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作者：Chen, Lucy Huajing; Khurana, Inder K.
作者单位：Villanova University; University of Missouri System; University of Missouri Columbia
摘要：This paper examines shareholder wealth effects in U.S. and home-country markets relating to the Securities and Exchange Commission's (SEC) decision to eliminate the Form 20-F reconciliation. During the period of examined events, we find positive cumulative abnormal returns for the treatment sample of U.S. cross-listed firms that prepare financial statements under International Financial Reporting Standards (IFRS), but no such effects for our control sample comprising cross-listed non-IFRS, U.S...
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作者：Holzhacker, Martin; Krishnan, Ranjani; Mahlendorf, Matthias D.
作者单位：Michigan State University; Frankfurt School Finance & Management
摘要：This paper extends prior literature on cost behavior by providing insights into how firms achieve changes to cost structure in response to two important risk drivers, i.e., demand uncertainty and financial risk. Using theory from labor economics, supply-chain management, and finance, we posit that demand uncertainty and financial risk influence cost management activities. Specifically, we argue that firms are likely to alter resource procurement choices to increase cost elasticity in response ...
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作者：Kraft, Pepa
作者单位：New York University
摘要：I examine a dataset of both quantitative (hard) adjustments to firms' reported U.S. GAAP financial statement numbers and qualitative (soft) adjustments to firms' credit ratings that Moody's develops and uses in its credit rating process. I first document differences between firms' reported and Moody's adjusted numbers that are both large and frequent across firms. For example, primarily because of upward adjustments to interest expense and debt attributable to firms' off-balance sheet debt, on...
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作者：Bonsall, Samuel; Koharki, Kevin; Neamtiu, Monica
作者单位：University System of Ohio; Ohio State University; Washington University (WUSTL); University of Arizona
摘要：This study investigates how differences between the rating agencies' initial (at the date of debt issuance) and subsequent (post-issuance) monitoring incentives affect securitizing banks' rating accuracy. We hypothesize that the agencies have stronger incentives to monitor issuers when providing initial versus post-issuance ratings. We document that initial ratings are positively associated with off-balance sheet securitized assets and incrementally associated with on-balance sheet retained se...
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作者：Lamoreaux, Phillip T.; Michas, Paul N.; Schultz, Wendy L.
作者单位：Arizona State University; Arizona State University-Tempe; University of Arizona; University of Manitoba
摘要：We investigate the role of accounting and audit quality in the allocation of international development aid loans provided by the World Bank. This aid is crucial to improve governance functions, infrastructure, and capital markets, and the accounting and audit environments in a country can provide the World Bank with confidence that aid is being used as intended rather than being diverted for personal or political gain. We find that development aid loans are higher for countries with stronger a...
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作者：Ramanna, Karmic
作者单位：Harvard University
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作者：Chan, Lilian H.; Chen, Kevin C. W.; Chen, Tai Yuan; Yu, Yangxin
作者单位：University of Hong Kong; Hong Kong University of Science & Technology; City University of Hong Kong
摘要：To deter financial misstatements, many companies have recently adopted compensation recovery policies commonly known as clawbacks - that authorize the board to recoup compensation paid to executives based on misstated financial reports. Clawbacks have been shown to reduce financial misstatements and increase investors' confidence on earnings information. We show that the benefits come with an unintended consequence of certain firms substituting for accruals management with real transactions ma...
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作者：Aobdia, Daniel; Lin, Chan-Jane; Petacchi, Reining
作者单位：Northwestern University; National Taiwan University; Massachusetts Institute of Technology (MIT)
摘要：This paper examines whether the identity of the individual audit partners provides informational value to capital market participants beyond the value provided by the identity of the audit firms. Using data from Taiwan, where firms are mandated to disclose the names of the engagement partners, we find a positive association between the partner's quality and the client firm's earnings response coefficient. We also find a positive market reaction when a firm replaces a lower quality partner with...
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作者：Patatoukas, Panos N.; Sloan, Richard G.; Zha, Jenny
作者单位：University of California System; University of California Berkeley
摘要：We identify a setting in which firms are required to disclose discounted cash flow (DCF) estimates relating to the value of their primary assets. ASC 932 (formerly SFAS No. 69) has mandated DCF disclosures for proved oil and gas reserves since 1982, and these reserves constitute the primary assets of oil and gas royalty trusts. For a hand-collected sample of oil and gas royalty trusts, we find that (1) the mandatory DCF disclosures are incrementally value-relevant over historical cost accounti...
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作者：Seybert, Nicholas
作者单位：University of Texas System; University of Texas Austin
