The Accounting Review

最新文章

• The Effect of Political Sensitivity and Bargaining Power on Taxes: Evidence from Federal Contractors AI翻译
  作者：Mills, Lillian F.; Nutter, Sarah E.; Schwab, Casey M.
  作者单位：University of Texas System; University of Texas Austin; George Mason University; University System of Georgia; University of Georgia
  摘要：We investigate whether politically sensitive contractors pay higher taxes and whether their bargaining power reduces these tax costs. Using federal contractor data, we develop a new composite measure of political sensitivity that captures both the political visibility arising from federal contracts and the importance of federal contracts to the firm. We proxy for bargaining power using the firm-level proportion of contract revenues not subject to competition, the firm-level proportion of contr...
• The Role of Accounting Conservatism in the Equity Market: Evidence from Seasoned Equity Offerings (vol 88, pg 1327, 2013) AI翻译
  作者：Kim, Yongtae; Li, Siqi; Pan, Carrie; Zuo, Luo
• Accounting and Order AI翻译
  作者：Basu, Sudipta
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
• Reviewing the SEC's Review Process: 10-K Comment Letters and the Cost of Remediation AI翻译
  作者：Cassell, Cory A.; Dreher, Lauren M.; Myers, Linda A.
  作者单位：University of Arkansas System; University of Arkansas Fayetteville
  摘要：Securities and Exchange Commission( SEC) comment letters provide independent and timely feedback on the clarity of disclosures and on the extent to which filings comply with Generally Accepted Accounting Principles and SEC reporting regulations. We investigate factors that affect the probability of receiving a 10-K comment letter, the extent of comments received, and the cost of remediation. We find that in addition to factors explicitly stated to increase SEC scrutiny in Section 408 of the Sa...
• The Role of Analysts in Intra-Industry Information Transfer AI翻译
  作者：Hilary, Gilles; Shen, Rui
  作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
  摘要：When a firm issues a management forecast, analysts who have observed more forecasts from this firm since Covering it (i.e., have more MF-Experience) subsequently improve their own accuracy more and provide timelier earnings forecasts for other (non-issuing) firms in the same industry. We also find that, subsequent to a management forecast, investors are more responsive to forecast revisions for non-issuing firms made by analysts with more MF-Experience. Further tests suggest that our results a...
• Do Former Audit Firm Partners on Audit Committees Procure Greater Nonaudit Services from the Auditor? AI翻译
  作者：Naiker, Vic; Sharma, Divesh S.; Sharma, Vineeta D.
  作者单位：Monash University; University System of Georgia; Kennesaw State University
  摘要：To address potential threats to auditor independence, the Sarbanes-Oxley Act of 2002 (SOX) requires the audit committee to pre-approve nonaudit services (NAS) procured from the auditor. However, the presence of a former audit firm partner (FAP) affiliated with the current auditor on the audit committee could undermine the audit committee's due diligence over the NAS pre-approval process. To alleviate such concerns, the Securities and Exchange Commission approved a three-year cooling-off'' peri...
• Equity Method Investments and Sell-Side Analysts' Information Environment AI翻译
  作者：Lee, Sam (Sunghan); Pandit, Shailendra; Willis, Richard H.
  作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Vanderbilt University
  摘要：We study the joint effects of intercompany investing and reporting of equity method investments on the accuracy and dispersion of analysts' annual earnings-per-share (EPS) forecasts. We compare firm-year observations with and without equity method investments. We posit two non-mutually exclusive explanations for how equity method investments may affect analyst forecast properties. The Opacity Effect posits that the condensed equity method disclosures increase information asymmetry, increasing ...
• The Commitment Effect versus Information Effect of Disclosure-Evidence from Smaller Reporting Companies AI翻译
  作者：Cheng, Lin; Liao, Scott; Zhang, Haiwen
  作者单位：University of Arizona; University of Toronto; University System of Ohio; Ohio State University
  摘要：We examine the commitment effect provided by mandatory disclosure and the information effect of voluntary disclosure on market illiquidity by exploring a regulatory change that allows smaller reporting companies to reduce the disclosure of certain information in their SEC filings. This regime change allows us to separate the commitment effect provided by mandatory disclosure from the information effect of voluntary disclosure. We find that firms that are eligible to reduce their disclosure, bu...
• Does Mandatory Adoption of International Financial Reporting Standards Decrease the Voting Premium for Dual-Class Shares? AI翻译
  作者：Hong, Hyun A.
  作者单位：University of Memphis
  摘要：I examine whether voting premiums are reduced following mandatory International Financial Reporting Standards (IFRS) adoption for firms that have a dual-class share structure. I find that mandatory adopters' voting premiums decrease, on average, by 8 percent subsequent to mandatory IFRS adoption. This effect is statistically significant relative to the corresponding effect for non-IFRS adopters. Further, I find that this effect is more pronounced in countries with strong legal enforcement and ...
• Accounting Standards, Cost of Capital, Resource Allocation, and Welfare in a Large Economy AI翻译
  作者：Zhang, Guochang
  作者单位：Hong Kong University of Science & Technology
  摘要：In an extended capital asset pricing model (CAPM) setting, I examine how the quality of accounting standards affects real investment and welfare through its impact on investment hurdle rates. In this model, cash flow uncertainty arises from two fundamental sources relating, respectively, to economic performance and accounting measurement errors, but they combine into a single market factor for asset pricing. Accounting standards matter to real investment not only because information quality af...