Review of Accounting Studies

最新文章

• Executive stock-based compensation and firms' cash payout: the role of shareholders' tax-related payout preferences AI翻译
  作者：Aboody, David; Kasznik, Ron
  作者单位：University of California System; University of California Los Angeles; Stanford University
  摘要：We hypothesize that the structure of executive stock-based compensation helps to align managers' payout choices with shareholders' tax-related payout preferences. Specifically, stock options, which are not dividend-protected, can deter self-interested executives from using dividends as a form of payout. In contrast, restricted stock, which is dividend-protected, is more likely to induce the use of dividends. Relatedly, shareholders' preferences for dividends, which are taxed as ordinary income...
• GAAP goodwill and debt contracting efficiency: evidence from net-worth covenants AI翻译
  作者：Frankel, Richard; Seethamraju, Chandra; Zach, Tzachi
  作者单位：Washington University (WUSTL)
  摘要：We study the role of goodwill in promoting contracting efficiency and the effect of SFAS 141 and 142 on this role. We provide three main results. First, when a lending agreement contains some type of minimum net-worth covenant, the probability of a tangible net-worth covenant is decreasing in the borrower's goodwill. Second, the use of tangible net-worth covenants has increased since the promulgation of SFAS 141 and 142. Finally, covenant slack is not significantly related to the use of tangib...
• The hiring of accounting and finance officers from audit firms: how did the market react? AI翻译
  作者：Geiger, Marshall A.; Lennox, Clive S.; North, David S.
  作者单位：University of Richmond; Hong Kong University of Science & Technology
  摘要：This study investigates the market's reaction to companies hiring accounting and finance officers directly from their external audit firms-the auditor-to-client hiring practice referred to as the revolving door. The Sarbanes-Oxley Act (SOX) eliminated this hiring practice, reflecting concerns that such appointments may impair audit and financial reporting quality. However, it was also argued that companies may have benefited from hiring individuals already familiar with their systems, organiza...
• Voluntary disclosure of accruals in earnings press releases and the pricing of accruals AI翻译
  作者：Levi, Shai
  作者单位：University of California System; University of California Berkeley
  摘要：This study investigates firms' decisions to disclose accruals information in earnings press releases versus to provide it only in 10-Q filings and the impact of this disclosure on the pricing of accruals. I find that firms disclose accruals in their press releases when earnings alone are a weak indication of cash flow performance and that following these disclosures the accruals information is fully impounded into stock prices. The evidence suggests that when investor demand for accruals is li...
• Performance measurement manipulation: cherry-picking what to correct AI翻译
  作者：Arya, Anil; Glover, Jonathan
  作者单位：University System of Ohio; Ohio State University; Carnegie Mellon University
  摘要：A common feature of managerial and financial reporting is an iterative process wherein various parties selectively correct particular measurements by challenging them and subjecting them to increased scrutiny. We model this feature by adding an agent appeal stage to the standard moral hazard model and show that it can be optimal to allow the agent to decide which performance measures to appeal, despite the agent's incentive to cherry-pick. In the presence of measurement errors, the agent is in...
• Are executive stock option exercises driven by private information? AI翻译
  作者：Aboody, David; Hughes, John; Liu, Jing; Su, Wei
  作者单位：University of California System; University of California Los Angeles
  摘要：In this study, we investigate the extent to which exercise of executive stock options is based upon private information. Contrary to popular belief, we find that shares are held more than 30 days following over a quarter of options exercised. Partitioning the data, we find weak evidence that decisions to exercise and sell immediately are prompted by bad news and stronger evidence that decisions to exercise and hold for at least 30 days are prompted by good news. Enhancing the power of our test...
• The relevance of quantifiable audit qualifications in the valuation of IPOs AI翻译
  作者：Ghicas, Dimitrios C.; Papadaki, Afroditi; Siougle, Georgia; Sougiannis, Theodore
  作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Athens University of Economics & Business
  摘要：How useful are audit qualifications to financial statement users? We analyze a sample of 204 firms that went public at the Athens Stock Exchange over the period 1987-2002. For 149 of these firms, auditors report quantitative estimates of the amount by which assets are overstated and/or liabilities are understated in reported financial statements. We find that underwriters and their affiliated analysts do not incorporate the negative information provided by these qualifications into offer price...
• Market reactions to the disclosure of internal control weaknesses and to the characteristics of those weaknesses under section 302 of the Sarbanes Oxley Act of 2002 AI翻译
  作者：Hammersley, Jacqueline S.; Myers, Linda A.; Shakespeare, Catherine
  作者单位：Texas A&M University System; Texas A&M University College Station; Mays Business School; University System of Georgia; University of Georgia; University of Michigan System; University of Michigan
  摘要：We examine the stock price reaction to management's disclosure of internal control weaknesses under 302 of the Sarbanes Oxley Act and to the characteristics of these weaknesses, controlling for other material announcements in the event window. We find that some characteristics of the weaknesses-their severity, management's conclusion regarding the effectiveness of the controls, their auditability, and the vagueness of the disclosures-are informative. We also find that the information content o...
• Inventory policy, accruals quality and information risk AI翻译
  作者：Krishnan, Gopal V.; Srinidhi, Bin; (Nancy) Su, Lixin
  作者单位：Hong Kong Polytechnic University; George Mason University
  摘要：This paper provides evidence consistent with firms with Last-in-first-out (LIFO) inventory policy being priced by the market as having lower information risk than First-in-first-out (FIFO) firms. Furthermore, the paper shows that this pricing differential is sustained after controlling for accruals quality, suggesting that the inventory policy signals some information risk characteristics that are not captured by accruals quality measure. We investigate the relation between inventory policy an...
• Discussion of inventory policy, accruals quality and information risk AI翻译
  作者：Olsson, Per
  作者单位：Duke University
  摘要：Krishnan et al. (Review of Accouting Studies, 2008) investigate how the choice of LIFO versus FIFO affects firms' accruals quality and cost of capital. The authors show that LIFO firms have better accruals quality and lower cost of capital than FIFO firms and that the cost of capital effect associated with the inventory valuation method is not subsumed by differences either in fundamental risk or accruals quality between LIFO and FIFO firms. This discussion is focused on key design choices and...