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作者：Waymire, Gregory B.
作者单位：Emory University
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作者：Blouin, Jennifer; Hail, Luzi; Yetman, Michelle H.
作者单位：University of Pennsylvania; University of California System; University of California Davis
摘要：We examine how shareholder-level taxes affect the contemporaneous pricing of foreign firms' U.S. cross-listed and underlying home-country securities surrounding the 1997 reduction in U. S. capital gains tax rates. Consistent with tax capitalization, we find that the performance of cross-listed shares is negatively related to dividend yield, suggesting an abnormal price increase for shares with greater anticipated taxable capital gains. Due to barriers to cross-border arbitrage, underlying home...
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作者：Maas, Victor S.; Matejka, Michal
作者单位：University of Amsterdam; University of Michigan System; University of Michigan
摘要：We examine how business unit (BU) controllers balance their dual roles of providing information for both local decision-making (local responsibility) and corporate control (functional responsibility). The existing literature suggests that organizations can improve the quality of financial reporting and internal controls by increasing the emphasis on the functional responsibility of BU controllers. In this study, we rely on prior literature and insights from field interviews to argue that such ...
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作者：Feng, Mei; Gramlich, Jeffrey A.; Gupta, Sanjay
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Maine System; University of Southern Maine; Copenhagen Business School; Michigan State University
摘要：We investigate the use, determinants, and earnings effects of special purpose vehicles (SPVs). Based on a proxy of SPV activity that can be applied to a broad cross-section of firms over time, we find a two-and-a-half fold monotonic increase in the percentage of firms using at least one SPV during the eight-year period from 1997 through 2004. Tobit regressions of the determinants of SPV use show that SPV activity increases with financial reporting incentives and economic and tax motivations, b...
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作者：Chang, Xin; Dasgupta, Sudipto; Hilary, Gilles
作者单位：Nanyang Technological University; Hong Kong University of Science & Technology; Hautes Etudes Commerciales (HEC) Paris
摘要：We present a model and provide empirical evidence showing that auditor quality affects the financing decisions of companies, and that higher audit quality reduces the impact of market conditions on client financial decisions and capital structure. Consistent with our analytical predictions, we find that companies audited by Big 6 firms are more likely to issue equity as opposed to debt than are those audited by small audit firms. We also find that companies audited by Big 6 auditors are able t...
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作者：Cichello, Michael S.; Fee, C. Edward; Hadlock, Charles J.; Sonti, Ramana
作者单位：University of Pennsylvania; Michigan State University; Indian School of Business (ISB)
摘要：We study turnover and promotions of division managers in multidivisional firms. Turnover is negatively related to divisional accounting performance, positively related to industry performance, but not significantly related to firm performance or the performance of other divisions. Consistent with tournament theory, promotions are significantly related to whether one division is performing better than others, but are not significantly related to the magnitude of any performance difference. A si...
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作者：Demirag, Istemi S.
作者单位：Queens University Belfast
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作者：Knechel, W. Robert; Rouse, Paul; Schelleman, Caren
作者单位：Maastricht University; University of Auckland
摘要：We develop a model of audit production based on Data Envelopment Analysis (DEA) using labor cost as input and hours spent on evidence-gathering activities that determine the level of assurance as output. Client characteristics are considered exogenous factors that affect audit production as a whole. We apply the model to a sample of U.S.-based engagements from an international accounting firm. Results indicate that a constrained DEA model using variable returns to scale is appropriate for mode...
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作者：Laux, Christian; Laux, Volker
作者单位：Goethe University Frankfurt; University of Texas System; University of Texas Austin
摘要：We analyze the board of directors' equilibrium strategies for setting CEO incentive pay and overseeing financial reporting and their effects on the level of earnings management. We show that an increase in CEO equity incentives does not necessarily increase earnings management because directors adjust their oversight effort in response to a change in CEO incentives. If the board's responsibilities for setting CEO pay and monitoring are separated through the formation of committees, then the co...
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作者：Orpurt, Steven F.; Zang, Yoonseok
作者单位：Singapore Management University
摘要：Motivated by recent FASB, IASB, and CFA Institute comments, we explore the predictive value of direct method cash flow disclosures. A primary stated purpose of the direct method is to better forecast future performance. To examine this purpose, we first document that direct method line items, such as cash received from customers, are not reliably estimable using income statements and either balance sheets or indirect method statements of cash flows. When these estimation (articulation) errors ...
