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作者：Badertscher, Brad A.; Burks, Jeffrey J.; Easton, Peter D.
作者单位：University of Notre Dame
摘要：When the fair value of an investment security falls below amortized cost and there is significant doubt that the firm can hold the security until the fair value recovers, an other-than-temporary impairment (OTTI) is recognized in net income. Thus, an OTTI is a disclosure about the prospect of recovering an unrealized loss. Our findings suggest that investors priced banks' OTTI recognition during and after the financial crisis. Investors were unable to fully anticipate reported OTT's, and price...
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作者：Czerney, Keith; Schmidt, Jaime J.; Thompson, Anne M.
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Texas System; University of Texas Austin
摘要：According to auditing standards, explanatory language added at the auditor's discretion to unqualified audit reports should not indicate increased financial misstatement risk. However, an auditor is unlikely to add language that would strain the auditor-client relationship absent concerns about the client's financial statements. Using a sample of 30,825 financial statements issued with unqualified,audit opinions during 2000-2009, we find that financial statements with audit reports containing ...
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作者：Kachelmeier, Steven J.; Majors, Tracie; Williamson, Michael G.
作者单位：University of Texas System; University of Texas Austin; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Risk-based auditing implies that auditors invest more (fewer) resources as reporting risks increase (decrease). We find from an interactive experiment that participants in an audit-like role reflect this reasoning to a lesser extent when risks arise from intentional actions of human reporters than when the same risks arise from an unintentional source. We interpret this pattern as reflecting an emotive valuation by feeling when risks arise from human intent, meaning that the presence of risk i...
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作者：Rose, Jacob M.; Rose, Anna M.; Norman, Carolyn Strand; Mazza, Cheri R.
作者单位：Bentley University; Virginia Commonwealth University; Sacred Heart University
摘要：Our paper examines three related questions: Will directors who have friendship ties with the CEO manage earnings to benefit the CEO in the short term while potentially sacrificing the welfare of the company in the long term? Will public disclosure of friendship ties mitigate or exacerbate such behavior, and will disclosure of friendship ties influence investors' perceptions of director decisions? We conduct an experiment involving 56 active and experienced corporate directors from U. S. firms ...
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作者：Hennes, Karen M.; Leone, Andrew J.; Miller, Brian P.
作者单位：University of Oklahoma System; University of Oklahoma - Norman; University of Miami; Indiana University System; Indiana University Bloomington
摘要：This study examines the conditions under which financial restatements lead corporate boards to dismiss external auditors and how the market responds to those dismissal announcements. We find that auditors are more likely to be dismissed after more severe restatements but that the severity effect is primarily attributable to the dismissal of non-Big 4 auditors rather than Big 4 auditors. We also document that among corporations with Big 4 auditors, those that are larger and more complex operati...
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作者：Young, Joni J.
作者单位：University of New Mexico
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作者：Kirk, Marcus P.; Reppenhagen, David A.; Tucker, Jennifer Wu
作者单位：State University System of Florida; University of Florida
摘要：The expectations management literature has so far focused on firms meeting the analyst consensus forecast-the expectations of analysts as a group-at earnings announcements. In this study we argue that investors may use individual analyst forecasts as additional benchmarks in evaluating reported earnings because the consensus forecast underutilizes private information contained in individual analyst forecasts. We predict that measures reflecting such private information have incremental explana...
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作者：Brochet, Francois; Miller, Gregory S.; Srinivasan, Suraj
作者单位：Harvard University; University of Michigan System; University of Michigan
摘要：We examine the importance of professional relationships developed between analysts and managers by investigating analyst coverage decisions in the context of CEO and CFO moves between publicly listed firms. We find that top executive moves from an origin firm to a destination firm trigger analysts following the origin firm to initiate coverage of the destination firm in 10 percent of our sample, which is significantly higher than in a matched sample. Analyst-manager co-migration is significant...
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作者：Konchitchki, Yaniv; Patatoukas, Panos N.
作者单位：University of California System; University of California Berkeley
摘要：In this study, we hypothesize and find that financial statement analysis of firm profitability drivers applied at the aggregate level yields timely insights that are relevant for forecasting real economic activity. We first show that focusing on the 100 largest firms offers a cost-effective way to extract information embedded in accounting profitability data of the entire stock market portfolio. We then show that accounting profitability data aggregated across the 100 largest firms have predic...
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作者：Evans, John Harry, III
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
