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作者：Amel-Zadeh, Amir; Zhang, Yuan
作者单位：University of Cambridge; University of Texas System; University of Texas Dallas
摘要：This paper investigates whether and how financial restatements affect the market for corporate control. We show that firms that recently filed financial restatements are significantly less likely to become takeover targets than a propensity score matched sample of non-restating firms. For those restating firms that do receive takeover bids, the bids are more likely to be withdrawn or take longer to complete than those made to non-restating firms. Finally, there is some evidence that deal value...
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作者：Mayew, William J.; Sethuraman, Mani; Venkataehalam, Mohan
作者单位：Duke University
摘要：This paper explores the role of textual disclosures in the Management, Discussion, and Analysis (MD&A) section of a firm's SEC 10-K filing in predicting a firm's ability to continue as a going concern. Using a sample of firms that filed for bankruptcy between 1995 and 2012 to identify firms that cease as a going concern, we find that both management's opinion about going concern reported in the MD& A and the linguistic tone of the MD& A together provide significant explanatory power in predict...
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作者：Hui, Kai Wai; Matsunaga, Steven R.
作者单位：Hong Kong University of Science & Technology; University of Oregon
摘要：This study provides evidence regarding the importance that boards of directors place on effective communication with the investor community by examining whether CEO and CFO compensation are related to the quality of the firm's financial disclosures. Using an index derived from analyst forecast characteristics and management forecast accuracy to measure disclosure quality, we find changes in the annual bonus for both the CEO and CFO to be positively associated with changes in disclosure quality...
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作者：Chen, Clara Xiaoling; Matsumura, Ella Mae; Shin, Jae Yong; Wu, Steve Yu-Ching
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Wisconsin System; University of Wisconsin Madison; Seoul National University (SNU); University of Hong Kong
摘要：This paper empirically examines the interactive effect of competition intensity and competition type on the use of customer satisfaction measures in executives' annual bonus contracts. Specifically, we predict a stronger association between competition intensity in an industry and the use of customer satisfaction measures in executives' annual bonus contracts when the competition is non-price-based than when the competition is price-based. Using hand-collected data from Standard & Poor's (S&P)...
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作者：Meder, Anthony A.
作者单位：State University of New York (SUNY) System; Binghamton University, SUNY
摘要：I examine the effect of marketable security holdings on monetary policy when those securities are classified under SFAS 115. Prior research has shown that loan growth is negatively related to monetary contractions, and that marketable security holdings mitigate that negative relationship. Those studies consider the securities in aggregate; I am the first to consider the securities classification in conjunction with monetary policy. I ask whether held-to-maturity securities, relative to non-hel...
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作者：Chen, Long; Ng, Jeff; Tsang, Albert
作者单位：George Mason University; Chinese University of Hong Kong
摘要：Using a comprehensive dataset of international cross-listings spanning 34 (50) home (target) countries, we examine whether mandatory IFRS adoption facilitates firms' cross-listing activities. Our results using difference-in-differences analyses show that firms that mandatorily adopt IFRS exhibit significantly higher cross-listing propensity and intensity following IFRS adoption. We also find that firms from mandatory IFRS adoption countries are more likely to cross-list their securities in cou...
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作者：Reichelstein, Stefan; Rohlfing-Bastian, Anna
作者单位：Stanford University; Eberhard Karls University of Tubingen
摘要：We examine a life-cycle cost concept that applies to both manufacturing and service industries in which upfront capacity investments are essential. Borrowing from the energy literature, we refer to this cost measure as the Levelized Product Cost (LC). Per unit of output, the levelized cost aggregates a share of the initial capacity investment with periodic fixed and variable operating costs. We relate this cost measure to the notion of full cost, as commonly calculated in managerial accounting...
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作者：Brown, Jason L.; Martin, Patrick R.; Moser, Donald V.; Weber, Roberto A.
作者单位：Indiana University System; Indiana University Bloomington; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Zurich
摘要：Firms frequently attempt to increase profits by replacing some existing workers with new lower-wage workers. However, this strategy may be ineffective in an incomplete-contract environment because the new workers may provide lower effort in response to their lower wages, and hiring new lower-wage workers may damage the remaining original workers' reciprocal relationship with the firm. We conduct an experiment to examine this issue and find that when new lower-wage workers become available, fir...
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作者：Ohlson, James A.; Bilinski, Pawel
作者单位：Hong Kong Polytechnic University; City St Georges, University of London
摘要：Research suggesting the existence of the accrual anomaly runs into the issue that risk serves as a competing explanation for abnormal returns. This paper proposes a novel approach to distinguish between risk and anomaly explanations for the negative association between accruals and returns. The intuition is that high-risk stocks should experience relatively high and low returns more often than low-risk stocks. Thus, a variable that has the opposite correlations with high returns than with low ...
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作者：Bailey, Charles D.
作者单位：University of Memphis
摘要：Psychopathy is characterized by deficits of conscience and empathy, and is measurable in nonclinical populations. It is one of the `Dark Triad'' of personality variables, but has received minimal attention in accounting literature, despite obvious implications for fraud. In the practice of empirical research, two sides of the Fraud Triangle,'' motive and opportunity, are in place, awaiting only rationalization. For one high on the psychopathy scale, rationalization of fraud is easy or moot. Wi...
