanan, Ram N. V.
作者单位：University of California System; University of California Davis
摘要：When a firm has multiple pieces of information, this study shows that the firm does better from staggering the release of information than from expeditiously releasing all information at once. This is because releasing multiple pieces of information over time allows the firm to learn from the market's response to each piece of information. In contrast, releasing all information at once impedes the firm's ability to learn from the aggregate market response to all information. In effect, delayin...
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作者：Rees, Lynn; Sharp, Nathan; Twedt, Brady
作者单位：Texas A&M University System; Texas A&M University College Station; Indiana University System; Indiana University Bloomington
摘要：This study examines the determinants of financial analyst coverage in the business press and the effects of such coverage on analysts' careers. Using a sample of business press articles that quote a financial analyst, we compare each cited analyst with the other analysts who were actively following the same firm and could have been cited by the reporter but were not. In general, we find that analysts quoted in the business press are more likely to possess characteristics that prior research ha...
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作者：Momente', Francesco; Reggiani, Francesco; Richardson, Scott
作者单位：Bocconi University; University of London; London Business School
摘要：We decompose broad-based measures of accruals into firm-specific and related-firm components. We find that the negative relation between accruals and future firm performance is almost entirely attributable to the firm-specific component. Standard risk-based explanations are hard to reconcile with this fact. To the extent expected returns have a common component spanning related firms, a risk-based explanation would suggest a stronger negative relation between accruals and future firm performan...
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作者：Heflin, Frank; Hsu, Charles; Jin, Qinglu
作者单位：State University System of Florida; Florida State University; Hong Kong University of Science & Technology; Shanghai University of Finance & Economics
摘要：This paper provides evidence that conditional conservatism reduces the usefulness of GAAP earnings for valuation by investors. We find that conditional conservatism reduces GAAP earnings persistence and informativeness, makes income smoothing more difficult, and makes forecasting GAAP earnings more difficult for analysts. We also find that analysts forecast Street earnings numbers with less conditional conservatism. The decrease in conditional conservatism from adjusting GAAP earnings to Stree...
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作者：Martini, Jan Thomas
作者单位：University of Bielefeld
摘要：This paper studies transfer prices influencing managerial decisions and determining corporate taxes in a multinational firm. Common sense suggests that the transfer price decision should be made to maximize the firm's after-tax profit and thus achieve the optimal trade-off between pre-tax profitability and tax minimization. Based on a model of a decentralized firm facing asymmetric information with respect to operations, I examine why this conclusion does not hold in general. In particular, I ...
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作者：Lai, Cheng
作者单位：Renmin University of China
摘要：The paper develops the valuation implications of the Ohlson/Juettner-Nauroth (Rev Account Stud 10(2-3):349-365, 2005, OJ) model having two growth parameters in the residual income dynamic-one for the long-term (g) and one for the short-term (g (h) ). The central result shows that the model can be transformed into where Scalar = 1 + (g (h) - g)/r. As a benchmark, the scalar equals one if and only if g = g (h) . The Ohlson (Contemp Account Res 11(2):661-687, 1995) residual income valuation (RIV)...
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作者：Li, Ningzhong; Lou, Yun; Vasvari, Florin P.
作者单位：University of Texas System; University of Texas Dallas; Hautes Etudes Commerciales (HEC) Paris; University of London; London Business School
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作者：Jiang, John; Wang, Isabel Yanyan; Xie, Yuan
作者单位：Michigan State University; Michigan State University's Broad College of Business; Fordham University
摘要：On August 24, 2010, Bob Herz, then chairman of the Financial Accounting Standards Board (FASB) resigned unexpectedly. Before his resignation, Herz supported a FASB proposal for applying fair value to loans and cast the deciding vote. This proposal received strong pushbacks from banks and bank regulators. Using an event study methodology, we examine whether Herz's abrupt resignation changed the market's expectation on whether the fair value proposal would be finalized. We find that bank investo...
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作者：Aobdia, Daniel
作者单位：Northwestern University
摘要：I test whether information spillover concerns are a causal determinant of supplier choice and whether suppliers are a conduit for these spillovers. Using the audit setting, where firms must use the services of an auditor to certify their financial statements, I document a reluctance of rival firms to engage the same auditor due to information-spillover concerns. This reluctance mitigates the benefits of industry specialization by auditors shown in prior literature. Using several quasi-natural ...
