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作者：Bens, Daniel A.; Goodman, Theodore H.; Neamtiu, Monica
作者单位：University of Arizona
摘要：This study examines whether managers alter their financial reporting decisions in the face of investment-related pressure. We define investment-related pressure as the increased pressure managers feel to retain their job following an M&A poorly received by the market. We hypothesize that managers attempt to assuage pressure by delivering strong performance post-merger, creating incentives for misreporting. Our findings indicate that acquirers with more negative M&A announcement returns are mor...
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作者：Dhaliwal, Dan S.; Radhakrishnan, Suresh; Tsang, Albert; Yang, Yong George
作者单位：University of Arizona; Korea University; University of Texas System; University of Texas Dallas; Chinese University of Hong Kong
摘要：We examine the relationship between disclosure of nonfinancial information and analyst forecast accuracy using firm-level data from 31 countries. We use the issuance of stand-alone corporate social responsibility (CSR) reports to proxy for disclosure of nonfinancial information. We find that the issuance of stand-alone CSR reports is associated with lower analyst forecast error. This relationship is stronger in countries that are more stakeholder-oriented-i.e., in countries where CSR performan...
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作者：Christ, Margaret H.; Sedatole, Karen L.; Towry, Kristy L.
作者单位：University System of Georgia; University of Georgia; Michigan State University; Emory University
摘要：In this study, we examine the effect of incentive contract framing on agent effort in an incomplete contract setting. Prior research suggests that when governed by complete incentive contracts, agents exert greater effort under penalty contracts relative to bonus contracts. However, in an incomplete contract setting, in which the incentive contract does not govern all tasks for which the agent is responsible, the agent's trust in the principal is relevant. In this setting, we predict that bonu...
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作者：Kadous, Kathryn; Koonce, Lisa; Thayer, Jane M.
作者单位：Emory University; University of Texas System; University of Texas Austin; University System of Georgia; University of Georgia
摘要：Relevance and reliability (now referred to as representational faithfulness) are qualities of financial information that both the Financial Accounting Standards Board and the International Accounting Standards Board use in setting standards for financial reporting. Despite their importance, very little research has addressed how financial statement users apply these constructs. Via experiments set within the fair value context, we show that users do not view them as independent constructs. Ins...
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作者：Michels, Jeremy
作者单位：University of Colorado System; University of Colorado Boulder
摘要：The role of disclosure in attenuating market inefficiencies has been the subject of extensive research. While costless, voluntary, and unverifiable disclosures are unlikely to be credible sources of information, prior research demonstrates that individuals' decisions can be influenced by uninformative content. I use a unique dataset from a peer-to-peer lending website, Prosper.com, to demonstrate an economically large effect of voluntary, unverifiable disclosures in reducing the cost of debt. ...
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作者：Yip, Rita W. Y.; Young, Danqing
作者单位：Lingnan University; Chinese University of Hong Kong
摘要：This study examines whether the mandatory adoption of International Financial Reporting Standards (IFRS) in the European Union significantly improves information comparability in 17 European countries. We employ three proxies the similarity of accounting functions that translate economic events into accounting data, the degree of information transfer, and the similarity of the information content of earnings and of the book value of equity-to measure information comparability. Our results sugg...
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作者：Zeff, Stephen A.
作者单位：Rice University
摘要：In this article, I undertake to review the major developments and turning-points in the evolution of the IASC, followed by the evolution of the IASB. At the conclusion, I suggest five challenges facing the IASB.
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作者：Jayaraman, Sudarshan; Milbourn, Todd T.
作者单位：Washington University (WUSTL)
摘要：We explore the role of stock liquidity in influencing the composition of CEO annual pay and the sensitivity of managerial wealth to stock prices. We find that as stock liquidity goes up, the proportion of equity-based compensation in total compensation increases while the proportion of cash-based compensation declines. Further, the CEO's pay-for-performance sensitivity with respect to stock prices is increasing in the liquidity of the stock. Our main findings are supported by additional tests ...
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作者：Lee, Sam (Sunghan); Matsunaga, Steven R.; Park, Chul W.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Oregon; University of Hong Kong
摘要：We investigate whether management forecast accuracy provides a signal regarding CEOs' ability to anticipate and respond to future events by examining the relation between management forecast errors and CEO turnover. We find that the probability of CEO turnover is positively related to the magnitude of absolute forecast errors when firm performance is poor and that this positive relation holds for both positive and negative forecast errors. In addition, we find that the positive relation betwee...
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作者：Crawford, Steven S.; Roulstone, Darren T.; So, Eric C.
作者单位：Rice University; University System of Ohio; Ohio State University; Stanford University
摘要：We examine how the information produced by analysts when they initiate coverage contributes to the mix of firm-specific, industry-, and market-wide information available about the firm. We hypothesize that the first analyst to initiate coverage provides low-cost market and industry information allowing him/her to follow more stocks, whereas subsequent analysts provide firm-specific information to distinguish themselves from existing analysts. We use stock return synchronicity to measure the mi...
